Rollesby Road Flashcards
Why were the operational hours restricted for the Rollesby Road site?
The site adjoined a residential estate and received fierce neighbour objection when the planning application was submitted.
Describe the site at Rollesby Road
The site adjoined a residential estate and comprised of 2.4 acres. It was an irregular shape and was burdened by TPO’s at the front.
What was your recommendation?
I reccomended a 5% reduction in the sale price to incentivise a sale and to avoid a determination by an Independent Expert, where there would have been an element of uncertainty attached to a decision and potentially costly.
There was no evidence to justify a 15% reduction and considering the nature of the proposed units, the restriction was not overly onerous in my view.
What were the hours restricted to?
7am - 8pm Monday - Saturday excluding Sunday’s and Bank Holidays.
Deliveries were restricted to 8am - 7pm.
What is a conditional contract?
An agreement of a contract upon a specific event. i.e. a sale subject to planning permission.
What is a condition precedent?
A condition that must be satisfied before performance of the contract becomes due.
What options are available to enforce a conditional contract?
Could serve a notice to complete or refer the matter to an Independent Expert to decide whether the planning condition was a buyers unacceptable condition.
What is a long stop date?
The agreed date in a conditional contract to complete the sale of the property after the condition precedent has been satisfied.
Have you agreed a sale at Rollesby Road?
No I am still in negotiations with the purchasers agent over a sale price. Their latest offer is £410,000 and and my latest proposal is £440,000.
My client has indicated they would accept £425,000, so I suspect we will meet in the middle somewhere.
What happens if a purchaser does not complete a transaction by the deadline in the Notice to Complete?
- Vendor can rescind the contract and remarked the property
- Any deposit can be retained by the vendor
- Vendor may be able to sue for damages to claim any loss in value following the sale of the property to another party at a lower price.
