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.