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Creative Contract Structures: Part Four

Tariq Mubarak, Consultant, Investor & Solicitor-Partner at Gunnercooke LLP, London, comments

This is the fourth part of my series of articles on creative contracts. If you haven’t already, please do read my previous three articles in this series. So far, I have written about:

  • Option Agreements
  • Joint Venture & Collaboration Agreements
  • Assisted Sale Agreements
  • Vendor Finance
  • Overage Clauses or Agreements
  • Conditional Contracts
  • Promotion Agreements
  • Exchange with Delayed Completion

If you haven’t read my previous articles on the above, then ensure you order the previous editions and catch up.

In this edition, I am writing about:

  • Title Splitting
  • Pre-Let Agreements
  • Pre-Emption Agreements

Title Splitting & Development Site Assembly
Title splitting is when a freehold or leasehold title to a property is carved up into more than one freehold or leasehold titles, thus carving up the property into (usually) smaller parts. The most common types of transactions I have worked on include:

  • Carving up a large plot of freehold land into smaller parcels of land, each with new freehold titles
  • Splitting a block of flats (sitting on a freehold title) into leasehold titles - one per flat.
  • Splitting a mixed use block (sitting on a long leasehold title) into leasehold titles - one per flat and a commercial unit.
  • Carving up back-gardens of various houses into a single development scheme but which are consolidated into a single freehold title across all the plots of back-garden land. This is commonly referred to as land assembly or development site assembly.

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