An option agreement, in plain words.
An option gives us the right, but not the obligation, to buy your property at a price we agree now, within a set period, usually 18 months with a 6-month extension. During that time we pay for and submit a planning application for new homes on your land.
If permission is granted, we buy at the agreed price, or a housebuilder buys the consented site and completes with you on the same day. If permission is refused and we do not appeal, the agreement ends and you owe us nothing. You stay in your home until completion, or for good if we only buy part of your garden.
You pay nothing. Not for planning, not for lawyers.
Every cost of getting your land through planning sits with us. If it does not work, we have lost that money, not you.
| Cost | Who pays |
|---|---|
| Planning application, architects, surveys and reports | Morningside |
| Our legal costs | Morningside |
| Your legal costs on completion (within an agreed budget) | Morningside |
| Anything if permission is refused and we do not appeal | Nobody: the agreement ends |
From signing the option to completion, usually 12 to 18 months.
- Week 1A 15-minute call to understand your plot and what you want.
- Weeks 1 to 2Our planners review the site from the desk and tell us whether new homes are realistic.
- Week 3A written proposal with a fixed price, subject to a visit.
- Weeks 3 to 6A site visit, heads of terms, and your solicitor appointed (we pay their fee on completion).
- Months 2 to 4The option agreement is documented by the solicitors and signed.
- Months 4 to 18Pre-application advice from the council, planning application, decision and completion.
Fixed before you sign. Usually above what your property is worth today.
The price is fixed before the option is signed and is usually set above what the property would sell for today. You know the outcome before you commit, and so do we.
Ten questions owners ask.
If yours is not here, ask us on the call.
Do I have to move out?
No. You stay in your home until completion, or for good if we only buy part of your garden. Completion happens after planning is granted. If you would rather move sooner, we can discuss that.
What if planning is refused?
If permission is refused and we do not appeal, the agreement ends and you owe us nothing. Your property is unchanged, except that it now has a planning history we can share with you.
What does it cost me?
Nothing. We pay the planning costs and your legal costs on completion.
How long does it take?
Typically 12 to 18 months from signing the option to completion. The option allows up to 24 months.
Can I sell only part of my garden?
Sometimes. Most schemes of six or more homes need the whole plot, which is why the price is well above the value of the house alone. We will tell you on the first call which applies to you.
Will you build the homes?
Sometimes. Once planning is granted we either build the homes ourselves or sell the consented site to another developer, depending on our workload at the time. Either way, you are paid the agreed price on completion. We have built seven schemes of our own, so we know what a builder needs and will pay.
What is the price based on?
The value of the consented site, worked back from what the finished homes would sell for, less the cost of building them.
Is this binding on me?
Once the option is signed, yes, for the option period: you cannot sell to anyone else during it. Before that, heads of terms are a statement of intent with a short exclusivity period.
Who are your planners?
An established planning and architectural practice we have worked with since 2019. Our option agreements are drafted by an experienced firm of property solicitors.
What happens to my neighbours?
The council consults neighbours as part of any planning application. Where a scheme works better with a neighbour's land we may ask them to take part too. Nothing happens to their property without their agreement.
Not sure whether your plot qualifies?
Book a 15-minute call. We will tell you honestly, and we will not write to you again if the answer is no.
Book a 15-minute call