Our Commercial Property team, working alongside the Agriculture team where necessary, will ensure that if you are selling land which may have a potential for future development your interests as a seller are protected.
If you are selling land that may be used for development, there is the potential for the buyers to profit considerably. By speaking with your legal adviser early on, we can help you determine the best way to ensure that you, as a seller, share in this profit. We can advice on overages, options agreements, promotions agreements and conditional contracts. Given the potential increase in the value of the land attributable to the planning consent, it is important that advise is sought at an early stage, before the planning process begins. Factors such as the length of the option agreement or promotion agreement, the percentage due to the developer or promoter and the minimum price payable to the landowner will all affect the return on value for you, as a seller.
Our Commercial Property team are also able to advise you on disputes relating to existing option and promotion agreements. Agreements drafted a number of years ago may be unclear and open to ambiguity. There is more often than not scope for different interpretations, even in well drafted agreements, particularly involving the subject of the open market value of the land and what are reasonable and proper deductions from the price, such as adverse ground conditions and off site works.
Our Commercial Property team provides straightforward advice on the implications of any land sale which may have potential for future development.