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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Hello, I am interested in purchasing a plot of land to

Customer Question

Hello,

I am interested in purchasing a plot of land to enable me to self build 1 property. I would need to submitt a planning permission but just wanted to find out the best way to go. I am worried about submitting the permission before the purchase as I will need to sell my current property. I am worried the permission would be granted then a cash buyer would follow it and make the purchase....or if i had a mortage in principal will it be ok?
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.

Joshua :

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.

Joshua :

Is the plot of land within an area that is developed please as opposed to agricultural land for example?

JACUSTOMER-864g39yy- :

Yes, 0.5 acres in developed residensial area

Joshua :

Thanks. The dilema you have is a very common one for both professional and non professional developers alike.

Joshua :

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.

Joshua :

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.

Joshua :

A solicitor can prepare an option agreement for you once you have agreed the fundamentals of the proposal with the seller.

Joshua :

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.

Joshua :

Is there anything above I can clarify for you any further?

Joshua :

Does the above answer all your questions or is there anything I can clarify or help with any further?

Joshua :

If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with though please reply back to me though.

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