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flatlander View Drop Down
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    Posted: 15 Oct 2015 at 13:25
If you were buying a house with land would a development clause on the land put you off 20% for 5 years dropping to 15% for the following 20
And if so why?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote redratbike Quote  Post ReplyReply Direct Link To This Post Posted: 15 Oct 2015 at 14:05
so is this if you develop on the land you have to pay the 20% or 15% of the increase property value of what ever it is you build for yourself ?
 
or only if you develop and sell
 
so do you pay if change of use from say agricutural land to something with planning permission all of a sudden the cost of the land is worth more ........
 
but you dont build for years but still have to fork out the 20%  or only fork out the 20% when you come to sell
 
take a good look and take legal advice if possible
 
but utimately if the house is a goer go for it..but if you sell the land to a developer for the money just think what could be built next to you


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Post Options Post Options   Thanks (0) Thanks(0)   Quote flatlander Quote  Post ReplyReply Direct Link To This Post Posted: 15 Oct 2015 at 15:31
It's me selling it unfortunately :( I could stay here forever but IVF isn't free despite what the papers say and we have one or two more goes left ... In the bank so to speak. Put on sale on Saturday got two offers one accepts the clause the other doesn't the ones that don't have some local knowledge ie they work at a place next door that would have an interest as they've just expanded up to the edge of the land.
Me being cynical thinks hmnnn do they know something I don't

I prefer to have the clause as the offers are pretty similar otherwise and because of where it is it would be reasonable to expect it to be developed at some point

We are thinking that a clause for an uplift in the values should it change from agricultural use
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Post Options Post Options   Thanks (0) Thanks(0)   Quote redratbike Quote  Post ReplyReply Direct Link To This Post Posted: 15 Oct 2015 at 16:05
Originally posted by flatlander flatlander wrote:

It's me selling it unfortunately :( I could stay here forever but IVF isn't free despite what the papers say and we have one or two more goes left ... In the bank so to speak. Put on sale on Saturday got two offers one accepts the clause the other doesn't the ones that don't have some local knowledge ie they work at a place next door that would have an interest as they've just expanded up to the edge of the land.
Me being cynical thinks hmnnn do they know something I don't

I prefer to have the clause as the offers are pretty similar otherwise and because of where it is it would be reasonable to expect it to be developed at some point

We are thinking that a clause for an uplift in the values should it change from agricultural use
i see in that case i'd go with the people that accept the clause because the others obvioulsy have a vested interest in the land and know what they can probably earn out of it.
 
can you not seperate the 2 and sell seperately?


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Post Options Post Options   Thanks (0) Thanks(0)   Quote davidrsurfer Quote  Post ReplyReply Direct Link To This Post Posted: 15 Oct 2015 at 17:10
Presumably you bought with the clause in place & it didn't stop you. But I would make a challenge against it to see if it actually stands up. Selling without it would be easier & more profitable.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote flatlander Quote  Post ReplyReply Direct Link To This Post Posted: 15 Oct 2015 at 17:21
It's mw tha wants t put the clause
I have a good offer of a neighbour for just the land and could then sell the house which has planning to make it a 5 bed house and try to keep the garage which I would then try to get planning in for another house ... Its a big garage :)
Old farm house
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tdesnos Quote  Post ReplyReply Direct Link To This Post Posted: 15 Oct 2015 at 20:10
Not really, if the house is decent sized, not in an area where house prices are held up by prospective developers (presumably wont be, as they'll likely be clauses on other houses in the area rather than exclusively your own)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote A303 Quote  Post ReplyReply Direct Link To This Post Posted: 15 Oct 2015 at 22:18
Sorry but I think these value uplift covenants are just sheer f**king greed. Sell the property for what you think its worth or spend your own money developing it to its maximum potential - don't sell it then wait to profit even more off the back of some other poor bastard's sweat and investment. You either own the land or you don't.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote legend88 Quote  Post ReplyReply Direct Link To This Post Posted: 15 Oct 2015 at 22:29
You could invest in getting some plans done and get the planning permission then that way create the uplift in value yourself. Then sell either as a whole with the planning in place or as separate lots.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote flatlander Quote  Post ReplyReply Direct Link To This Post Posted: 16 Oct 2015 at 00:07
Actually not that straight forward as the land is currently agricultural use which in reality it means getting it included in a local plan to have the change as a change if use, unless you use one of the loopholes, is unlikely unless you are a serious developer with access to council policy makers.
I could sell it to travellers at a multiple of its value as is as they pay more than its current worth bit prefer to go another route.
Personally ... And having bought land with restrictions in it, I'm not bothered about the idea of a cost being potentially involved as its just factored in. And if I make a million I wouldn't mind paying. A percentage as its still would leave a sizeable chink.
In this instance the council have allowed development against planning rules next to the land in question and one of the potential buyers gas access to information I do not.
They greed aspect is a personal view I suppose but rightly or wrongly its a common enough occurrence and I'm not quite sure how making a moral stand and turning down a potential windfall would probe I was at best naive at worst stupid is me being motivated by greed its a business decision which is applied to a personal purchase
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Post Options Post Options   Thanks (0) Thanks(0)   Quote flatlander Quote  Post ReplyReply Direct Link To This Post Posted: 16 Oct 2015 at 19:43
Thanks for all the input we accepted the offer that was lower but had the clause in it

If it works great if not it will have been worth a punt for Theo's future nest egg
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Post Options Post Options   Thanks (0) Thanks(0)   Quote redratbike Quote  Post ReplyReply Direct Link To This Post Posted: 16 Oct 2015 at 19:52
Originally posted by flatlander flatlander wrote:

Thanks for all the input we accepted the offer that was lower but had the clause in it

If it works great if not it will have been worth a punt for Theo's future nest egg
so where you moving too????


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Post Options Post Options   Thanks (0) Thanks(0)   Quote flatlander Quote  Post ReplyReply Direct Link To This Post Posted: 16 Oct 2015 at 22:42
About 3 miles away my old house so that we can sell that too may be able to go back to Spain
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