In June 2020, Prime Minister Boris Johnson announced one of the most radical reforms to UK planning legislation since the Second World War, in an attempt to make it easier to build better homes where people want to live. These changes include:
- More flexibility for commercial buildings to be repurposed through the reform of the Use Classes Order, meaning that planning will not always be required for changes of use
- An increased range of commercial buildings will be allowed to change to residential usage without the need for a planning applications
- Builders and developers will no longer need a standard planning application to demolish and rebuild vacant and redundant residential and commercial buildings if they are rebuilt as homes.
- House and building owners will be able to build additional space above their properties via a fast track approval process, subject to neighbour consultation.
Now has never been a better time to construct, refurbish or sell your Land or Property to willing buyers.
However, there are three main things every seller should consider in preparation for selling their land or buildings:
- Understand your buyer – Build a picture of the ideal purchaser of your Land or Property. You should understand the target market you are selling to for your land or premises. Consider location, potential usage, size and local surroundings when targeting your market. Are you selling to investors, developers or potential occupiers? If you are selling to developers, does your land or property have development opportunity?
- Consider providing Surveys – Providing survey information at the outset will make it easier and quicker for potential buyers to make a reasonable offer. Consider carrying out Party Wall Surveys and a Land Contamination Surveys ahead of putting your land on property on the market. Structural Surveys and Asbestos Surveys should also be provided for existing buildings so that no nasty surprises jump out at the buyer further into their due diligence process, which can often prolong the selling process.
- Offer Financing – Land and Buildings purchases tend to be large investments that often require financing. Lending institutions can often be restrictive in their lending, making it difficult for buyers to acquire the necessary funds to complete a deal. You should, therefore, consider seller financing as a means to attract a larger pool of buyers. This could also come in the form of a “Joint Venture” with a developer or investor who has building expertise.
Haydon Construction work with property developers and investors across a range of construction projects. Customer focus is important to us and we aim to work closely with our clients to guide them through the process of planning and design, through to construction and risk management on site. If you are thinking of changing the use of your premises, refurbishing a building, or if you are a property developer, please contact us to find out how we can help with your construction project.