There are various legal factors that have to be considered when it comes to development agreements. It is therefore advisable to make sure you have an experienced law firm on your side to ensure you are covered in every area. At Blackstone Solicitors, we are able to advise many different types of client, no matter the complexity of the circumstances surrounding agreements between a landowner and property developer.
For more information about how our team of construction solicitors can help you, contact us on 0161 929 0121 or complete our online enquiry form and a member of the team will call you back at a convenient time.
How we can help
Development Agreements cover a variety of agreements amongst developers, landowners, purchasers, tenants and funders. Each agreement will need to be tailored to the parties and the circumstances of the particular development.
We are here to help with the drafting of this agreement. Be it a single local plot or a site on a much larger scale, we will work with you to make sure everything goes to plan.
Friendly yet direct, our team is passionate about every case we take on, and we believe the entire process requires constant communication. We will, therefore, guide you through the technicalities involved, offering expert advice from start to finish.
Why legal help is important
There are a number of types of development agreements and these can include:
- Option Agreements – This a legal contract between a landowner and potential purchaser of a site, usually a housebuilder or developer. The option holder has the opportunity of purchasing the site from the landowner at an agreed price within a fixed time frame, once the terms within the option have been met.
- Promotion Agreements – A Promotion Agreement is similar to an Option, but the promoter is not usually a builder or developer. Instead, once planning permission is granted, they will take the land to market and sell to a third party.
The landowner is legally bound to sell the site and all proceeds of any sale are then divided between themselves and the promoter – but only after the latter has been reimbursed for planning and other professional costs.
- Hybrid Agreements – Hybrid agreements combine elements of both promotion and option agreements. They are often used where a landowner has extensive land holdings which may be developed over a lengthy period. With a hybrid agreement, the price is generally ascertained by exposing a parcel or parcels of land to the Open Market. They are often utilised on large urban extension sites and tend to be more complex than a conventional option or promotion agreement.
- Collaborative Agreements – Collaboration Agreements are the form of contract that is widely used when more than one developer or promoter have a mutual interest in acting together to secure planning permission for the development of land held under an Option or controlled under a Promotion Agreement or owned outright.
- Joint Venture Agreement – These can provide a potential opportunity for landowners to become involved in a development and typically this can be through a limited liability partnership or a Special Purpose Vehicle limited company.
There are many things to consider when drafting a development agreement as by their very nature, they can be quite detailed and complex. We act for both landowners and developers in advising upon the best form of agreement and we will guide you through the process in a step by step manner. Our advice is based upon a solid knowledge of the law with an eye to the commercial aspects of the agreement in a detailed legal and commercial manner.
Our team prides itself on being able to meet every need of each of our clients. We are willing to go the extra mile when other firms are not, ensuring our clients are given the very best opportunity of getting the outcome they are after. Get in touch to see how our specialist team can help you with the drafting of the best development agreement for your circumstances.
Speaking to one of our solicitors is easy, simply call us on 0161 929 0121 or allow us to get in touch with you by filling in our online enquiry form. Our services are available to clients throughout the UK, including Manchester, London, Cheshire and Chester, as well as to those living abroad.