Property Industry: Our 17 April roundtable review
The second in our increasingly popular series of Property Industry Roundtable was hosted on Friday, 17th April. This meeting of representatives from across the property industry comprised a hosted discussion touching on many point of interest within the property sector.
The next roundtable: 15th May 2020. Click here to sign up.
A shift in tone across the property industry?
Since the previous roundtable there appears to have been a shift in tone within the industry from providing reactive solutions to deal with the immediate impact of the coronavirus lockdown, now moving towards a broader view of the future structure of the industry. The property sector is now looking forward to new opportunities and establishing means of tackling limitations currently imposed due to the lockdown.
Funding and opportunities
One key point discussed was the availability of development finance, bridging finance and mezzanine finance in the coronavirus context, and in particular the funding of new projects and the application of automatic extension to existing development facilities of between 3 and 6 months. This is a topic that we will be revisiting in more depth in a future session. Another key aspect of the discussion was that many developers are still seeing opportunities within the industry to make arrangements for the acquisition of sites. Typically such purchases are using option agreements and conditional contracts. Such contractual mechanisms reflect the need for flexibility at present, which can be beneficial from the perspective of both landowners and developers alike. This is an area in which we at Herrington Carmichael have seen a number of new instructions and well as progress being made in respect of a number of ongoing matters. Housing associations are also remaining proactive during this time so as to ensure the availability of housing stock in the coming months and years.
Planning and new applications
Talk is also moving towards the planning sector and how new applications and appears are being handled. Many had a positive view on the quick response from many local authorities in adopting new technologies, for instance in relation to use of online meeting platforms to allow remote consultation
Overall there was a strong feeling that many of the modifications that we are having to make at present are an acceleration of the changes that may have been on the horizon in any event. Perhaps the positive result of the Coronavirus outbreak will be a refreshed approach to many procedures within the property and planning sectors.
The next property Industry roundtable
Owing to increasing demand we will be running a number of future property round table discussions on specific topics affecting the industry. If you are interested in participating in future sessions, or if there is a subject that you would be interested in discussing, please contact Steph Richards on firstname.lastname@example.org or visit our events page for all our latest events.
This reflects the law at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought as appropriate in relation to a particular matter.
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We are solicitors in Camberley, Wokingham and London. In 2019, Herrington Carmichael won ‘Property Law Firm of the Year’ at the Thames Valley Business Magazines Property Awards, ‘Best Medium Sized Business’ at the Surrey Heath Business Awards and we were named IR Global’s ‘Member of the Year’. We are ranked as a Leading Firm 2020 by Legal 500 and Alistair McArthur is ranked in Chambers 2020.