Option agreement for land in Nottinghamshire
You grant us the right to buy within a set period, usually for an option premium, while we pursue planning.
An option agreement gives us the right, but not the obligation, to buy land within an agreed period, usually once planning is secured. The landowner is usually paid an option premium on signing and keeps the land meanwhile. On option agreements we pay the landowner's reasonable legal costs, with a cap agreed in the heads of terms.
Option agreement for land in Nottinghamshire
Option agreement is one of four ways we buy land in Nottinghamshire. Nottinghamshire covers the city of Nottingham and suburbs such as Arnold, West Bridgford and Hucknall, the former mining towns of Mansfield, Sutton-in-Ashfield and Kirkby-in-Ashfield, and Worksop, Retford and Newark-on-Trent. Green Belt surrounds the Nottingham conurbation, while the north of the county, around Worksop and Retford, has none. Typical sites include former colliery and industrial land, edge-of-town fields, farm buildings and infill plots in villages.
Much of western Nottinghamshire lies on the former coalfield, so mining risk checks are common, and flood risk along the Trent affects Newark and riverside villages. The Robin Hood Line, the M1 and A1 corridors and growth around the city attract steady interest in housing land.
National policy in England now recognises "medium development" of 10 to 49 homes on sites up to 2.5 hectares, and asks councils to allocate at least 10% of their housing on sites of one hectare or less and a further 10% on sites of one to 2.5 hectares.
In England, a planning permission normally has to be implemented within three years unless the council sets a different period, and councils aim to decide minor applications within eight weeks and major ones within thirteen.
Some land in Nottinghamshire is designated Green Belt. If your land is within it, it may still qualify as grey belt or previously developed land under national policy, subject to the Golden Rules.
In short: you grant us the right to buy within a set period, usually for an option premium, while we pursue planning. It usually suits farmland and larger edge-of-settlement sites; strategic land needing local plan promotion; owners happy to wait for a better price. See how an option agreement works for the full process, pros and cons.
Land in Nottinghamshire that often suits an option agreement
WantedResidential development land
Around Nottingham, the residential land that tends to work is close to existing homes, shops and transport rather than out on its own. Suits larger or longer-term land where planning may take several years.
Learn more
WantedLand without planning permission
Near Nottingham, land without planning is worth discussing where it adjoins existing homes or has been put forward to the council's plan. Suits bigger sites or longer timescales; you are paid a premium and keep the land meanwhile.
Learn more
WantedFarmland and paddocks
Fields that wrap around the edges of Nottingham and its neighbouring villages are the farmland we most want to talk about. The usual route for larger farmland: you keep farming and we promote the land.
Learn more
WantedGreen Belt and grey belt land
If you own Green Belt land in Nottinghamshire, its previous use and how enclosed it already is will shape whether a grey belt route exists. The common route: promoting Green Belt land can take time.
Learn more
WantedStrategic land
If you own a substantial holding near Nottingham, the council's plan timetable will shape when and how it could be promoted. The standard route: we fund promotion and you are paid on sale.
Learn more
WantedCommercial and industrial sites
We look at yards and units across Nottingham where the business use has run its course or the site sits awkwardly among houses. Possible for larger estates being phased out.
Learn more
WantedSites with lapsed or refused planning
Sites around Nottingham with an old refusal can be worth a second look, especially where local or national policy has since changed. Suits larger sites needing a longer route.
Learn more
WantedAllocated and promoted land
We are interested in land around Nottingham at any plan stage, from a first submission to an adopted allocation. Suits land at earlier plan stages.
Learn moreTowns we cover in Nottinghamshire
Option agreement: questions
How long do options last?
It varies with the site and the planning route, from a few years for smaller sites to longer for strategic land. Extension terms are often included.
Do you really pay my legal costs?
On option agreements we pay the landowner's reasonable legal costs, up to a cap that we agree in the heads of terms.
What if you never exercise the option?
At the end of the option period the land is released, you normally keep the premium, and we remove our notice from your title.
Do you use option agreements for land in Nottinghamshire?
Yes. We use option agreements across Nottinghamshire and the rest of England, where the structure suits the site and the owner.