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JGM
JGM, Solicitor
Category: Property Law
Satisfied Customers: 11154
Experience:  30 years experience in property law.
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We are developing housing on some family land as a joint venture

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We are developing housing on some family land as a joint venture with a developer. We will have a joint venture agreement and a building licence agreement. The developer has always said there is no risk to us since he is financing the planning permission and the initial infrastructure costs, and that if he should go bust the site will revert to us at a higher value. We will be getting a share of the sale of each house as it is sold. The developer is now saying that he needs to borrow from a bank and that the bank will want to put a charge on our land. How do I explain to the family what the risks now are?
Submitted: 2 years ago.
Category: Property Law
Expert:  JGM replied 2 years ago.
Put simply, if the builder doesn't pay the loan the bank can take possession of the property and sell it so it is a risk to your family as owners.
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