Does planning permission add value to my land?
If you have land to sell it's natural to want to maximise its value. This makes selling land with planning permission look appealing.
Having planning attached to your land generally does add value. However, there are also many pitfalls and drawbacks you should take into consideration before considering applying for planning permission yourself.
Ahead, we'll take a look at extra costs, time frames, risks and other variables to keep in mind when thinking about acquiring planning permission for your land.
Gaining planning permission on my land
Before starting, it's worth noting that obtaining planning permission will require a considerable amount of time and money. Additionally, there are no guarantees that you'll obtain planning permission at the end of the process.
For the application itself, you will need to submit information about your land that is accurate and informative to your local council. This information will need to show that the development you have planned meets both your local council's local plan and the government's National Planning Policy Framework.
The information will then be analysed by an officer and, assuming they agree with the plans you've put forward, they will forward this to local councillors for approval.
It's worth remembering that the process for obtaining planning permission described above is a very generic outline. The actual process may vary considerably depending on how your local council operates.
What happens once I've applied?
Generally speaking, it can take between 8-12 weeks for a response to be given regarding your planning permission application, although it has the potential to take significantly longer than this.
If your application is approved, the council may open it up for public consultation, which can take several weeks (or potentially longer). This may involve writing to anyone who is affected by the development to ask for their views on the plan.
If your application isn't valid you can adjust your application and apply again, but there will be further fees to pay.
Is there any risk to me?
There will be risks, and applying for planning permission means that you will take them all on. Should you get approval from the council, be sure to read the documentation.
Often, planning permission comes with conditions. You're required to meet these and if you do not comply you will get a notice of breach of condition, with the worst-case scenario involving prosecution.
Valuation of my land
If you're able to obtain planning permission, there are no guarantees it will add the value you want to your land. Many different factors have the potential to impact this.
Location, amenities and utilities
If the land you want to sell is in an urban setting, you're likely to get a higher valuation than if it is in the countryside. The area surrounding your plot directly impacts how much it is worth.
Easy access to public transport, schools, shops, and services such as water and electricity, all have a positive effect on the value. The amenities make it desirable for potential buyers in the future, while connection to utilities can mean less work and cost involved for the developer, increasing the value.
However, if your land is situated in a rural setting with limited surrounding infrastructure, you can expect to receive a lower valuation.
Selling land through a developer
If you find the prospect of acquiring planning permission for land to be too much of a burden, your best option may be to sell your land through an established land developer.
At NFC Homes, we have been gaining planning permission for over twenty years and have obtained consent for nearly 2,000 homes and commercial developments.
For more information on how planning permission works or if you're in possession of land that you'd like to sell, get in touch with us today for a free, no-obligation quote from our team of experts.