Gilbert Green was contacted by local agents to advise their farming client on an old option that had been granted several years ago to a local housebuilder. The option was now held by a national housebuilder and a situation had arisen where it was arguable that the option had expired. Based on this, we were able to negotiate more favourable terms for the clients, converting the old option into a conditional contract and negotiation of a new, parallel option. This not only enabled certainty as to price, but it also provided an opportunity to impose new terms to protect the value and amenity of the retained farm. The transaction was extremely important for the client as it provided future working capital for the farming business and comfort for the owners of the farmhouse as to the scale and layout of the development.
The transaction involved two different families owning the farm, and a farming company with an old Agricultural Holdings Act tenancy. In conjunction with the clients’ land agent and valuer, Gilbert Green negotiated the terms of the new sale direct with the national house builder purchaser. Whilst negotiating a complex set of documents, Gilbert Green also dealt with the negotiation and completion of a complicated Section 106 Agreement. Following the grant of planning permission we completed the sale.