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Most people have heard of Caveat emptor (let the buyer beware); but what about the seller?
In Bromley and Kent, homeowners often have the luxury of large gardens, sometimes with several backing onto each other. Have you had letters through the front door asking if you would be interested in selling part of your garden? Such letters are commonplace and may seem to be offering money for nothing.
It is quite usual for property companies to try to secure parcels of land for development especially in popular areas such as Bromley and Orpington. They are often looking for an “option” rather than an outright sale and purchase. This allows a company to secure several parcels of land at a low initial price. They may then try to get planning permission or to sell on the bundle of options to a third-party developer.
This process is not, of itself, questionable. What you need to be aware of is that the terms of any agreement are likely to be skewed in favour of the property company and without proper legal and valuation advice, you may find there are unexpected consequences from signing such an agreement. These can include being given relatively short notice before you have to move out of your family home or finding that you cannot sell your property freely to a genuine buyer as the developer may have placed a restriction on your title. You may also find that a neighbour has achieved a better price than you have, whereas joining forces might have secured an even better price and a more coherent project. There are other ways such an agreement might go, including a mechanism for a price uplift on the grant of planning permission called “overage”.
If you receive such a letter with an offer you wish to consider, we would strongly urge you to take legal and valuation advice. You may well find that a reputable developer is willing to pay for you to take proper advice. If they are not willing to do so, this may indicate that the company is not serious about the project. At CWJ we can advise individual homeowners or a consortium and can suggest names of local valuers who can assess the true value of the deal on the table.