Plot Purchase & Design
So how does the process actually work and how can you move forward with selling part of your garden for development? Here are some answers to frequently asked questions:
- What is an Option Agreement?
An Option Agreement is the name given to a legally binding agreement between a seller and potential buyer, which allows a land purchase to be made at an agreed price or a discounted market value, under specified conditions and within a certain timeframe. It provides a realistic and clear framework for both parties and is often a feature of land transactions.
- What are the benefits of an Option Agreement?
As well as providing a clear and easily understood framework for both party's future reference, Option Agreements can enable negotiations to progress whilst issues such as planning permission are being dealt with. Usually an Option Agreement will stipulate that costs incurred by the buyer whilst pursuing a planning decision will be deducted from the agreed sale price.
- What happens if Planning Permission isn’t granted?
Under the terms of the Option Agreement, Cloud 9 Estates absorb any costs incurred in procuring planning permission, should permission not be granted. Similarly, if we do not elect to buy the land, all such costs are borne by Cloud 9 Estates.
- How long does an Option Agreement last for?
The agreement will feature a pre-agreed, specified time period which is extendable if the planning application has not yet been determined by the local planning department or if Cloud 9 Estates wishes to submit an appeal against refusal or unreasonable planning conditions to the Planning Inspectorate.
- What will I need to agree to as part of the Option Agreement?
The agreement will stipulate that you do not do anything to adversely impact on the likelihood of planning permission such as change the nature of the land. If you have a mortgage on your property you will also need to gain consent from your lender before signing the Option Agreement.
- What if I change my mind during the Option Agreement period and decide to sell my property?
You may of course sell your property during the period covered by the Option Agreement but the new buyer would still be bound by the terms of the Option Agreement.
- How much involvement will I have in the design of the new property?
We always try to take on board the wishes of sellers when designing a new property, but planning considerations and cost feasibility will also play a part in determining what can be built on a site. Our extensive experience means that we can give you a good indication of what can be expected before entering into a formal agreement.
- How long will the process typically take?
This is of course tricky to answer as there are so many variable factors to take into account. However on average the time taken from establishing the option agreements to the sale of the land will take between six and eighteen months.
- Do I have to sign anything straight away?
Absolutely not. Our initial meeting is entirely obligation free and gives all parties the chance to assess the potential to work together going forward.
- Do you build set house types like many other developers?
No. Every new project starts with a clean sheet of paper with the design tailored to the best solution for all parties.
- What aspects of the development process do you look after?
We manage every aspect from the planning, to the building and the sale of the newly completed property. We're on hand during the messy part. Take a look at a few photos that show work in progress.