Buying land for self-build projects presents various challenges, especially regarding planning permissions and legal agreements. Many self-builders mistakenly purchase land without secure planning permission, risking significant financial loss if approval isn’t granted. To mitigate this risk, option agreements can be utilized, allowing buyers to secure land while still investigating its suitability. Additionally, attention must be paid to existing planning permissions, particularly their expiration, which could complicate development plans. Overall, thorough research and proper legal safeguards are essential to navigate the complexities of purchasing land for self-building effectively.
An option agreement gives you the exclusive right to buy land after validating its suitability; avoiding immediate investment risks associated with planning permissions.
Beware of expiring planning permissions; they can turn a seemingly perfect plot into a significant obstacle in your self-build journey.
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