TimeFrame to Purchase Site

L

LouthMan

Guest
Hi Guys

Farmer has yes to me at a certain Price. I have the Ok from the Bank and i need to speak to my Legal Guy. He has to make one small change to his map and it is 3/4 acre i am buying.

What timeframe to have the contracts signed and sealed. I know it is subject to planning.

I don't want to hear the usual " How long is a piece of string" !!

Thanks
 
My Aunt found 2 buyers for 2 sites she was selling, took over a year to get the planning approved and sites sold, the planning held it up.
If you are buying subject to planning then its really anyones guess, meeting your planner as soon as you can to discuss what can/cannot be build will prob save you time.
 
Thanks for your reply but not the road i was on. How long before i have a contract in my hand which the farmer has sign to say yes, it is his when planning comes through.
 
You can get the contracts drawn up straight away and insert a special condition that the sale is subject to planning and once the contracts are signed and deposit paid its binding on both parties. The "subject to planning" condition usually gives the purchaser a reasonable time to obtain planning (ie. 9-12 months) If planning is not forthcoming within this stipulated time frame then the contract becomes void.
 
Started the purchase of a site on 16 of March this year (no terms or conditions, i.e., not subject to planning)... you would think straight forward... It's still not completed.

The land registry sat on it for about 3 months doing nothing...
 
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