Plot Sales

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Plot Sales

As a Developer, you will know that the landscape of selling new build properties has changed over the years and it is now more competitive than ever. Buyers expect more for their money, regulatory requirements have increased and a shift in stance on legal aspects have forced property professionals to adapt.

These factors make the sales process more complex and involved than in previous years, and that is why we take a proactive approach to getting as much dealt with and drafted as quickly as possible to avoid unnecessary delays for the sale of your plots. Having a dedicated specialist team ensures that your sales get the undivided attention they require in order to meet exchange deadlines.

Setting up a Development Site
Land Registry Compliant Plans
Management Companies
Part Exchanges
Show Homes & Licences 
Management Company Transfers

Setting up a Development Site

At the outset of a matter, we will draft all of the legal documents applicable to the property types on your development, which includes a comprehensive information sheet addressing the common enquiries raised on a new build property. We also prepare your sales packs and work with you to obtain the documentation that will be required to be provided to your Buyer’s Solicitors. Where time allows this is all done in advance of the site launch or the first reservation, so that a full pack of documentation can be sent to your Buyer’s Solicitors upon receiving a plot reservation. 

Land Registry Compliant Plans

Whether you are selling a freehold house or a leasehold flat, the plan is absolutely vital and will be something that the Buyer needs to have faith in. This will show the Buyer exactly what they are purchasing (including gardens, parking spaces, cycle stores, etc.) and will be used to register the Buyer’s ownership of their Property at the Land Registry. It is therefore vital that the plan is both accurate and complies with the Land Registry’s requirements. For sites of 6 or more units (being the Land Registry’s minimum size site) we will apply to the Land Registry for Estate Plan Approval so that the Land Registry can review the plans and advise if there are any issues before we start to utilise these for plot sales.  

Management Companies

Where necessary, we work closely with our Corporate Team to have them administer a Management Company bespoke to your site and to administer the Management Company for you.

Management Companies

Part Exchanges

We deal with any properties taken in part-exchange for your new build property in house and therefore can liaise with the plot seller to ensure that progress for both transactions is on track for a swift completion.

When you are able to find an onward Buyer for the part-exchange property we are also able to deal with the sale whether as a separate transaction after you have acquired the Property or as a sub-sale completing at the same time as the plot sale and acquisition of the part exchange property.

Show Homes & Licences 

We can draft up bespoke Show Home Leases for you to remain in occupation of the Show Home on site even after selling it to a plot purchaser. This would usually take the form of a short term commercial lease upon whatever terms you have agreed with the Buyer.

Also, where you may agree for a Buyer to store items in the property between exchange and completion, we can draft an appropriate licence to regulate this use of the property whilst still under your ownership.

Management Company Transfers

Often once the development is complete you will be keen to fully dispose of the site (including roadways, amenity land, etc.) and it is usually advisable to transfer this to the Management Company as they will be responsible for maintaining the land in question.

We can draft these Transfers, complete these and then have them registered at the Land Registry following completion of the final plot sale on site.

FAQs

I want to get an exchange but the house isn’t ready yet – what do I do?

That’s absolutely fine, as we can exchange contracts “on notice”. So this means that the completion date is not fixed until the Property is ready. Once you have the building regulation completion certificate and the New Home Warranty certificate, then we serve notice on the Buyer’s Solicitors and completion is fixed for 10 working days after the date of the notice.

I have a site which includes some First Homes, do you know what to do?

Yes, we are familiar with the First Homes legislation. The Lease or Transfer will be in substantially the same format as the other Leases and Transfers for your site so that all buyers are bound by the same covenants, but there are some additional provisions that we include in the First Homes documentation which will then correspond with the terms agreed with the Council in your Section 106 Agreement.  

I am providing a Premier Guarantee New Home Warranty, and they have said that I need to comply with the Consumer Code, are you able to deal with this for me?

All of our plot contracts are consumer code compliant and we are happy to discuss these provisions in the contract should you require any further explanation. 

I recently bought the site and it isn’t registered yet, will this be a problem?

Yes, it probably will. Whilst we would be able to show the current registered proprietor on the title plus a copy of your Transfer, a lot of Buyer’s are increasingly concerned about ensuring that titles are registered and when dealing with large or complicated titles some will even refuse to review the pack until the Seller is the registered proprietor of the site. Therefore, if the Solicitor acting on your purchase has not already done so please ask them to expedite the application on the basis that you are now looking to sell parts of the Property and this should means that the application is reviewed by the Land Registry much quicker.  

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Herrington Carmichael has once again been named in the Times Best Law Firms. We were first listed in 2023 and have once again made the Best Law Firms list for 2024.

www.thetimes.co.uk/article/herrington-carmichael

Best Law Firm 2024