Could development plans spell the end for the historic King George VI Chase at Kempton Park?
The Jockey Club have this week announced their decision to submit Kempton Park to Spelthorne Borough Council as potential development land in order to raise finance to reinvest into supporting British Racing.
TWM Solicitors regularly works with developers and land owners on projects involving development of land in England, similar to the plans for Kempton Park. It is key to have a solicitor with experience in development work involved from the outset and no doubt the legal advisors to the Jockey Club have been heavily involved in their plans. The involvement can take many forms ranging from advice on restrictions on the title to the land to advising on the most suitable agreement for realising the potential in the land.
The form of agreement can vary from an option to purchase, to a sale contract, to a development agreement or a land promotion agreement. All of which TWM Solicitors can advise on. Land promotion agreements are popular in the current climate. A developer or land promoter will agree to work with a landowner to obtain planning and to market the land once planning has been granted. The promoter is likely to fund the planning process and marketing costs in return for reimbursement upon the sale of the land and a cut of the sale proceeds. This is a favourable option among landowners who do not have the experience of the developers or promoters to realise the potential in their land. TWM Solicitors acts for both land owners, developers and land promoters. TWM Solicitors also has the experience to continue to advise once planning has been granted, dealing with funding requirements, site assembly in readiness for the sale of the houses, wayleave agreements and dealing with the individual house sales.
You may not have a piece of land the size of Kempton Park to develop but it is worth bearing in mind the potential of even the smallest of piece of undeveloped land in your ownership.
For further information, please contact Claire Campbell by telephone: 020 8946 6454
or email: firstname.lastname@example.org