The first question that you will ask yourself when it comes to selling your land is “How much is my land worth? Undoubtably. This value will depend on numerous factors and our regional land experts can help through a free land valuation.
Unconsented Land – Unconsented or amenity land sales are swift and straightforward. The main details buyers will be interested in are the plot location, the plot size, accessibility and utilities, if there are any. This freehold sale can happen quickly and the final sale figure will depend on the lands’ potential to obtain planning as well as all the details stated above.
Land with Outline Planning – If you are selling land with outline planning permission or looking to obtain outline planning then buyers are made aware that development possibilities are extremely likely. This makes the land very attractive to developers. Outline planning seeks that the scale and nature of the proposed development would be acceptable. This type of sale provides the developer with some certainty but still allows them movement to develop the land in their own way.
Land with Full Planning Permission – Selling land with full planning permission will always be attractive to developers and always has the potential to earn you a premium sale price. This saves the developer time and money to obtain their own planning and, in turn, means they can start developing the land very quickly.
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Option agreements are a contract between the landowner and developer. They essentially allow the developer an option to purchase the land by exercising the right at any time during an agreed ‘option period’ in return for an ‘option fee’.
This agreement can last anything from 6 months to 10 years. The period of the option agreement can be shorter or longer by mutual agreement from both parties. Also, many option agreements include a right to extend, should this be needed so long as nature of the development is progressing.
When the seller accepts an offer on a conditional basis, a deposit is usually paid. This figure will be dependent on what you, as the seller are happy with but usually is around the 5% mark.
The terms of this contract will define the following:
If the seller accepts an offer on an un-conditional basis an option agreement is not needed. An un-conditional sale is generally quicker than a conditional sale.
Lots of buyers look to obtain land under the agreement that they can apply and be approved for planning permission. This, naturally, takes time which is why in the option agreement it is specified that the sale is exclusive to them for a specified period of time.
This means the land is being sold ‘Subject to…’ It is not unusual for buyers to put down a deposit once their offer has been accepted. Once planning has been obtained the sale can complete.