Attwells Solicitors have significant experience in advising both landowners and developers on disposals and acquisitions of land for development.
When land is sold or purchased, it will be the subject of a contract. The specific form of the contract will depend on each transaction however a structure which is increasing in popularity is that of a Promotion Agreement.
A Promotion Agreement enables the promoter (often a developer) to apply for planning permission for the development of the landowner’s property and then provides for the property to be sold on the open market once planning has been obtained and the profits shared between both parties.
The benefit of a promotion agreement for the landowner is that they are able to utilise the expertise of the promoter in obtaining a satisfactory planning permission as it is in the best interests of both parties to maximise the planning potential of the property to increase its market value. The promoter usually covers the costs of the planning application at the outset and these are reimbursed when the land is sold on the open market. In the event that a satisfactory planning permission is not obtained by a certain date, the agreement comes to an end.
Although promotion agreements are becoming more frequently utilised in land sales and purchases, other structures may better suit some transactions. Attwells Solicitors are also able to offer expert advice on the following:
- Option Agreements;
- Conditional and Unconditional Contracts;
- Pre-emption Agreements;
- Overage Agreements;
- Joint Ventures.
Attwells are able to offer expert advice on all the possible methods of structuring a land acquisition or disposal based on your requirements, whether this is via an Option Agreement, Unconditional/Conditional Contract, Promotion Agreement or an alternative structure.
If you are considering making a disposal or acquisition of land and would like to discuss your options, please contact Nick Attwell on 01473 229242 or 0207 722 9898 or email him at email@example.com for an initial no-obligation chat.