Time limit of a building development?

[youngken]

For a building development project. Some government have time limit to enforce a developer to complete the project. For example, in my place is 25 years after land acquisition. After this period, the Government has power to confiscate the land. Anybody knows about in UK?

 

[diyhelp]

I believe this is the situation in the UK:-

"By law, any planning permission granted expires after a certain period. Generally, unless your permission says otherwise, you have three years from the date it's granted to begin the development. If you haven't started work by then, you will probably need to reapply. "

Worth checking though but I am not pretty certain they can't confiscate land in the UK.

 

[youngken]

How long is granted to finish the development, or any time limit from start to finish?
I am an off-plan investor of a development. Work had been started but has been stalled for a period of time due to funding problem!

 

[PostBrexitInvestor]

I would assume that once work has started they cant simply withdraw planning permission because the developer is running behind schedule. I would check that but surely once you have started then you have crossed the start line.

 

[totallyproperty]

How long is granted to finish the development, or any time limit from start to finish?
I am an off-plan investor of a development. Work had been started but has been stalled for a period of time due to funding problem!

Hi Ken,

welcome to the forum. We work with an excellent finance broker for all aspects of property development. Please let me know if you'd like me to introduce you to them?

Thanks,

Kelly

 

[reymitchel]

That is true, they cant essentially pull back arranging authorization once work has begun

 

[PostBrexitInvestor]

I would be interested to learn what the professionals say as I think this could be a major issue once the coronavirus pandemic is under control. Funding might be a little light for a while and delays will occcur.