This document contains a draft option to purchase that is linked to the obtaining of planning permission.
The option is exercisable in relation to part, or parts of the property (tranches), once planning permission is obtained for those parts. The option enables the developer first to call for a valuation of the part of the property in respect of which planning permission is obtained, and if the valuation is acceptable to the developer, it may then exercise the option in relation to that part.
If the intention is to grant a planning linked option to purchase the whole of property, see the Property PSL developer's option to purchase (whole).
The option is drafted on the assumption that the developer/purchaser's solicitor is responsible for the drafting.
Before using this precedent document, it is advisable to read the accompanying drafting notes.