Freehold Reversion Sales

Developers will look to maximise returns from a development site and one important aspect of this is to consider the sale of the freehold reversion to a specialist ground rent company, that is to say to sell the freehold of the site once the leasehold interest in all of the apartments have been sold.

This is an area that has been the source of some contention over recent times and there is the prospect of the Government looking to legislate in the area, which may have some retrospective aspect. Accordingly, it is necessary to proceed with caution when setting up the sales of apartments and houses on development sites and to consider the possible ramifications on a freehold sale.

The area is highly regulated and with a number of potential pitfalls and so an expert lawyer is essential.

With a team of 20 legal professionals dealing with residential development the Myerson residential development team is one of the largest in the North West. The breadth and depth of experience that the team brings is able to be fully utilised to ensure that clients achieve the best possible outcome to their proposed development project. The team is well used to dealing with very complex development matters, whether these relate to complex joint venture structures, overage issues, funding arrangements or residential unit sales.

We provide advice in clear terms tailored to your requirements to ensure that you achieve your desired outcomes with as little stress as possible.

Examples of our recent work include the following:

• The acquisition of a site in Salford for a development of over 600 residential properties including the site assembly from several different landowners, dealing with development funding and then managing the sale process to end purchasers. 
• Acting for land owners concerning a promotion agreement whereby their land was put through the planning process by the promoter and then sold on to a national housebuilder.
• Acting for landowners in relation to the sale of their land to a national housebuilder by way of a contract conditional upon planning. The contractual arrangements were complex and needed to protect and secure the landowner’s position over a period of several years, whilst the housebuilder gained planning consent.
• The acquisition of development land on behalf of developers upon which to build more than 1,000 houses and dealing with adjoining landowners to facilitate the access to and servicing of the wider development area.
• Acting for land owners in relation to the sale of land to a housebuilder and including overage provisions to enable the land owner to share in any value created from future development of the site.
• Acting for developers in relation to the purchase of an industrial site in Salford on a conditional upon planning basis and then the development and sale of 400 apartments.
• The purchase and development of a Manchester city centre residential development site on behalf of developers and the forward funding arrangements for the whole block with a PRS fund. 
• Acting for a developer in relation to the development of high value apartments in a prestigious Cheshire location, including securing the site by way of a contract conditional upon planning and then the sale of the completed apartments to individual owner occupiers.
• The sale of a substantial freehold reversion portfolio to a specialist ground rent fund.
• Agreeing the joint venture arrangements between landowner and developer concerning the development of a substantial residential scheme on a Greater Manchester site.