1. Conduct Due Diligence
Before investing in a residential development project, it is critical to conduct a thorough due diligence review. This includes reviewing the property’s zoning and building regulations, as well as any environmental or historical constraints that may impact the project. Searches are also important and should be obtained as these will also highlight any areas of concern which may impact or hinder your development. Your solicitor can help you navigate this process and identify any potential issues that may arise.
2. Environmental Assessment
It is important to consider the impact that the development will have on the environment. This can include the impact on local wildlife, soil and water resources, and air quality. Something which may alter or hinder your intended development.
3. Obtain Necessary Approvals
Once you have conducted due diligence and determined that the property is suitable for residential development, you will need to obtain various approvals from the local authority. This may include obtaining a building permit, environmental permits, and any other necessary approvals for the project.
4. Close the Deal
Once all approvals are obtained and contracts are signed, it is time to close the deal. Your solicitor can assist with the closing process, including reviewing and preparing closing documents and ensuring that all necessary steps are taken to complete the transaction.
5. Manage the Development Project
Construction can begin. It is important to follow all local building codes and regulations during construction.
6. Completion and Inspection
Once construction is complete, the local authority will conduct a final inspection to ensure that the development meets all necessary regulations and standards. Ensuring you have been able to obtain the relevant warranties so that these can be passed onto your new buyers.
7. Selling on
The TP1 form is a legal document that must be signed by the developer and the new buyer. This document outlines the terms and conditions of the development agreement, including the responsibilities of both parties, the completion date, and any financial obligations. It is important to ensure this Transfer is drafted correctly and your solicitor can ensure this is done.
Residential development is a complex process that involves many legal considerations. Working with an experienced solicitor can help ensure that the process runs smoothly and that your rights and interests are protected. Whether you are a developer, investor, or homeowner, a solicitor can help guide you through the process and achieve your goals.