As a general rule of thumb, there isn’t a lot to be gained from buying a plot of land that doesn’t have planning permission. It is common for sellers of this type of land to use phrases like “planning permission will be granted soon”, but don’t be fooled by this. Sellers will be desperate to offload a useless plot of land, and you could be at risk of getting ripped off. There are, however, times when a plot of land without planning permission could be worth investing in, but it will require a little extra work from you.
Planning permission refusal
If it turns out that the plot has previously had planning permission refused, you can speak to the planning department yourself. That way, they can explain to you why the previous application was unsuccessful and advise on whether an amended application might have more chance of gaining approval.
No planning permission
Consider entering an option agreement with the seller that compels them to sell the land to you only if you are able to attain planning approval. It isn’t necessary for you to own the land in order to apply for planning permission.
Planning permission granted previously
If there was once planning permission in place, but it has expired due to it not being actioned, you can contact the planning department. Ask them if there is any reason why the planning permission can’t be renewed.
The plot has outline approval
This means that the principle of building on the land is there, but there is no specification as to what can be built. You will need to have detailed planning permission approved before you can build, but there is potential.
If you are looking to build on a plot of land that hasn’t been built on before, it is important to know that you will be allowed to do so. If you get the green light, then you may want to consider some development finance options to fund your new build. Contact Panoptic for help sourcing the perfect development finance option for you, and take the first step on the path to your dream build.