Property Options Solicitors in London and Essex
A property option agreement prevents the owner selling the property while the benefit of the option remains in place i.e. at some future date. When the option agreement is entered into, the option-holder often makes a payment to the owner in exchange for the option to purchase the property.
Options are commonly where a prospective purchaser wants to secure the right to purchase the property but is unable to proceed with the purchase unless the purchaser’s proposals are not fulfilled e.g. where a developer wants to secure the purchase of a site but wishes to secure planning permission for the development. The developer may be unwilling to commit funds to purchase the site until planning permission is granted, so the property option agreement will be prepared to give the developer the legal option to complete the purchase when planning permission is granted. If planning permission is not granted, then – depending on the terms of the option agreement – the developer may be able to walk away from the deal.
It is important to consider when negotiating and implement a property option agreement including the price to be paid if the option is exercised, the payment to be made by the option-holder to be given the benefit of the option, the period in which the option must be exercised, the procedure for formally exercising the option.
Our unique selling point is that we understand what clients want from their lawyers. We will manage your transaction proactively, with careful attention to detail while never losing sight of the bigger picture.
While working with us you will have access to our strong network of other professionals such as estate agents, accountants, independent financial advisers and bankers.
We offer a range of pricing options and will be happy to discuss these with you. As a client-centred law firm, we will be transparent with you about our pricing and actively manage these in line with our agreements.
How we can help with Property Options
We will give you expert advice and representation from the start-to-finish of your matter, while making sure that you understand the various stages along the way. We can guide you through matters including:
- Advising on the best way to structure your transaction from a legal perspective. We will work with your other advisors, such as accountants, to ensure that the deal structure works from other perspectives (such as tax).
- Drafting and negotiating the heads of terms with the other parties or their solicitors – this is frequently needed as each party will have their own preferences and considerations, and our expertise means that we can pre-empt what the other parties will want to include.
- Drafting and negotiating the property option agreement and associated legal documentation to ensure that the essential points are adequately covered. The benefit of putting a formal agreement in place is that, if a misunderstanding arises, the chances of a very expensive and lengthy dispute will be reduced. In addition, your interests will be legally protected as the option agreement will set out the important procedures to exercising the option and completing the purchase which will help to achieve your objectives.
- Project managing your transaction, based on industry practice, to make sure that all relevant tasks are completed properly and allowing you to focus on day-to-day business matters in the knowledge that your advisers are protecting your interests.
Why you should instruct us for . matters
We put our clients at the centre of our thinking. It is our mission to create an effortless experience and, in return, we hope to create clients for life.
We strive to understand the specific needs of our clients and, using our knowledge and expertise, focus on delivering real-life and practical solutions.
An essential component of our business is being open, honest, and accountable with our clients, and operating at the highest professional standards.
We encourage our people to think creatively and imaginatively in the legal advice we give, as well as the way we provide services.