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February 22, 2008

Novice property developers warned over planning permission pitfalls

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by Kay Mitchell

Novice property developers warned over planning permission pitfalls

Experts are warning novice property developers to consider potential problems with planning permission when purchasing a property at auction.

Scott Hendry of Auction Finances, said the number of UK homebuyers looking to purchase unusual or unique property with an eye to converting it into a dream home is growing.

However, developers snapping up a bargain at an auction are losing a fortune by falling foul of planning regulations added Mr Hendry. Buyers are advised to check the planning status of the site. This will avoid disappointment and the potential for an expensive mistake.

Mr Hendry said many properties auctioned for redevelopment will have had planning permission of some kind granted before they go under the hammer.

This adds value for the seller and in cases where it has not been done it is worth enquiring at your local planning department to find out why before you decide to make a bid. This is an approach we often see from some of our more experienced clients, concluded Mr Hendry.

The organisation said the UK’s self-design and build property market is now worth over £3.8 billion, this market has grown over the years with popular programmes such as Channel 4’s Property Ladder and Grand Designs.


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