Letter re land purchase request (2 Viewers)

[TheMachMan]

With material cost increases and a slow market they may be genuine.
Sometimes this can be a way of driving down a lower price, assuming they gave you an indication originally. Even passing on to another developer who will have a go, which is what happened with us.

 

[pampam]

How disapointing

 

[Abacist]

Plenty of fish in the sea. What you have is a scarce resource and will be in demand again.

 

[Carpmart]

Plenty of fish in the sea. What you have is a scarce resource and will be in demand again.

They certainly ain’t making no more of it!!

 

[Adrian140974]

As this is the sector I work in I would deffo recommend your own valuation, which must be on the basis of redevelopment not your house. Then add 20% at least because they really want your land. Appoint an Agent at the start and have a legal agreement between the 4 owners to ensure they all complete in the same transaction. Watch out for capital gains, no small amount these days.

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[Abacist]

I am party to an organisation that has a plot for sale with outline planning permission. We have been advised that for a single 4 bedroom dwelling it is likely to be worth £120k or if the developer put 2 semi-detached units on it, it would be worth £150k.

 

[Abacist]

I am party to an organisation that has a plot for sale with outline planning permission. We have been advised that for a single 4 bedroom dwelling it is likely to be worth £120k or if the developer put 2 semi-detached units on it, it would be worth £150k.

So if we sell it we have been advised to provide for an uplift in the price if 2 units are built instead of one so the builder would have to come back and pay more after the initial sale if he chose to build 2 units instead of one.

 

[Van Aert]

I’m in your position but 3 years further on!

In a nutshell:
2 properties and a parcel,of woodland involved in the assembly.
3 separate Option contacts.
the offer for my place was market value +40%, subject to planning approval, includes an “upward only” house price index ratchet (we’re currently at +21% above the contracted figure) which you must get built in.
it takes time, a lot of it.
All solicitors fees met by the developer.
They’ve been back for a 6 month contract extension - we said “yes” and pocketed £10K for it, non refundable.

You can do lots of maths around GDV profit margins, build costs etc, but fundamentally you need to understand YOUR minimum number and then just listen to what they have to offer…..they’re not daft but will try to get it for the minimum possible obviously.

Cheers
Jim
Anxiously awaiting an appeal outcome!

Any news on your appeal outcome Jim?

We have had some recent new interest that we are weighing up.

 

[Happy Jim]

Yep!

Appeal lodged in Feb 22
Appeal “accepted” by the Planning inspectorate in April 22
Appeal hearing 1st week August
Lots of nothing in Sept/Oct
Mid November flurry of activity to agree S.106 points with council (both developer and council got told to “get it done” by the planning inspectorate)
Dec 12th…..Planning approval given!

Jan quiet
Feb developer (actually a land/planning assembler) sent out “Marketing pack” to a number of builder/developers
March - Offers, best and finals, 1 developer selected and now in the final 4 weeks before exchange.

Hopefully be homeless soon

Oh, and made redundant at the end of this month so unemployed as well (Which I am genuinely happy about).

Bit of a whirlwind at the end!

Jim

 

[Van Aert]

Excellent news!……thanks very much for the update.

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[Van Aert]

A little update,

After nearly a year of negotiations we are sold….subject to planning approval.

It’s an Option Agreement so we don’t get paid out unless planning is approved so a little way to go yet but contracts have exchanged and the planning application is due to be submitted shortly.

Will let you know how it goes!