PolicySucks Posted October 10, 2018 Share Posted October 10, 2018 Has anyone done their own option agreement? I have found a site online where you can purchase templates for legal documents for a small fee - seems straight forwards. On the other hand my gut feeling is that it's best to pay someone who knows what they are doing. I have emailed 3 local property lawyers/solicitors and so far two have responded saying they do not do them.....! Any recommendations of companies that do and what I might expect to pay? Thanks in advance. Link to comment Share on other sites More sharing options...
lizzie Posted October 10, 2018 Share Posted October 10, 2018 3 minutes ago, PolicySucks said: Has anyone done their own option agreement? I have found a site online where you can purchase templates for legal documents for a small fee - seems straight forwards. On the other hand my gut feeling is that it's best to pay someone who knows what they are doing. I have emailed 3 local property lawyers/solicitors and so far two have responded saying they do not do them.....! Any recommendations of companies that do and what I might expect to pay? Thanks in advance. where are you? Link to comment Share on other sites More sharing options...
Ferdinand Posted October 10, 2018 Share Posted October 10, 2018 A few years ago my solicitor quoted me just under £1000 to do one, if that helps. F Link to comment Share on other sites More sharing options...
PolicySucks Posted October 10, 2018 Author Share Posted October 10, 2018 11 minutes ago, lizzie said: where are you? Surrey Link to comment Share on other sites More sharing options...
PolicySucks Posted October 10, 2018 Author Share Posted October 10, 2018 21 minutes ago, Ferdinand said: A few years ago my solicitor quoted me just under £1000 to do one, if that helps. F Blimey, thanks for this. It's an annoying situation as we do trust the people who own the land and we really do need to limit the spend before getting planning as it's a risky site anyway, so any money spent could just be wasted. Link to comment Share on other sites More sharing options...
lizzie Posted October 10, 2018 Share Posted October 10, 2018 @PolicySucks would you like me to ask OH if he can come up with a name or two for you for lawyers who deal with options....Surrey wide area though. £1000 sounds good value to me. Link to comment Share on other sites More sharing options...
PolicySucks Posted October 10, 2018 Author Share Posted October 10, 2018 2 minutes ago, lizzie said: @PolicySucks would you like me to ask OH if he can come up with a name or two for you for lawyers who deal with options....Surrey wide area though. £1000 sounds good value to me. That would be really useful, I'm near Guildford if that helps. Link to comment Share on other sites More sharing options...
lizzie Posted October 10, 2018 Share Posted October 10, 2018 9 minutes ago, PolicySucks said: That would be really useful, I'm near Guildford if that helps. Ok will ask. Link to comment Share on other sites More sharing options...
Temp Posted October 10, 2018 Share Posted October 10, 2018 1 hour ago, PolicySucks said: I have emailed 3 local property lawyers/solicitors I think you want someone that does corporate law with a hint of property on the side. Link to comment Share on other sites More sharing options...
Ferdinand Posted October 10, 2018 Share Posted October 10, 2018 (edited) 16 hours ago, PolicySucks said: Blimey, thanks for this. It's an annoying situation as we do trust the people who own the land and we really do need to limit the spend before getting planning as it's a risky site anyway, so any money spent could just be wasted. My quote was in answer to a quote along he lines of "if I were to create a normal but customised option agreement on the purchase of a piece of land to protect while trying for PP, what would your fee be?". This was a couple of years ago. I was asking the property specialist in a 2 or 3 branch local practice. So not small, but not regional either. My experience of well-known regionals (say 200-300 staff) is that they want to think of themselves as aspiring-London and it costs a lot of money. F Edited October 11, 2018 by Ferdinand Link to comment Share on other sites More sharing options...
lizzie Posted October 10, 2018 Share Posted October 10, 2018 @PolicySuckssent you a pm Link to comment Share on other sites More sharing options...
Ferdinand Posted October 11, 2018 Share Posted October 11, 2018 (edited) 16 hours ago, PolicySucks said: Blimey, thanks for this. It's an annoying situation as we do trust the people who own the land and we really do need to limit the spend before getting planning as it's a risky site anyway, so any money spent could just be wasted. TBH if it Surrey you will Perhaps be into 6 figure uplifts on the plot just by getting Planning, so imo you need this to be watertight and to do it properly unless the quote is outrageous. Do you need to consider that against trust level. Would they turn away £200k or more when push comes to shove and they have the opportunity to keep it and only upset you? I do know people who I think would not exploit a loophole if it came up, but I also know people I trust for whom a loophole like that could be a much more secure retirement so in one sense I would not blame them as it would almost be force majeure. In one sense it needs to be tied up more tightly if they are a friend; protects the friendship. And it potentially gives a document to resolve disputed that is at least clear, so you get to blame the document or the solicitor as well as your friend. Ferdinand Edited October 11, 2018 by Ferdinand Link to comment Share on other sites More sharing options...
newhome Posted October 11, 2018 Share Posted October 11, 2018 +1. Never under estimate the power of money to wreck a friendship. Link to comment Share on other sites More sharing options...
AliMcLeod Posted October 11, 2018 Share Posted October 11, 2018 1 hour ago, newhome said: +1. Never under estimate the power of money to wreck a friendship. +1. Or family. I've seen a few cases where will/inheritance grievances have split families apart. Link to comment Share on other sites More sharing options...
Triassic Posted October 11, 2018 Share Posted October 11, 2018 Just be aware that the other party might counter with a clawback clause? Link to comment Share on other sites More sharing options...
PolicySucks Posted October 11, 2018 Author Share Posted October 11, 2018 Thanks all, will get some more quotes! Link to comment Share on other sites More sharing options...
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