Bridport Cohousing CLT has an option to purchase the western part of the site in which we plan to develop our cohousing neighbourhood; this is our phase 1.
We also have an option to purchase the remaining part of the site, phase 2, when planning permission has been granted.
Having been granted Planning Permission on phase 1, in order to exercise the right to take up an ‘option to purchase,’ the buyer has to serve notice on the vendor of their intention. If this is not done the buyer loses the right to purchase the land. The deadline for us to serve this notice was Wednesday 26th October. On Tuesday 25th October Hugh went to the vendor’s solicitor’s office, and handed over a notice of our intention to take up the purchase option and a cheque for the requisite deposit. The receipt from the receptionist was treated with great reverence!
The notice requires us to pay the balance of the monies in 90 days which is Tuesday 23rd January 2018. That is the end date; once all of the elements needed are in place we could do it earlier.
We are delighted to have moved into this phase or our plans. We’ll keep you posted as the next stage of making a special place unfolds!