When you buy UK land you should know your Exit Strategy. We take immense care to make sure that everyone is as protected as possible. Gaining planning permission may cause problems and disappointment, instead of celebration due to:
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Owners not agreeing on a selling price. Hundreds of owners agreeing is difficult. Someone may have a power of veto, or a block vote, to impose a price, possibly unfair or unsatisfactory, on others.
Some owners (who don't want development to take place) refusing to sell at any price.
Some owners holding out for a higher price - a "ransom strip".
Plot Owners Associations having inadequate, restrictive, punitive or unfair terms that gives preferential treatment or domination of the association.
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Legal expertise agreed that the most effective form of protection for a client would be to have an exit strategy that was equitable, sensible, automatic, and transparent and so the Buy-Back Option was created.
When you buy from us, you complete HM Land Registry Form TP1. This transfers legal ownership to you. Once signed by us and yourself, you legally own the plot of land from that point forward.
HM Land Registry form AP1, is also completed by yourself. This notifies HM Land Registry that you are the new owners and causes them to register your details and send you a "Certificate of Entry", which is often referred to as The Title Deed, although it is technically not.
SDLT is a form required by HM Revenue & Customs and confirms that you are not liable to pay Stamp Duty as the amount is below the threshold at which Stamp Duty becomes payable.
Attached to your TP1 are two additional documents. The first is a map, which shows the site you have bought your plot of land on, and highlights the particular plot you have purchased in red. The map clearly identifies the site name, the plot number, has a North facing compass so that you know the position of your plot, and also has a scale on it so that you know exactly how large your plot is.
The second document that is attached to your TP1 is called The Option Agreement and this document details the Buy Back program. By being included as part of the TP1, the Option Agreement becomes an integral part of the purchase terms and conditions and confers legal status on it for both parties.
Main Features
In simple terms the Option Agreement states that when planning permission for the site is obtained, you must sell your plot of land back to The Strategic Land Planning Trust (SLPT) at an agreed price formula and at an agreed timetable. This has the effect of returning the site from many hundreds of owners, to one single owner, thus negating any of the potential problems mentioned above.
SLPT is an independent trust administered by lawyers who act as trustees. The purpose of The Trust is to ensure the continued promotion for planning of your site and to ensure that the Option Agreement is executed in a correct and timely fashion. A full copy of The option Agreement is available upon request. You can also download the Information Sheet below.
Download Buy Back Info Sheet
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