FREQUENTLY ASKED QUESTIONS
We realise that this opportunity will raise lots of questions, particularly as it relates to something as important as your home.
We try to answer the most common questions below. Please do not hesitate to contact us directly should you require more information.
How did you identify my house as a potential development site?
We use publicly available information and land registry data to identify potential sites which are suitable for our approach.
What if I have a mortgage on my home?
Your mortgage lender must give their permission before the sale can proceed. This is usually given upon provision of an independent valuation which shows that the value of your remaining property still provides adequate security for their loan. We can assist you further with this process, however, we do recommend that you consult with your own lender for further advice.
How is the value of my home affected?
The sum that we offer generally exceeds the difference in value between similar houses in your area with larger and smaller gardens. This proposal is an opportunity to release some value from your home - and one which puts real money in your hand rather than increasing your mortgage borrowings. Indeed, should you choose to use your money to pay down a portion of your mortgage, it could be worth even more to you by saving you thousands in interest over the coming years.
What are the tax implications?
The sale of a part of the grounds of your principal private residence is usually free of capital gains tax. However, you should seek independent advice as the above cannot be regarded as comprehensive information or as constituting tax advice.
What if I change my mind?
After signing the agreement, you have a 14 day cooling off period during which time you can withdraw your consent. Once you have accepted the £1,500 upfront payment, you have entered into a binding commitment to sell the defined portion of your property at the agreed price once planning permission is granted. Requests to withdraw from the agreement during the planning process will be considered only in exceptional circumstances defined in the agreement and will require the return of the £1,500 payment. We strongly recommend that you obtain independent legal advice on the terms of the agreement before signing.
What if planning permission is refused?
We have already engaged in detailed discussions with your local council to prepare a design which is compliant with their planning policies and which is acceptable in principle to them, so the likelihood of a refusal is low but cannot be ruled out entirely. If planning is refused, either in the first instance or following an appeal, the £1,500 upfront payment is yours to keep with our best wishes.
What if the property market goes up or down?
Once you have accepted our offer, the value of your payment is guaranteed regardless of any movement up or down in the wider market. Should you wish to benefit from future rises in the market, and are fully prepared to accept the risk of a lower return should prices fall, alternative terms can be negotiated on a case-by-case basis but would require you to obtain independent financial advice. This option will only be considered in the case of professional landlords and experienced property investors, and are not recommended for domestic homeowners.
Can I change the design of the house?
We have taken great time and care to design a house which meets all of the exacting standards that apply to new residential construction, which meets the expectations of the local planning authority in terms of external finishes and appearances, and which reflects and respects the character of your street. We do realise that every site is different and we will work with you to agree a layout for off-street parking, bin storage and boundary walls that reflects your needs.
How long will the paperwork take?
Our systems and processes have been streamlined and standardised to make things as quick and easy as possible for homeowners. From the first time you contact us, you could expect to receive your initial £1,500 payment within three months. The payment of the balance is dependent on the outcome of the planning process which typically takes between three and six months.
Why do you need to survey my property?
While we may have identified your property as having the potential to accommodate a new dwelling, we need to verify the exact conditions on site to ensure that there are no difficulties down the line. Our team should not need to enter your main house. Within 14 days of our survey, we will inform you if your plot is suitable for development and issue a formal purchase offer, in writing, based on the findings of the survey.
Can I stay in my home during construction?
Our new houses are designed, from foundations to roof, to minimise the likelihood of inconvenience to you or disturbance to your property during the construction phase. Before construction work starts, we will engage an independent building surveyor to carry out a ‘dilapidations survey’ of your home. This will identify any damage in existence before the works start so that responsibility can be attributed in the very unlikely event that any new cracks appear during construction works.
Can my friend or family member buy the finished house?
We realise that some people may like the option for a family member to buy the completed house. We are happy to offer your nominee first refusal to purchase the property before it is placed on the open market.