Providing the answers
to your legal questions Alternatively, you can ask the Developer
A Developer is interested in purchasing a piece of my garden, they have given me an Option to sign. What is this and should I sign it?
The simple answer is don’t sign any such
Agreement without seeking specialist legal advice. An Option, gives the Developer an option to buy the land at a given price and within a given period. Almost invariably, they will wish to obtain Planning Consent before being committed and you will need to establish exactly how long they will have to do so. Except in rare cases, the creation of an Option will
prevent you selling the property
re-mortgaging. In a falling market, there is also the possibility that the Developer will endeavour to re-negotiate the price at the last minute.
We are planning to buy a holiday home but have been told that we will find it difficult to get insurance as it is in a flood risk area. Will the Government Flood Re Scheme help me?
Flood Re is an agreement between the government and the insurance market aiming to provide affordable flood insurance and place a cap on flood insurance premiums. The policy obligates the government to invest in flood defences in exchange the insurance industry are to provide flood insurance to homes at risk. However, there is currently no limit on insurance premiums resulting in many homes which are at risk of flooding paying very high rates.
UK Households pay on average an extra £10.81 through their home insurance premiums which is passed to a collective Floods Re fund to be used to meet the costs of flood damage.
to
enter into a Contract, conditional upon the plot getting the Planning Consent it requires. This protects you as the Seller and ensures the Developer buys the land at the agreed price if the right Planning Permission is obtained.
Where part of the garden is being sold, it is also important to establish the terms of any ultimate Transfer Deed to cover rights for the passage of services and any required covenants.
There is a lot to consider, so it is advisable to seek
legal advice or
specialist Solicitor. For Further
from a information
please contact a member of our Commercial team.
Simon Nethercott
Until recently, high value homes were outside of the scheme, but the ruling has been overturned so as not to disadvantage “asset rich, income poor’’ families.
Homes built after 1st January 2009 and non- domestic properties will not be eligible. These exemptions pose a problem for developers, landlords, tenants and new-build home owners. The motivation behind the exemption is to stop developers taking risks on properties that may potentially flood.
For further information please contact a member of our Conveyancing team who will be happy to help you.
Laura Molloy
There is no guarantee that your question will be used and you will not get a personal response. The answers in this feature are for guidance purposes only and do not constitute legal advice.
enquiries@hgwalker.co.uk | 01202 881454 |
www.hgwalker.co.uk Law Spot is brought to you by Harold G Walker Your Friend-in-Law.
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karen@broadstonelink.co.uk
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