Go Big or Go Home

by Readers Question

4 months ago

Go Big or Go Home

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Go Big or Go Home

Has anyone expertise out there in the best way to go about buying a property with a view to splitting the plot?

I believe you can make a planning application while you are purchasing the property.

However, is this going to be a realistic option if you need to make an offer quickly to secure the purchase?

Do you think most purchases where the plan is to split the title are done like this on a speculative basis?

Many Thanks

Richard.

Comments

Graham Bowcock

4 months ago

Dear Richard

It really depends what you are trying to achieve as it is not at all clear.

There is no reason why a planning application cannot be put in prior to purchase; you do not even need the landowner's consent to make an application. However, if you are trying to add value to a property you wouldn't want to make an application without the Option to purchase (or a conditional sales contract).

Unless a seller is keen to get their money, most will wait for planning as they will get more for their property.

If you purchase quickly, and at your risk, then the skill is not paying too much for the property. One-offs can be daunting as if you don't get planning, you've lost! Developers thrive on volume, some you win, some you lose, but the winners need to outweigh the losers.

Graham

Brian Jackson

4 months ago

Reply to the comment left by Graham Bowcock at 11/12/2017 - 13:46
All the above from Graham is correct.
From experience as I have done this exercise it can be complicated although drawn out.
First check with LA to see if there would be an objection to planning permission. If all OK with LA you can go ahead. Bear in mind if you split of the site the main value of the House purchase would be reduced(less land). You will need a seperate title number for the plot once you have determined the area proposed and your mortgage lender is agreeable. Once all those issues have been resolved it should be plain sailing.
Good Luck.

Richard U

4 months ago

Thanks for the responses, seems Pre-app, negotiate hard, add some value to remaining site and cross fingers?

Any tips for becoming a planning expert? (or perhaps, just become a little more informed than my current state of ignorance?)


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