Steps to Purchasing an Unpermitted Building Plot: Guidance to Avert Pricey Blunders
In the world of property development, buying a building plot without planning permission can be a daunting task. However, with the right approach and a clear understanding of the steps involved, it's possible to secure a plot and bring your vision to life.
The first step is establishing a build budget. This will help you determine what you can afford and what kind of plot you can realistically target.
Once you've identified a potential plot, securing an option to purchase is crucial. This legal agreement, typically drafted with the help of a solicitor, grants you the right (but not the obligation) to buy the land at a future date. The option provides flexibility, as you're not obliged to continue with the purchase if you can't get planning permission or change your mind.
The option agreement should be carefully drafted to protect your interests and clarify the terms, including the conditions under which you can exercise the option, even if planning permission has not yet been obtained. It's essential to include conditions related to planning permission in the agreement, such as making the purchase contingent upon obtaining planning permission.
Legal compliance is paramount. The agreement must comply with land registration, planning, and tax regulations, and verify that the seller holds valid title to the land, even if it currently lacks planning permission. Make sure the agreement is in writing and signed by all parties, containing the full property details and title information.
While the solicitors are putting the option agreement in place, they should check for any legal impediments that could affect the sale, such as unobstructed right of access, potential access issues, and restrictive covenants.
Once you've secured the option, it's time to assess the potential of the plot. Consider factors like affordability, potential challenges, and the need for professionals. Hiring a planning consultant can be beneficial to assess the plot's potential for obtaining planning permission.
Once permission is granted, you should prepare for the first day of ownership by making arrangements for self-build insurance and securing the site boundaries. Approval for the planning application should ideally be issued within eight weeks, but it may take longer due to under-resourced planning departments.
If the planning application is refused, you have six months to appeal the planning decision if you can find grounds to do so.
In summary, securing an option to purchase a building plot without planning permission is typically done via a written option agreement that grants you an exclusive right to buy the land within a set timeframe, often conditioned on obtaining planning consent before final completion. Engaging a solicitor to draft and negotiate clear, enforceable terms is essential to protect your position and clarify risks and responsibilities.
Remember, buying land without planning permission entails risk. You can negotiate terms such as a non-refundable option fee and provisions deciding who pays for legal costs. Protection clauses like restricting development type or uplifts based on future planning success can also be added.
Plotfinder.net is a platform for finding building plots and renovation opportunities in the UK. With patience, due diligence, and the right guidance, you can successfully navigate the process of buying a building plot without planning permission.
[1] Legal guidance on buying a building plot without planning permission
[2] Understanding the option agreement for buying a building plot
[3] Buying a building plot: what you need to know
[4] The process of buying a building plot without planning permission
[5] Buying a building plot: common mistakes to avoid
[1] Investing in a building plot without planning permission requires a thorough understanding of the legal requirements, including the option agreement, to secure the plot and protect your interests.
[2] To buy a building plot, the option agreement should be carefully drafted by a solicitor, outlining conditions like obtaining planning permission and potential legal impediments.
[3] To buy a building plot without planning permission, you'll need to establish a build budget, secure an option to purchase, and assess the potential of the plot.
[4] The process of buying a building plot typically involves securing an option, assessing the plot's potential, seeking planning permission, and finally, building or extending your home.
[5] While buying a building plot, it's essential to avoid common mistakes such as rushing the planning process, ignoring zoning restrictions, and failing to consider site accessibility.
[6] Home-and-garden real estate often presents opportunities for investing in building plots without planning permission, offering potential for lifestyle changes and property development projects.
[7] In the realm of real-estate, finance plays a crucial role in investing in building plots and the subsequent home design, costs, extension, or renovation projects.
