If you are looking to either buy a property to develop, or to develop your existing property, our commercial property solicitors can help to make sure that the legal decisions made along the way are the right ones.
We will ensure that we are on hand to advise you on how to get the best return out of your site, with services including:
An option is a contractually binding agreement under which a landowner is obliged to sell land to a buyer, if the buyer requires the landowner to do so by serving notice to that effect within an agreed period of time. More complicated options may include conditions which need to be satisfied, such as obtaining planning permission, before the option can be exercised. The option could be for a fixed price, or it may be that the value has to be agreed or determined.
Generally once the condition is met, the buyer will be obliged to buy the property by an agreed date. On such a contract it is important to have clear conditions and timescales that the parties can understand and comply with. Whether you are the landowner or the potential buyer, we will advise you on the terms of the option or contract; how to protect the agreement; and on how to exercise it.
There are generally several elements involved. The legal title to the site needs to be checked, to see whether it is affected by matters, typically restrictive covenants or rights enjoyed by third parties, which would hinder the development of the site; making and reporting on searches in relation to the site, such as the local search, which may reveal matters which would add to costs, such as a liability to pay sums to the local authority; and raising appropriate enquiries of the landowner and reporting on those replies which range from establishing boundary ownership to whether VAT is payable on a transaction.
The bank or other institution lending against the site will want a clear report on title. The solicitor’s role is to liaise with the lender and the borrower any other professionals involved, such as the lender’s valuer, to ensure that any issues are resolved and lending can proceed.
In simple terms, this involves an agreement by a buyer, typically of undeveloped land, to pay a further sum of money to the seller if certain situations arise. Such agreements tend however to be more difficult to document in practice, and could lead to unintended consequences for the parties, such as a liability to pay money if a third party obtains a planning consent over the land affected. We can advise either the seller or the buyer on the terms of the agreements; and its implications; and the potential liability to make a payment. We can also advise the buyer on the potential additional charge to Stamp Duty Land Tax (SDLT) and the possibility of deferring the additional SDLT.
Not only is it essential to a development to put in place the necessary arrangements, it is often time critical to do so. For example, while it may be possible to lay electric cables and connect them to a substation, unless the necessary legal agreement is in place, the electricity supplier will not commission the supply. Our role is to liaise with you, the relevant company or authority and any other parties involved in the process, for example where land is owned by a third party, the landowner and their lender, to ensure that the agreements are both satisfactory and delivered on time.
Please call to speak with one of our specialist commercial property solicitors today, on 0116 254 8871. We’ll be able to answer any initial questions you have over the phone and arrange for a meeting at your earliest convenience.
Bray & Bray has three main offices in Leicestershire. We will be able to answer any initial questions you have over the phone and arrange for a meeting at your nearest office, at your earliest convenience.
Leicester call us on 0116 254 8871.
Hinckley call us on 01455 639 900.
Market Harborough call us on 01858 467 181.
Bray & Bray's experts don't just dip in and out of different areas of law – all our lawyers specialise in certain areas and have the knowledge and confidence to take on any kind of case in their area of law. Contact us and we'll work alongside you from start to finish.
We know that when our clients are dealing with a stressful legal situation the last thing they need is to be confused by jargon, or made uncomfortable by stuffy professionals. Our plain speaking transparent approach puts people at ease and we're really proud of it.
We offer a complete range of legal services, from personal injury to family law, criminal defence and immigration. We have expert teams of lawyers working in all legal areas, and you'll never work with anyone who isn't fully versed in the relevant laws.
We're based in Leicester and the county but we serve clients nationwide, so don't hesitate to get in touch if you're based some distance away. We do everything we can to make things simple for clients based elsewhere – we'll keep in touch via phone and email, and we'll come and visit you should we need to.