Building Plot Option

mff369

Hi I am looking for advice on what to do regarding buying a building plot.
I have agreed a price for the plot subject to getting full planning.
I was thinking of getting something drawn up by a solicitor, but the people I have agreed to buy from say don't do anything until I get planning permission.(To avoid unnecessary cost)
I believe them to be genuine, but if I get permission what is stopping them turning around and selling to someone else?
What sort of cost would an agreement drawn up by a solicitor be?

I may have to go to an appeal on planning so obviously cost could mount.

Browntoa

I think you are right to get something agreed on paper

like you say , they could turn round and up the price/sell to someone else

DVardysShadow

Get an agreement in place, in writing. Otherwise you will just be providing the vendors with planning permission at your expense.

If they are genuine, it may be that they do not want the expense of a solicitor. So you should be prepared to pay their reasonable solicitor's fees up front and at your risk if PP is not granted to the point of signing a contract. It would be reasonable for these fees ultimately to be considered as part of the price of the plot.

Once the other side gets a solicitor, things will get harder for you because the solicitor will look after his client's interests. The first issues which come to mind are that you may need to accept a time window for getting PP. Or you may need to pay an option fee - but if you do, you should not need to pay the other side's legal fees..

Gwhiz

Always get an option agreement drawn up.

G_M

Once PP is granted the value of the plot will increase dramatically. So will the number of people interested in buying.

paddyrg

Without question, get an agreement drawn up by your own lawyer who you know and trust. If PP clears (at your expense) the value of the plot may double or more, the vendor would then be stupid to sell it to you at the current price!