Development

As a result of the recession, a number of developers have, sadly, gone into liquidation, ceased trading or downsized. However, there are certain areas of development that have been buoyant. These include in particular the development of affordable housing; small developments; and certain developers have looked to acquire land in anticipation of a return to a successful residential market.

Whether it is a single building plot, an option on land that currently has no residential planning consent, or the negotiation of a contract conditional upon the procurement of residential planning consent, Linder Myers LLP has considerable experience in this area.

As in any property purchase, it is necessary to establish whether there are instances of flooding or contamination; whether services and access are available; whether any planning consent exists for the development of the property. There may be planning obligations associated with the site; there may be restrictions and overage payments that become due on obtaining planning permission or on the sale of any part of the development site.

Every development site is different and offers a unique and often complex anomalies. Many development sites may be acquired using bank or mortgage finance and invariably lenders require satisfactory certificates on the title and on all issues relevant to the site before they will fund a purchase.