Options and conditional contracts
To bring flexibility to your business strategy, you might be thinking about purchasing an option. This is a right to buy that’s granted by the legal proprietor. Staying active for a specified period of time, it gives you the ‘option’ of buying the land outright.
A conditional contract is usually a tighter arrangement. You’d typically create one when you want to buy and develop a property, but need planning permission. This kind of contract obliges either you or the other party to apply for planning permission by a set deadline. If the application is unsuccessful, the contract is no longer binding.
Whichever mechanism is right for you, you can rely on our expert advice to help you progress smoothly through each stage of the process – including dealing with the HMRC if stamp duty land tax is payable.
Head of our property services and opera enthusiast.