G
GSBrown123
New Member
Hello
I know of some land in a popular housing area that is designated for car parking. The spaces are owned by the nearby houses but are unused. The tenants tend to park in front of their houses.
The overall plan would be to arrange for with the housing owners to sell the spaces and pass the land on to a property developer to build several houses. Obviously the deal is fairly complicated as it would involve managing numerous sellers (of the spaces) and 1 developer. I plan for the property developer to pay the owner directly but I may have the option to buy each space myself.
There are approximately 20 spaces. It would be ideal to package all together but if some people decide not to sell I believe a smaller deal with less (although adjoining) spaces would still be viable.
I have a few concerns and would really appreciate any advise on the following.
Protection for the developer - he deals with the car parking space owners himself cutting me out after doing the leg work.
As it may take some time to get everyone on board is it normal to pay each seller a small deposit to secure the land and what rights does that give me?Could people just pull out again? Does my deposit guarantee the sale?It would be a much more attractive and safe deal if planning was secured for the land but could this alert people?
I know of some land in a popular housing area that is designated for car parking. The spaces are owned by the nearby houses but are unused. The tenants tend to park in front of their houses.
The overall plan would be to arrange for with the housing owners to sell the spaces and pass the land on to a property developer to build several houses. Obviously the deal is fairly complicated as it would involve managing numerous sellers (of the spaces) and 1 developer. I plan for the property developer to pay the owner directly but I may have the option to buy each space myself.
There are approximately 20 spaces. It would be ideal to package all together but if some people decide not to sell I believe a smaller deal with less (although adjoining) spaces would still be viable.
I have a few concerns and would really appreciate any advise on the following.
Protection for the developer - he deals with the car parking space owners himself cutting me out after doing the leg work.
As it may take some time to get everyone on board is it normal to pay each seller a small deposit to secure the land and what rights does that give me?Could people just pull out again? Does my deposit guarantee the sale?It would be a much more attractive and safe deal if planning was secured for the land but could this alert people?
