Buying/Selling a property with CPO order attached

hometruths

Does anybody know if it is possible to buy/sell a property that is the subject of a CPO order but has not been served with a notice to treat.

i.e the council has been given approval by ABP to CPO the property if it wishes but has not yet confirmed its intention to do so?

I get that the market value of the property will be significantly effected, I am just wondering if it is actually possible to buy/sell such properties. Cannot find an answer on google!

listermint

why would you....

hometruths

As a potential buyer, because I think it is possible that the CPO will never be enforced and am prepared to take that gamble.

antoinolachtnai

schmittel wrote: »

As a potential buyer, because I think it is possible that the CPO will never be enforced and am prepared to take that gamble.

You can buy it, but who will finance it? Make sure the bank is willing.

If the local authority wants it, and it is on the market, why don’t they just buy it? You’d have to wonder.

hometruths

antoinolachtnai wrote: »

You can buy it, but who will finance it? Make sure the bank is willing.

If the local authority wants it, and it is on the market, why don’t they just buy it? You’d have to wonder.

It’s land that is currently under control of receivers, but not on market. It will come to market when the various issues have worked through the courts, currently ongoing.

There is a high chance that a small portion of the land will be subject to a cpo order before the receivers are able to put the entire on market, but the land is unlikely to be subject to the notice to treat - ie the actual purchase transaction by the local authority for many years.

I am wondering will the initial cpo order restrict the receivers ability to place the land on the market? Is there a legal restriction other than the obvious factor they would have to sell at lower price?

the_syco

There was a post here last year where the new owner of a house suddenly found out that the front lawn that separated the house from the road got CPO'ed, and that they now had eff all space between the road and their front window.

What would the CPO do? Give the new owner less than they bought the house for?

Eric Cartman

if the CPO was worth more than what I was paying for the house to a tune of being worth it then yeah id gamble

if its a busconnects type scenario where theyre going to steal half your front garden don't do it , those projects are only going to devalue the property to more than the tune of the CPO/

hometruths

the_syco wrote: »

There was a post here last year where the new owner of a house suddenly found out that the front lawn that separated the house from the road got CPO'ed, and that they now had eff all space between the road and their front window.

What would the CPO do? Give the new owner less than they bought the house for?

I vaguely remember that now. I think the CPO was already in place, but purchaser did not find out about it until the council came to enforce.

In this example it is not a house, it is a piece of land.

the_syco

schmittel wrote: »

In this example it is not a house, it is a piece of land.

Gotcha. One thing to keep in mind then is how much land would be left after teh CPO has been done. For example, the land currently can have house X big and a garden Y big, but if after the CPO happens the Y amount is under the minimum size of a garden and prevents the new buyer from building the house, it may not be worth the risk.