Land Option Agreements in Castlereagh
Options suit landowners in Castlereagh whose land needs planning before it is worth building on. The terms that matter are the length of the option, any premium paid on signing, how market value is set, what may be deducted and the longstop date. Land to Homes explains each one in plain English before your solicitor sees a draft.
Castlereagh · BT5Free site appraisal
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- Free site appraisalNo cost, no obligation
- Legal fees coveredReasonable fees, on options and promotion
- Nothing to pay upfrontOn promotion: we fund planning
- Direct purchaseSuitable sites, with or without planning
- UK-wideEngland, Wales, Scotland and NI
Land we look at around Castlereagh
Castlereagh (BT5) is one of the County Down towns we cover, about 11 miles south-west of Bangor (County Down). If your land sits between towns, Belfast, Newtownabbey and Lisburn are the closest neighbouring places on our list.
Sites worth a conversation around Castlereagh: redundant commercial buildings, redundant agricultural buildings and brownfield land in and around Castlereagh. In Northern Ireland, where Castlereagh sits, planning decisions are made by the 11 district councils, with the Department for Infrastructure deciding regionally significant applications.
Tell us where your land is around Castlereagh and we will explain the routes open to you.
Why work with Land to Homes in Castlereagh
Planning funded by us
We commission the surveys, design work and planning application at our own cost, and keep you informed at each stage so you know how the planning case is progressing.
Price set by valuation
The purchase price is usually market value with planning, agreed between the parties or set by an independent surveyor, less a negotiated discount. A minimum price clause can put a floor under the figure.
Keep using your land
You normally stay in possession during the option. Farming, grazing or existing lettings can usually continue, subject to access for surveys and limits on granting new long-term tenancies.
Right to buy, not obligation
The developer may buy if suitable planning is granted, but does not have to. You are bound not to sell elsewhere during the term, which is why its length and exit points matter so much.
Planning in Castlereagh: the Northern Irish rules
Land to Homes works with landowners across Northern Ireland, including in and around Castlereagh. We start with a free appraisal of planning policy, access and constraints, then set out a direct offer or option or promotion terms in writing. Each council's Local Development Plan is prepared in two stages, a Plan Strategy and a Local Policies Plan, so the stage your council has reached affects how a site is assessed. Planning permission is never guaranteed.
In Northern Ireland, the option term should reflect where the council has reached in preparing its local development plan, since land is zoned for housing at the local policies plan stage. Price deductions may include Section 76 planning agreement obligations and road works required by DfI Roads. Stamp Duty Land Tax applies on the eventual purchase.
| National planning policy | Strategic Planning Policy Statement (SPPS, Edition 2), applied with retained Planning Policy Statements until each council adopts its Plan Strategy |
|---|---|
| Local planning document | Local Development Plan (LDP), made up of a Plan Strategy and a Local Policies Plan |
| Land transaction tax (paid by the buyer) | Stamp Duty Land Tax (SDLT) |
| How a sale becomes binding | A land sale becomes legally binding when contracts signed by both parties are exchanged and finishes on completion, with the title registered in the Land Registry at Land & Property Services. |
Questions about Land Option Agreements in Castlereagh
Can I sell my land while it is under option?
Not without dealing with the option first. The developer's rights are normally protected against your title, so a buyer would take the land subject to them. Selling to the option holder or negotiating a release are the usual routes. Your solicitor will explain the effect where your land is.
What is an option premium?
It is a payment a developer may make when the option is signed, in return for exclusive rights over the land. The amount varies widely from site to site and is negotiated. Some agreements deduct it from the final purchase price, while others do not, so the heads of terms should say which applies.
Is an option payment taxable?
It can be. Receiving an option payment can have tax consequences when you receive it, not only when the land is finally sold, and the later sale may be looked at together with it. The position depends on your circumstances, so speak to an accountant before you sign.
What happens if planning is refused during an option?
The developer can usually appeal, submit a revised scheme or wait for a new local plan, as long as the option term allows. If no suitable permission is secured by the end date, the option lapses and you are free to deal with the land again, normally keeping any premium already paid.
Is Castlereagh an area you cover for land?
Yes, we cover land in Castlereagh and elsewhere in County Down, including Banbridge, Downpatrick and Newry. Where a site suits us we can buy it directly, or set up an option or promotion agreement. On promotion there is nothing to pay upfront.
Read more: Land Option Agreements · Guide: Option agreement or promotion agreement: what is the difference?