Frequently Asked Questions
Your Questions Answered
We understand that land promotion can be a daunting prospect and that you may have a lot of questions about how everything would work. On this page we will do our best to answer some of the most common questions we are asked.
Why do I need a Promoter?
Promoting and selling land for development can be a long and arduous process, fraught with considerable financial risk, complications, uncertainty and at times false starts. What’s more, working to deliver the right promotional strategy and planning consent is by no means inexpensive–typically it can cost between £250,000 & £500,000–sometimes even more.
A promotion agreement with Wallace means that from start to finish, the process is risk and cost free to you. Wallace takes on full financial risk right up to the point that the land is consented and sold.
At Wallace, we have the expertise and financial strength to clear the complex political, planning and technical hurdles to ensure we are successful in securing the maximum sales value for your land.
When do I need to pay?
You pay nothing upfront. We get paid only when the site is consented and sold to the open market, taking an agreed percentage of the disposal value achieved. Wallace will never sell your land at a discounted value.
Will Wallace manage the entire process?
Leave it to the expert team at Wallace to make your land a much more comprehensive proposition. Working in partnership with you, Wallace will provide you with a truly tailored approach, and at every stage of the process, right up to the point at which your land is sold for development, your interests will be at the heart of every decision we take.
Our real expertise lies in managing the planning system, working closely with local communities and councils. Through the detailed and complex ‘masterplan’ process, community engagement, legal planning and contractual frameworks, we deliver a unique vision and masterplan for your site; taking care of both physical and technical constraints and opportunities in order to achieve timely planning consent. This way, we’ll achieve the right scheme and maximum value for your land, which will then be sold competitively in the marketplace – you will get the best price.
How can I be sure Wallace will get the best price for my land?
Wallace is completely independent and impartial. Yes, we have brilliant connections within the housebuilding sector, but we are not tied in any way to any third party. And, because we are privately funded, the only money we invest in promoting your land is our own, so achieving the maximum possible return for you is the best possible return for us.
Will I still be able to use my land?
Under a promotion agreement you are free to use your land as you currently do without any restrictions.
What if planning permission isn't granted?
If Wallace do not achieve planning permission over the period of the promotion agreement, the agreement will come to an end and Wallace bear all the expenditure.
What if my land doesn't sell?
Wallace work with the landowner and the selling agent to achieve the best value for the land. In the event that there is a failure in the market or the offers received do not meet our expectations we are happy to suspend the sale and bring the site back to the market within an agreed time period.
What is the typical period of time from signing an agreement to sale?
This is dependent on the promotion strategy we employ. If we can progress a 5 year land supply argument we could achieve a planning consent and a sale within 3 years. If we progress through the development plan review process, it could take 5,10 or 15 years.
What’s to stop me promoting the land myself?
Land promotion is not for the faint-hearted. It requires deep pockets and an in-depth understanding of the complexities of the planning landscape. At Wallace, we have the expertise and financial strength to clear the complex political, planning and technical hurdles to ensure we are successful in securing the maximum sales value for your land.
Every parcel of land has its own unique features, issues and sometimes challenges. If you would like to discuss the particulars of your land, or find out more about land promotion, get in touch for an honest, no-obligation discussion. Contact us.