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I'd like to buy a property but it has a section 106, should this affect its current market value?

Asked on Oct 18 2010, General in Shrewsbury | Report content

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  • A section 106 should be budgeted into to purchase plans as it is a liability that must be met. If you're reffering to a building plot then include in your calculations regarding development value as part of the build costs. It depends how stringent and high as to its affect on market value, in this area we also have the open space contribution, which combined with the 106 has rendered some sites uneconomic.

    Answered on Oct 19 2010, Report content
  • A Section 106 Agreement is a legal agreement between the Planning Authority and the applicant/developer and any others that may have an interest in the land. In a limited number of cases, where only the applicant needs to be bound by a planning obligation and not the Planning Authority, instead of agreeing obligations through the standard process of discussion (negotiation and agreement) it may be acceptable and advantageous for the developer to make a unilateral offer or “unilateral undertaking” to the Planning Authority to settle obligations relevant to their planning application

    Answered on Oct 19 2010, Report content

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