When purchasing a house, it’s important to understand all the legal documentation and agreements that come along with it. One such agreement is the Section 106 agreement, which is a legally binding document that requires the property owner to comply with certain conditions.
What is a Section 106 agreement?
A Section 106 agreement is a legal obligation that is put in place by the local planning authority (LPA) when granting planning permission for a development. This agreement sets out certain conditions that the property owner must comply with, such as providing affordable housing, preserving certain heritage sites, or contributing to highway improvements. The agreement is binding and runs with the land, meaning it transfers to subsequent owners of the property.
Why is it important?
A Section 106 agreement is important because it ensures that the development benefits the local community and mitigates any negative impacts it may have. For example, the agreement may require the developer to contribute towards the construction of new schools or healthcare facilities, which will benefit the surrounding area.
As a buyer, it’s important to understand the Section 106 agreement that is in place for the property you’re interested in. This will ensure that you are aware of any obligations that you will need to comply with as the new owner of the property. Failure to comply with the agreements can lead to legal action by the LPA, which could result in fines or even the forced sale of the property.
How to check for a Section 106 agreement?
You can check if there is a Section 106 agreement in place for a property by contacting the LPA that granted the planning permission for the development. They will be able to provide you with a copy of the agreement and any relevant information.
It’s important to review the Section 106 agreement carefully before purchasing the property. If you have any questions or concerns about the agreement, it’s best to seek legal advice.
In conclusion, a Section 106 agreement is an important legal document that can have significant implications for property owners. As a buyer, it’s essential to understand the agreement that is in place for the property you’re interested in to ensure that you comply with any obligations. Checking for any Section 106 agreement before buying a house can help you make an informed decision and avoid any legal issues in the future.
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