P&S KEVII Flashcards
What were in the contents of Heads of terms?
Identity of parties The property Obligations Liabilities Purchasers agents/solicitors Vendors agents/solicitors
What was the sale conditioned on?
Conditioned on incoming developer undertaking ground investigations
My Client withheld the right to approve any future planning application on this parcel
How did you choose a preferred party?
- Bid level
- Items of conditionality minimal
- Experience developing similar schemes
- Client was developing on site as well, they had interest in the quality of development and delivery so as not to affect their sales values
- Assessed in relation to a pre decided bid matrix
What were in the contents of the sales contract?
- Defintions
- Legal wording around how the transaction will take place
- Obligations on the party
What were the buyers obligations?
- To sign up to predefined marketing strategy
- Agree to a managed approach to unit delivery in line with my client delivering another parcel
- Ultimate aim was to ensure sales levels were
maintained and not cannibalised - Service charges contributing to on site management
- Contributes to on site facilities
- Contribute to road maintenance (these were not adopted and all private)
What were the sellers obligations?
Provide services to the boundary
What did you do differently for Listed building status
Listed building consent in place
- Only demolition or works of alteration that affect the character of the building and its special architectural or historic interest
- Offence is committed by the person who carried out the works (possibly a builder) and by anyone who caused them to be carried out (someone instructing a builder)
- Under the Planning (Listed Buildings and Conservation Areas) Act 1990
Penalties are:
The maximum penalty is two years’ imprisonment and an unlimited fine
What is a Listed Building?
Property contained within the National Heritage List for England
Grade 1 = exceptional interest and highest significance
Grade 2 = Buildings of special interest warranting every effort to preserve them
How might Listed status building affect a development?
- We were selling a consented site
- This had been considered at planning application stage
- Was not wholly relevant because consent had been granted
- In this case we were asking a purchaser to sign up to construction management plan as both client and incoming developer working in close proximity
What was the agreed legal transfer
- Splitting of the existing title
- Important to have a land registry compliant red line plan
What does a Land Registry plan need to have on it
- Drawn to a metric scale
- Have a scale measurement bar
- Have scale noted on the plan
- Include a 1:1250 scale location map (for urban areas)
- Full address including post code
- A full north point
- Demise in red outlined on the inside edge of the property
Why did you decide Private Treaty
- Developer needed to positively contribute to the quality of the scheme
- Private Treaty allowed us to negotiate and discuss at leisure
Why did you take a targeted approach to the disposal?
- Needed to target parties who had resourcing and capacity to deliver the scheme
- Quality of developer
- Good exposure in this location
What document could you help solicitors to complete to aid a sale/leasing process through to completion?
Commercial property standard enquiries (CPSEs)
These are produced by the British Property Foundation
How do you report fees on a Purchase & Sale instruction?
Percentage rate based on selling price net of SDLT
Incentivised rate on top of that
