Solicitors- Option Agreements.
Discussion
Most developers may have a standard type but don't skimp by avoiding having someone look at it for you, especially if there are any ransom strips etc involved.
What might be right for the developer may not always be in your best interests and you'll only really find out when they gain planning permission.
GET ADVICE
What might be right for the developer may not always be in your best interests and you'll only really find out when they gain planning permission.
GET ADVICE
As with any property contract there are some major pitfalls awaiting the uninitiated - registration at the Land Registry, time periods, notice provisions. I could go on.
Just as an example (please forgive if this is teaching you to suck eggs) if the option is not registered at the Land Registry and the property is sold the option will not attach to the land. All you get (at best) is a claim against the "seller". Registration allows you to enforce the option against the subsequent owner.
There are also tax consequences and you can have all sorts of fun with VAT and Stamp Duty Land Tax
With a decent guidebook and some time anyone can, in theory, do their own conveyancing but options are tricky and specialist advice is essential.
Just as an example (please forgive if this is teaching you to suck eggs) if the option is not registered at the Land Registry and the property is sold the option will not attach to the land. All you get (at best) is a claim against the "seller". Registration allows you to enforce the option against the subsequent owner.
There are also tax consequences and you can have all sorts of fun with VAT and Stamp Duty Land Tax
With a decent guidebook and some time anyone can, in theory, do their own conveyancing but options are tricky and specialist advice is essential.
Please, you are not teaching me to suck eggs, far from it 
So an ordinary conveyancer (sp?) will be able to handle this sort of stuff, or should I look for somebody more specialised?
Hey, If you guys ever need any help from me... let me know cos I feel like i'm just taking here... beers at the first tie n pie after my first cheque, await you
So an ordinary conveyancer (sp?) will be able to handle this sort of stuff, or should I look for somebody more specialised?
Hey, If you guys ever need any help from me... let me know cos I feel like i'm just taking here... beers at the first tie n pie after my first cheque, await you
Davel said:
Most developers may have a standard type but don't skimp by avoiding having someone look at it for you, especially if there are any ransom strips etc involved.
What might be right for the developer may not always be in your best interests and you'll only really find out when they gain planning permission.
GET ADVICE
Alarm bells! Ransom strips? sounds like something my namesake might have had to do...
Seriously though, I've never heard of them, I take it any decent Solicitor will be au fait with this stuff but would like to understand what he talks about
Agreed.
A high street residential conveyancer would not be appropriate. It's not rocket science but it is high performance stuff. In the same way that you would not trust your highly strung V12 to Halfords for servicing you need someone who has a better understanding of the fine detail
Depending where you are in Kent there are some very good firms around. Two that spring to mind are Thomson Snell and Passmore or Cripps Harries Hall but there are a host of others
Our firm does the work but central London prices might be a bit steep if the site is not a large one.
A high street residential conveyancer would not be appropriate. It's not rocket science but it is high performance stuff. In the same way that you would not trust your highly strung V12 to Halfords for servicing you need someone who has a better understanding of the fine detail
Depending where you are in Kent there are some very good firms around. Two that spring to mind are Thomson Snell and Passmore or Cripps Harries Hall but there are a host of others
Our firm does the work but central London prices might be a bit steep if the site is not a large one.
Billsnemesis said:
Depending where you are in Kent there are some very good firms around. Two that spring to mind are Thomson Snell and Passmore or Cripps Harries Hall but there are a host of others
Our firm does the work but central London prices might be a bit steep if the site is not a large one.
Might be helpful for next project, although I have no Idea how long the first one will take, I've seen a peach for the next one
KingRichard said:
Davel said:
Most developers may have a standard type but don't skimp by avoiding having someone look at it for you, especially if there are any ransom strips etc involved.
What might be right for the developer may not always be in your best interests and you'll only really find out when they gain planning permission.
GET ADVICE
Alarm bells! Ransom strips? sounds like something my namesake might have had to do...
Seriously though, I've never heard of them, I take it any decent Solicitor will be au fait with this stuff but would like to understand what he talks about
Ransom Strip = a strip of land along the plot frontage, not within the ownership of the plot, across which you must have access to effectively use the land. Hence, people can 'hold you to ransom' by charging an exhorbitant sum for a 1 foot wide strip of otherwise useless land, because you can't get into your site to develop it otherwise!
www.selfbuildabc.co.uk/building/rights-of-access.htm
Edited to add:
You might find this link helpful, too: www.practicallaw.com/7-107-4869
>> Edited by Martin_S on Tuesday 25th January 19:56
Martin_S said:
Ransom Strip = a strip of land along the plot frontage, not within the ownership of the plot, across which you must have access to effectively use the land. Hence, people can 'hold you to ransom' by charging an exhorbitant sum for a 3 foot wide strip of otherwise useless land, because yo can't get into your site to develop it otherwise!
www.selfbuildabc.co.uk/building/rights-of-access.htm
Thanks, come across that on a couple of deals my clients have gone for in the past... can scupper a juicy deal, still, If it was me I'd charge a fortune too
Never heard it called that before though, and i'll have a look at that site.
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