Selling all or part of your property can be an extremely daunting prospect. Add in option agreements, solicitors, planning applications and local Planning Officers and it can sometimes feel too much hassle! Here at Churchgate Premier Homes we know that making the decision to sell your house or garden isn’t something you would take lightly, but we’re here to make the whole process easy, so you can relax and dream about what you will buy with the money.
What is an option agreement?
An option agreement is a contract between Churchgate Premier Homes and yourself, confirming that we commit to buying your land or property at an agreed price and with a set of agreed terms. The document outlines exactly; (i) what part of your property we will be buying (if we’re not purchasing it all), (ii) the agreed price and (iii) how long we have to do this. Once we have gained planning permission on the property (usually within 6-12 months) we will exercise our option and you will receive the agreed funds.
Option agreements are very flexible in their content, so can often be constructed to take into account your situation and requirements. As with any development, the key to unlocking the value of your land is gaining planning permission. Once obtained, this generally lasts for three years, so our option agreements can be extended up to this time if you so wish. At this point, your solicitor will receive the agreed amount to cover your legal fees. All costs relating to the option agreement being drawn up are paid for by Churchgate Premier Homes.
Will selling my garden affect the value of my home?
Usually there is some impact on the value of your home given that having a smaller plot, typically reduces the market value of the property, however, the actual impact is usually negligible. The value of houses in the south-east is in the building itself, not the garden. It is the reason that modern houses have relatively small gardens compared with 50 years ago. Often, larger gardens are undesirable for modern family living with people not wanting the hassle and cost of upkeep. Indeed, it is not unusual to find that your house value may have even increased following the sale of land, because market forces vastly outweigh garden value. Regardless, the return on the sale will always vastly outweigh the actual impact on the value of your home.
What if planning permission is refused?
Planning and development is very dynamic, with constant shifts in legislation. Whilst we pride ourselves in having an extremely high success rate, sometime permission can be refused for reasons beyond our control. Fortunately, even if planning permission is refused, we have a standard right to Appeal the decision to the Planning Inspectorate, who can overrule the Council.