Securing a Property for Development

Service: Acting for a Developer acquiring a site for residential or commercial development on a conditional contract or option basis.

Fixed Fee

  • Under £100,000 of Sale Price - £1249 plus VAT
  • £100,000-£350,0000 of Sale Price - £1949 plus VAT
  • £350,000-£500,000 of Sale Price - £2449 plus VAT
  • £500,000-£750,000 of Sale Price - £2999 plus VAT
  • £750,000- £1m of Sale Price - £3999 plus VAT
  • £1m above – price on application

These fees are based upon the Developer acquiring the property on a conditional basis or subject to an option agreement. If it is an unconditional sale then the above figures can be discounted.  

If the matter does not proceed to completion then half of the above fee will be due.

In addition to the fixed fee above the following fees may also be payable:

  • Payable in all cases - Bank Transfer Fee (per transfer) - £40 plus VAT
  • Payable in all cases - Electronic Identification Fee (per person) - £10 plus VAT
  • Search Fees - £1500 plus VAT

Included in the service

  • Negotiating  the contract for the sale in accordance with the Heads of Terms
  • Dealing with your enquiries of a legal nature with the Seller’s Solicitors
  • Report to you on the terms of the sale
  • Undertaking all necessary conveyancing searches for development and reporting to you on their contents
  • Reviewing the legal documentation from the perspective of a developer for development purposes
  • Completion of the sale
  • Payment of SDLT (if any)
  • Registration at HM Land Registry

What is excluded from the service?

  • Legal advice outside the scope of the service described above
  • Advising and renegotiating the Heads of Terms
  • Advice in connection with a promotion agreement is not included. 
  • Tax advice
  • Planning advice is not included.
  • Planning obligation agreements
  • Joint venture and shareholder agreements for the developer client.   
  • If the property is leasehold it does not include an additional  work ion connection with the review of the headlease.
  • Development finance. Fixed fees for development finance start from £3,500 plus VAT

Disbursements

SDLT will also be due and you can calculate your liability by reference to the following link. If VAT is payable on the price the SDLT is payable on the price + VAT.

Land Registry Fees are due and will be payable based upon the purchase price and using the following link.

If the buyer is a company taking lending then a Companies House fee will be payable of £23.

In all cases bankruptcy and final searches will be due of £25.

If the premises are leasehold then notice of the transfer of the premises will need to be served on the Landlord whose costs typically range from between £50 and £200. We will confirm he figure once it is known to us.

How long will it take?

Timescales vary and on average it will take 4-6 weeks but it depends upon a number of factors outside of our control. We will endeavour to complete the matter as quickly as possible within your timescales.

Who will do your work?

Your matter will be undertaken by one of our Property Development  Solicitors: Nick Attwell; Tanya Warnes, Matthew Desborough or Joseph Harrison or our Trainee Solicitors under the supervision of Nick Attwell.

When will I pay?

You will need to pay 50% of the fixed fee on account together with the search fees. The balance of fees and disbursements will be due on completion.

How do I instruct Attwells Solicitors

Instructing us is simple. You can either click on the instruct button below to register your interest or you can call us at your local office. We have offices in Ipswich, Colchester and London. When instructing us please inform us of the office you would like to use.

 

Instruct Attwells