Land Traders works with land owners and prospective purchasers of land to form option agreements.
An option agreement is essentially an agreement in principle of sum to complete upon if planning permission is consented on land currently without planning permission approved.
Gaining planning permission can be a long drawn out, expensive process and land without planning permission is worth much less than land without planning permission.
Property developers and land buyers are open to Option Agreements which typically provides the land owner a small sum now for a 1 to 2 year option agreement, in addition to a larger sum if the land buyer wishes to proceed with the land purchase, if and once planning permission has been granted.
The land buyer pays for all of the architect, legal and application fees associated with gaining planning consent within the agreed period in order to secure the land at the agreed price, which will be less than the market value of the land, due to the cost, risk and time associated to securing planning permission, but of not cost or risk to the seller of the land.
If planning permission is not obtained and the land buyer does not wish to proceed for the agreed sum, as the land owner, you have received a sum for the time you have provided the option agreement to remain open, planning permission and architect costs spent on your land, subsequently you are ever closer to potentially gaining planning permission in the future.
If you are a land buyer looking for land or a land owner looking to sell land, without planning permission, an Option Agreement could be your best next step. Contact the team at Land Traders to discuss your options, next steps and any questions you may have.