I was offered a land in Ivey for a price of around 15,000 Pounds. The land size is 250 Square meters. The location is here https://www.google.com/maps/place/51°29'50.0"N+0°30'18.5"W
The buyer claims that the status of the land is "development" and said that if the planning status was not changed within 7 years, they would return back to me the money I paid. I am willing to buy and hold the land, if it could potentially be changed into residential status within 10-15 years.
I would like to hear from the experts. Thanks.
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