Are you a land owner with property that you have agreed to sell to a developer and want to achieve the best possible terms on which to sell?
You may even be considering a joint venture with the developer or require advice on issues such as ‘clawback’ as well as option or overage agreements which could increase the purchase price.
Alternatively you may be a developer with an opportunity to buy a site. Buying land for property development brings its own unique set of legal and practical challenges. There are a number of additional considerations that will need to be had which would not occur when purchasing a straightforward commercial or residential property. It is advisable that you instruct Solicitors at an early stage to ensure that you have the relevant advice at the outset.
Waldrons can assist you with a range of legal matters you may require assistance with including the following:
- Buying and selling land for development
- Drafting and negotiating Conditional Contracts
- Drafting and negotiating Option Agreements
- Drafting and negotiating Overage Agreements
- Negotiating Section 106 Agreements/Unilateral Undertakings
- Instructing and advising on searches on the land - you will need to know whether or not the site is affected by flooding, the presence and location of any existing utilities together with a whole host of other information that might affect your development plans.
- Funding – when it comes to buying land for development, the finance options are very different from that of your standard mortgage and you may require a bridging loan or a development loan. We can assist you through the process once you have found a suitable lender to suit your needs.
- Investigating the title and dealing with restrictive covenants and easements and other issues that may arise which could affect your development plans.
Following completion of the purchase of the site, we are also experienced in working alongside your other professional advisors in completing infrastructure agreements with third parties such as architects, planning consultants and project managers ready for construction of the development.