Know how to use Nimbus to get a clearer picture on values, market trends and much more
When evaluating a site or building, you need to carry out due diligence in a few key areas. While purchasing at the right price is crucial, it's equally important to analyse the local market to understand potential end values (sales prices). This is alongside planning, finance costs and any other important factor that could scupper any deal.
What you need to check:-
- The plot / Ownership / Use class
- Planning history & constraints – including nearby applications
- Most recent sold price data locally
- Current availability – what is under offer and for sale
The first two are really important!
Here is what to consider...
Registered Proprietor - Confirm who owns the property.
Type of Ownership - Check if it is freehold or leasehold. Leasehold developments may have restrictions or additional obligations.
Restrictive Covenants - Look for any covenants that limit what you can do with the land, such as restrictions on building height, types of structures, or land use. Some covenants might have restrictions on residential or commercial development.
Rights and Easements/Access Rights - Ensure there are legal rights to access the plot, especially if it's landlocked.
Easements - Check for rights granted to third parties (e.g. rights of way, utility access, or shared drainage).
Encumbrances - Note any mortgages or charges registered against the property. These will need to be cleared before or at the time of purchase.
Boundaries - Verify the exact boundary lines and check for any discrepancies with the site plan or actual land layout. Look out for agreements with neighbouring owners regarding shared boundaries or fences.
Planning Restrictions - Check for any existing restrictions tied to planning permissions or obligations under Section 106 agreements or CIL.
Special Conditions - Identify if there are any unusual conditions, such as overage clauses (where the seller retains a financial interest in future development value).
Caution or Notices - Be aware of any cautions or notices registered, such as disputes over ownership or third-party claims.
Rights Reserved by Previous Owners - Look for rights retained by previous owners, which might impact your development plans (e.g., mineral rights or rights to re-enter the land).
