Site Assembly key to residential developers maximising return on site investment
According to the National Housing Federation (NHF), England needs 340,000 new homes to be built every year until 2031 just to keep up with current demand. However, with the rise in the cost of land and building materials, small developers are under increasing pressure to maximise return on their investments.
Using a specialist commercial property lawyer, like Mason Thomas Law, which can support through the entire process – from acquiring land, accessing development finance and site assembly, will enable developers to maximise the return from their residential developments and also ensure that cash flow isn’t held up.
Changing legislation and building regulations, means that developers are also facing increasing red tape when it comes to residential developments, which can significantly impact the bottom line, if the correct documentation hasn’t been collected at the Site Assembly stage.
“Good site assembly is key to efficiently selling the properties once they’re ready to market; it enables developers to get a head start on the conveyancing process,” explained Cathy Thomas, solicitor and Director of Mason Thomas Law.
“Site assembly should be done alongside the construction phase and ideally by the same solicitor who managed the legal process for securing finance and the land purchase. They will have much of the information needed for the buyer’s pack but also know what may be missing. Using the same solicitor significantly speeds up the process.”
Having undertaken site assembly for major housebuilders, Cathy is experienced in helping developers navigate the red tape, and creating an efficient and accurate buyers pack, and answering as many of the buyer’s solicitor enquiries as possible before they have chance to raise them.
She added: “When site assembly isn’t done correctly, it can result in potential delays to the development, sales being lost, and even legal action being taken against the developer further down the line.”
If you are a developer of residential developments and need advice for setting up the legal framework for your plot sales, acquiring finance or land, then speak to Mason Thomas Law’s experienced and knowledgeable team on 0114 294 5360.