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Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.
Is the plot of land within an area that is developed please as opposed to agricultural land for example?
Yes, 0.5 acres in developed residensial area
Thanks. The dilema you have is a very common one for both professional and non professional developers alike.
Some developers will be content to buy a plot of land without planning permission on the basis they are confident they can obtain it themselves and hope to negotiate a lower price for the land on the basis that it presently has no planning permission. However this is obviously a potentially risky strategy.
An alternative which is very common is for a developer to enter into an option agreement with the seller for an option to buy the land - this normally involves the potentially buyer paying a fee to the seller or not (as can be negotiated) and the seller granting the buyer an option for a period (e.g. 6 months, 12 months etc) during which time the developer has first right to purchase the property. If planning is obtained he can exercise his option which is legally binding. If planning permission isn't or the developer changes his mind, he does not have to exercise his option and it simply expires at the end of the option period.
A solicitor can prepare an option agreement for you once you have agreed the fundamentals of the proposal with the seller.
There is a third option available to you known as a conditional contract whereby you enter into a contract to buy the land subject to a condition of your obtaining planning permission. The difference between this and an option agreement is that if planning permission is obtained then you have to buy as opposed to an option which is just that - an option to purchase.
Is there anything above I can clarify for you any further?
Does the above answer all your questions or is there anything I can clarify or help with any further?
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