The following Property practice note provides comprehensive and up to date legal information covering:
Call options are frequently used by developers to secure a right to buy land if planning permission is obtained. Taking an option provides the developer with time to make and pursue a planning application before having to commit to paying for the land. The developer's initial outlay will be limited to payment of an option fee, which is essentially the sum agreed with the landowner as the price for agreeing not to sell the land elsewhere while the developer seeks planning permission.
The developer is likely to incur significant expense in making and pursuing a planning application. High on the developer's list of priorities will be the inclusion of clauses allowing the developer to extend the option period if the planning process is still underway. Option agreements commonly provide that the option period can be extended where:
an application has been made, but no planning permission or refusal has yet been made
planning permission has been granted, but the developer wishes to appeal against an onerous condition
planning permission has been granted, but the period for possible third party challenge or judicial review has yet to expire, or
planning permission has been refused, but the developer wishes to appeal
An extension permitted in these circumstances is often expressed as being until 25 working days after final determination of:
Free trials are only available to individuals based in the UK
Complete all the fields above to proceed to the next step.
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Directors’ remunerationCompany directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their
The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
AML and counter-terrorist financing—source of funds and source of wealthSource of funds and wealth was a key focus of the SRA’s Preventing Money Laundering and Financing of Terrorism thematic review, published in March 2018. Its findings included that:•most firms understood the distinction between
The Financial Assistance Scheme—what are the available benefits?THIS PRACTICE NOTE APPLIES TO SCHEMES ENTERING THE FINANCIAL ASSISTANCE SCHEME FROM 1 JANUARY 2012.Where a scheme, its employer(s) and individual members have satisfied the criteria for eligibility into the Financial Assistance Scheme
0330 161 1234