Posted by Peter Foskett, Partner
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With another rent payment day upon us, our Real Estate and Property Disputes lawyers explore what options and remedies are available to commercial landlords.
To read the report from the Competition & Markets Authority (“CMA”) and see that the CMA understands the plight of so many leaseholders and the urgency to address their problems will give much needed comfort to them.
A question frequently asked by landowners is what is the difference between an option agreement and a promotion agreement? And which should they enter into?
For landowners who own land with development potential, preventing the creation of public and private rights of way over land by long user is always an issue. Such rights can devalue the development potential, or even make development unrealistic when small sites are concerned.
Promoters have become an established part of the world of development. By entering into an agreement (known as a Promotion Agreement) with them landowners can use the skill, knowledge and funds of an experienced developer to obtain planning permission for their land, even if not currently earmarked for development.
As a landowner, when you enter into a contract with a developer – whether it is an option agreement, promotion agreement, land development agreement or a hybrid of these – you do so in the expectation that they will largely fulfil their obligations without the need to go to law to enforce them. But what if they do not?