This Act of Parliament has now received Royal Assent but the date for it actually coming into effect has yet to be announced. Although this sounds like some obscure piece of law, there will be one significant benefit for property developers.
At present, an option to purchase land is void if it is not exercised within twenty-one years of the date the option is granted. Now twenty-one years may sound a long time but for investors and developers who specialise in the strategic purchase of land which might be zoned for development in the future, the ability to negotiate the right to buy that land more than 21 years in the future may prove very valuable indeed.
For more advice on how to take advantage of this change in the law, contact Steve Petty.
Steven Petty, Commercial Property Solicitor
This blog is not intended to constitute legal advice, nor is it intended to be a complete and authoritative statement of the law, and what we say might be out of date by the time you read it. You should always seek legal advice to confirm whether or how any information in this blog applies to your particular situation. We offer a free 30-minute telephone advice session to discuss your particular circumstances.