Self-build home: Acquire the plot
Once a delivery strategy has been developed, a solicitor should be appointed to purchase the selected plot.
It is sensible to appoint a solicitor experienced in land transactions as this should make the process faster and reduce the risk that the plot will be lost to another buyer. The solicitor should be provided with any relevant information that was accumulated during the site assessments.
If it has not already been done, the solicitor will check that the land title, carry out searches, prepare or check legal documentation and process the transaction itself.
Sometimes an option can be agreed by which a deposit of, say 10%, secures the right for the self-builder to buy the plot at a certain price once planning permission has been obtained by the purchaser. The deposit is retained by the seller in the event of failure within an agreed timeframe.
The seller on the other hand might negotiate overage in the form of extra payment if more units or square footage of building are put on the site than was assumed in an outline planning consent. See Overage for more information.
Clear freehold title is recommended as leasehold arrangements will affect the residual value of the property.
Ensure vacant possession and site clearance prior to completion of the purchase contract.
Next stage:
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