We are advising the seller of a large surplus site that is being purchased by a housing developer. The deal had complex pricing, overage, and planning provisions. There were four different types of overage which had to be secured for the protection of the seller. The purchase price was based on the planning permission obtained and calculated on the net residential sellable area achieved. It was further complicated due to the involvement of the county and local councils.
The purchaser and their guarantor were off-shore companies, so we had to make sure the documents met the local jurisdiction requirements. At the last minute, the developer asked to bring the completion date forward, but defer the payment of the 90% purchase price (a loan of around £9million). We brought in our corporate team to advise on the secured lending side to meet the tight timescale.
The sale of a large site to housing developers
Latest
Tree planting in the UK
To support our environment and help achieve our sustainability goals, we will plant a tree in the UK every time we receive a client survey. Clients are the centre of everything we do, so it is a perfect way to thank them as well as listen to their feedback to keep improving.
You can track our tree planting progress with our partner Ecologi by visiting our forest below.
Regulated professionals in financial services, particularly those who provide financial planning advice to individuals, are likely to build deep relationships with their clients.
Through regular touch points, exhaustive due diligence and data capture about their client’s finances, personal circumstances, plans, hopes and dreams for the future, a financial adviser often bec...
Mediation Awareness Week this year runs from Monday 22 January. This is an opportunity for the Family Mediation Council (FMC) and family mediators all over the country to raise awareness about the important and effective form of alternative dispute resolution that mediation is. As family lawyer...