Lea Hough’s Land and Development team have a demonstrable track record of helping land owners in Lancashire to successfully sell their land for development purposes.
Here are some of the three most commonly asked questions by landowners looking into the possibility of selling their land to a developer.
How do I know if my land is suitable for development?
Although land is constantly being sought for development and more housing is required, this doesn’t mean that all land will be deemed suitable for housing development. The planning process can be complex with many factors at play and each local council will have their own agenda and plan for housing development.
The land’s previous usage may be an important factor and whether it’s greenfield or brownfield. The location of the land and its size will also be important in determining its suitability for use. A land and development consultant that works in the local area should be able to provide you with insight into the potential of your land.
How much is my land worth and how do I maximise its value?
The starting point for placing a value on land will be to look at its size and location. Although this will likely only act as a rough guide, it can at least provide some figures that can help a land owner to decide whether they want to investigate further or not.
The planning status of the land can have a significant impact on its value and land that has planning approved will usually become a more valuable asset to its owner.
Do I need to get planning permission?
The short answer to this question is ‘no’. Land can be sold in many ways, the simplest and quickest of which may be as a piece of land with no planning in place. However, as described above, land that already has planning permission for housing will usually be seen as less as a risk for developers, and this usually drives up the price they are willing to pay.
There are ways to sell land which offer a middle ground – a conditional sale, a promotion agreement, or an option agreement allow land to be sold on a ‘subject to planning’ basis. These routes to sale can allow for a better price to be achieved whilst limiting the risk and outlay the landowner puts in.
For an initial discussion about selling a plot of land, please get in touch with us.