This document contains a draft option to purchase that is linked to the obtaining of planning permission. The option enables the developer first to call for a valuation of the property (in default of agreement as to value) following the grant of planning permission, and if the valuation is acceptable to the developer, it may then exercise the option.
The option is intended to be exercisable only in relation to the whole of the property and only if planning permission is obtained for the whole of it, or substantially the whole of it. If an option to exercise in parts is required, see the Property PSL developer's option to purchase (part).
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 drafting notes accompanying it. If you have any queries or comments about this document or the drafting notes, use the contact tab at the top of the page.