The Farmers Mart Oct/Nov 2013 - Issue 30 | Page 62

PROPERTY & buildings

SOME TIMELY ADVICE TO LANDOWNERS:
WHAT IS AN OPTION AGREEMENT?
“Increasingly we are being met by
landowners, document in hand,
asking, ‘should I sign this?’ They are
the lucky ones; they bothered to take
advice,” says Julie Liddle, Director
of H&H Land and Property, one of
the leading independent firms of
Chartered Surveyors in the North of
England.
Here Julie gives some detailed information
about Option Agreements and advice to
landowners who may be approached.
The purpose of an Option Agreement is to
give a developer exclusive rights to try and
gain planning permission for development
with the view to buying the land should
planning permission be achieved.
The advantage for the prospective
developer is that they can undertake the
time consum