A conditional contract is the ultimate tool for ambitious property deals. Our expert solicitors draft and negotiate bespoke agreements for conditional purchases and sales, allowing you to secure opportunities while protecting you from uncertainty.
These agreements are essential tools for clients who need to secure a property deal while managing significant uncertainty, most commonly related to planning permission.
Secure a prime development site with a contract conditional on you successfully obtaining planning permission. This minimises your upfront risk before committing to the full purchase price.
Discuss Your DevelopmentSell your land for its maximum potential value. A conditional contract allows a developer to fund the expensive planning process, increasing the land's value before the sale is finalised.
Maximise Your Land ValueSign an 'Agreement for Lease' conditional on the landlord completing specific fit-out works, ensuring the property is perfect for your needs before the lease legally begins.
Secure Your PremisesThese agreements are powerful tools for unlocking value. Here’s how they are used to create successful outcomes for clients like you.
A developer identifies a disused warehouse with potential for a 50-unit residential scheme.
The purchase is only viable if planning permission can be obtained—a costly and uncertain process.
A conditional contract is drafted, legally obligating the developer to purchase the site *only if* satisfactory planning consent is secured by an agreed long-stop date.
Planning is granted. The contract automatically becomes unconditional, allowing the developer to proceed with a profitable project, having mitigated all upfront financial risk.
A family owns a large field on the edge of a town earmarked for future growth, holding significant potential value.
The family lacks the funds and expertise to pursue a planning application themselves to unlock the land's true value.
A conditional contract is negotiated with a housebuilder, obligating them to apply for planning at their own cost, with the sale completing only upon success.
Permission for 100 homes is granted. The contract completes, and the family sells the land for its full development value—many times its original worth.
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- Google Review | Commercial LeasesIt is a legally binding contract to buy or sell a property, but the final sale is conditional upon certain events happening. If the 'condition precedent' is not met by a specific date (the 'long-stop date'), the contract can be terminated.
The most common condition is the grant of a satisfactory planning permission for a property development. Other conditions can include securing financing, obtaining vacant possession, or environmental clearances.
An Option Agreement gives a buyer the *option* to buy but no obligation. A conditional contract creates a binding obligation to buy *if* the condition is met. The choice depends on the commercial terms of the deal.
This is the final deadline by which the condition must be satisfied. If the condition is not met by the long-stop date, the contract can usually be terminated by either party, so it's a crucial date to negotiate.
Often, a non-refundable deposit is paid by the buyer upon exchange. This provides the seller with security and demonstrates the buyer's commitment to pursuing the condition (e.g., submitting a planning application).
It allows you to sell your property for a much higher price than its current value. You benefit from the potential uplift in value from a successful planning permission without having to fund the expensive and risky application process yourself.
A well-drafted contract will place a clear obligation on the developer to use "all reasonable endeavours" or "best endeavours" to obtain planning permission. If they fail to do so, they will be in breach of contract.
The price can be a fixed figure or, more commonly, a percentage of the market value of the site once planning permission is granted. We can negotiate these complex valuation mechanisms on your behalf.
The contract should be drafted to specify what constitutes a "satisfactory" planning permission, giving you a degree of control over the density, design, and type of development you are willing to accept.
It allows you to secure a site and lock in a price or pricing formula while you invest time and money into the planning process. It completely removes the risk of buying a piece of land that you cannot develop.
If planning is refused and any appeal process is unsuccessful, the condition of the contract is not met. In this case, the contract can be terminated, and you are not obliged to purchase the property.
This depends on the terms negotiated. A well-drafted contract can include provisions that allow you to 'assign' the benefit of the contract to another party, which can be a valuable commercial tool.
A conditional contract can be the key to a highly successful deal. Let our expert solicitors draft the agreement that protects your interests.
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