We acted for land owners who had been approached by a developer to enter into an option agreement for a large housing development. The proposed development formed part of a wider site which may, with planning, be developed in phases with various planning agreements including a school.
The clients did not have experience in dealing with development matters and needed close guidance and advice on the terms of the transaction and the wider reaching consequences of entering into the option agreement. The matter also involved close liaison with the clients’ planning consultant. There was an existing overage agreement binding the site which had to be factored into the drafting of the completion provisions within the option agreement. Helping the clients with this transaction was very rewarding and provided invaluable experience for acting for both land owners and developers in the future.