selling property to developer

warehouse

Had this with 2 friends.

Friend 1. The developer agreed to buy at £xxx IF planning was agreed for new development. The developer submitted plans and everyone objected, except my friend of course. Plans eventually fell through, developer pulled out and my friend was left with a lot of enemies living around him.

Friend 2. Developer purchased property next door and promised to buy friends as well if plans went through and promised them £10K if it didn't work out either way. Same as friend 1, everyone objected except friend 2 but this time plans OK'd and new development went ahead. Developer told friend 2 they changed their mind so no sale and also renged on the £10K. Friend 2 now has a horrible development next door and lost some friends due to not objecting.

Moral of the story is don't believe a word the developer says, get everything in writing and any money promised get up front BEFORE planning goes in. You hold all the cards.

eddddy

warehouse wrote: »

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Moral of the story is don't believe a word the developer says, get everything in writing and any money promised get up front BEFORE planning goes in. You hold all the cards.

That's not really good enough. For these types of agreements you should instruct a solicitor who is experienced in these areas.

Typically, the developer should agree to pay your legal fees for this. (If the developer refuses to agree to pay your legal fees, you should be a little suspicious.)

getmore4less

developer "bought" the back gardens(*) off a load of houses,

Dad held out for his plot they were going to put 6 properties on it, in the end they gave up put an extra property on the land they did have where the access road would have been.

Developer went bust part way through, those that sold never saw all their money.

I suspect there are phoenix operations where the developes manage the builds this way to avoid paying.


* seriously long gardens few 100s feet now an estate.

Elfbert

Just to throw another story in - developer offered to buy my uncle's land/garage as an access route (not the house though!). My uncle negotiated to get the last house in the new row (the biggest, with room for parking, double garage and 4 bed house plus garden) and lived in his own house for the entire build, all went perfectly, he has a great new house, a million times nicer and twice as big as his old one. So it can work, but definitely get solicitors involved!