lobster
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Post by lobster on Mar 14, 2017 17:34:43 GMT
I was wondering if anyone more knowledgeable than myself would be kind enough to give me any guidance on how confident one should be when lending against a proposed development that only has outline planning permission, as opposed to full planning permission.
I have googled for basic definitions etc, but I'm not at all sure how this should be evaluated in terms of P2P lending. If there are any useful links that I could follow to educate myself further, that would also be appreciated.
Many thanks.
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Post by d_saver on Mar 14, 2017 17:38:34 GMT
May be a bit different over there, but Outline permission here was achieved (by me) for a project by sending in a description of the project, site details etc. After that got approved, they then asked for comprehensive plans including for building control etc. I guess it's similar over there. Once you have 'outline' permission, it should mean there are no significant objections in principal (I think) to the proposal. Hopefully someone more knowledgeable can confirm.
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SteveT
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Post by SteveT on Mar 14, 2017 17:42:15 GMT
Outline consent means approval has been given to the basic principle of the proposed development, subject to Reserved Matters, which might include the detailed layout of a housing estate, detailed design of the buildings, materials to be used, etc. For a large scheme where it's not certain that approval will be granted, it's cheaper and generally quicker to put in for outline consent first, before shelling out tens of thousands on all the detailed plans and reports needed to secure full consent.
Once outline consent is granted, a competent team of architects and planning consultants should be able to navigate the path to full consent. The value of undeveloped land will typically rise substantially once outline consent is secured.
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c702
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Post by c702 on Mar 14, 2017 20:00:24 GMT
We are just seeking outline planning permission on a plot of land (with another house on to improve its sale value as the market where we are is very slow). It is a decision in principle, it doesn't guarantee you will get exactly what you want but it does guarantee that the planning permission is possible for the dwelling specified. But I can give you more details tomorrow morning after I've met the architect as I'll be asking more questions of him (first meeting tomorrow).
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