We acted for two farming families with adjoining holdings in the negotiation and exchange of a long term option to a national house builder to promote the joint site for residential development.
The site is circa 60 acres and, could provide circa 600 new homes.
Each landowner had slightly differing interests as regards timing and tax, and we worked closely with their tax advisers and planning consultants to achieve a result which suited both parties. There were complicated title issues and various tenancies to deal with. As we had acted previously in granting options to this house builder our ability to settle the form of option quickly enabled the parties to concentrate on commercial issues rather than legal drafting. We were successful in settling and exchanging the option and the site is now well down the line in being promoted for large scale residential development.