Land
Essex CO4 5
£550,000 Guide Price
Guide Price £550,000 - £600,000 - A unique opportunity to acquire an individual residential plot with outline planning permission granted for the construction of a custom-designed home.
Self build properties
The approved scheme provides for a substantial detached property arranged over two floors, incorporating spacious and versatile living accommodation alongside four well-proportioned double bedrooms. In addition, planning permission includes a detached garage, complementing the overall design and practicality of the home.
This is a rare chance to secure a self-build project in a desirable location with the flexibility to create a truly individual property.
Information for Self-Build Buyers and Developers
Where the site is acquired by a private individual, the expectation is that the purchaser will undertake the construction of their own home in accordance with the principles set out within the Self-build and Custom Housebuilding Act 2015.
Should the land be purchased by a developer or investment buyer, it should be noted that the legislation does not place direct obligations on the landowner regarding delivery of self-build housing unless specifically required by the planning consent.
Any obligations relating to self-build or custom-build housing would only arise where secured through a Section 106 Agreement or planning condition attached to the consent. In the absence of such provisions, there are no restrictions preventing the development or onward sale of the site in accordance with the approved permission.
Potential Stamp Duty Benefits
Self-build projects can provide attractive financial advantages when compared to purchasing a completed property. One notable benefit is the potential saving on Stamp Duty Land Tax (SDLT).
Unlike a standard residential purchase, where SDLT is calculated against the full market value of the completed home, self-build purchasers generally pay SDLT only on the acquisition price of the land. This can represent a considerable saving depending on the overall end value of the finished property.
Property Reference: HRT992800025
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