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5 Bolton StreetLondon W1J 8BA+44 (0) 20 7493 4002montagu-evans.co.uk-539115-69913500 Thorpe Coombe Hospital, Forest Road, London, E17 - Bid FormBid Deadline: 12 Noon – 11 November 2020Subject to contractName of Purchaser Company Registration NumberFinancial Bid? (in words)Is your offer a single payment or deferred?If your payment is deferred please set out the terms of your deferred payment structureAssumptions on VATConditions of Offer Solicitor DetailsPlease set out your assumptions in relation to ground conditions?Please set out your assumptions in relation to utilities and their capacity?Please set out your assumptions in relation to drainage on site?FUNDINGPlease confirm how you will fund the purchase of the land?If you are relying on bank funding or funds from a third party, please confirm who will fund your proposed acquisition?Are you funders aware of your bid?Do you require a formal valuation prior to acquisition?What are the approval processes for your funder to enable you to draw down funds?What the timescales with any required valuation and approval processes linked to your funder.Please provide proof of funds as an attachment to this bid form.DUE DILIGENCEPlease set out what due diligence you need to do prior to exchange of contracts. Please set out each piece of work; the timescales required to satisfy yourselves and provide confirmation that you will meet the full cost of this.APPROVAL PROCESSPlease set out your approval processes to exchange: What are the key dates you need to meet to enable an exchange of contracts?Has your bid been issued and sanction by your Board?OVERAGE & CLAWBACKSell-on clawbackIf a freehold/leasehold interest of the whole or part of the Property is sold on to a third party or transferred via an intra-group transfer (including inter alia a holding company or subsidiary company) within 10 years of the date of completion, the Purchaser will on completion of the relevant sale pay the Vendor a % uplift from the Purchase Price (pro-rata for part of the Property) as show below minus any reasonable costs which are to be documented and limited to the itemised list below.End of Year 1 – 100% of the upliftEnd of Year 2 – 85% of the upliftEnd of Year 3 – 75% of the UpliftEnd of Year 4 – 65% of the UpliftEnd of Year 5 -10 – 50% of the UpliftAny sell on of affordable housing units in compliance with a planning condition or S106 agreement is exempt from sell-on clawback.Any sell on of individual and completed plots or units to occupiers are exempt from sell on clawbackSell on clawback will apply to the whole site and any successors in title if sold as a whole or in part. The Purchaser will be entitled to deduct the following holdings costs:Cost of insuring the Property;Any demolition (if carried out);Town Planning Fees to the LocalPlanning Authority;Technical Survey work limited to any changes or resubmission of a planning permission on the Property;Professional Fees relating to a town planning submission;Acquisition Costs (legal only)Sell-on disposal marketing and agency fees (including legal costs incurred on the sell-on for the seller only)Any SDLT paid on the original sale.All costs will be evidence by way of invoices and be provided with on an ‘open-book’ basis. Please note that all costs deducted are to be reasonable and may only apply to the part of land being sold.The sell-on clawback is subject to a pro-rata calculation based on the net developable acreage. Any pro-rata sale including non-developable land will be seen as an act of circumnavigation and therefore excluded from the acreage calculation.Planning ClawbackIn addition to the purchase price, the Purchaser agrees to pay the vendor [?xxx] per Gross Internal area Square Foot for each and every square foot achieved in excess of [xxx] square foot (GIA)]The clawback payment will be due upon grant of the relevant planning permission. It is agreed that the planning clawback does not fall away until practical completion of the last built unit on site. For the avoidance of doubt, Planning Clawback is to relate to any increase in floor area linked to any planning permission(s) granted in respect of the Property on the site, even if the increase is realised over a number of planning permissions.Revenue OverageIn additional to the Purchase price, the Purchaser agrees to pay the Vendor 50% of any private sales revenue achieved in excess of [?x,xxx,xxx] Private Gross Development Value (GDV); net of incentives and indexed in accordance with the TPI BCIS index.Permitted Incentives (up to a cap of 5.0% of the capital value of each private units sold) can be deducted from each sale subject to full disclosure of the permitted incentives and set out on the Council of Mortgage Lenders (CML) Form or equivalent at the time off assessmentThe Overage GDV Threshold of [?x,xxx,xxx] is subject to recalculation in accordance with the BCIS Total Price Index at the point of assessment and rebased.The Revenue Overage Period will run for 15 years.Self-certification can occur on the release of plot sale up to 90% of the Private Gross Development VALUE (GDV) having been achieved on site. It is understood that 90% of the Private GDV equates to [?x,xxx,xxx] and therefore once this figure has been achieved all remaining plot sales will be subject to the Vendor’s solicitor release on title.The Purchaser is required to provide full evidence of each and every Private sale on site, by providing to the Vendor’s solicitor and appointed agent a copy of the CML Disclosure of Incentives Form as published by the Council of Mortgage Lenders from time to time (or any similar or replaced form as nominated by the Purchaser acting reasonably if the CML Disclosure of Incentives Form is no longer applicable.) The CML forms of up to 90% of the private plots sales can be sent as a cumulative summary to the Vendor’s solicitor and appointed agent once a quarter once the Private sales begin. Once the 90% trigger has been reached the Purchaser must provide information of Private sales on a plot by plot basis. The restriction on title will not be released until the Vendor is satisfied as to whether revenue overage is payable or not. If it is payable, it is to be paid out of completion monies of each plot sale over and above the indexed GDV threshold (net of incentives)Deposit10%Please confirm details of any relevant developments which demonstrates a strong track record in the London Borough of Waltham ForestCar Park for North East London NHS Foundation Trust to the rear of the Jane Atkinson UnitPlease set out your view on a likely strategy to be employed to achieve planning permission for a car park extension on land to the rear of the Jane Atkinson Unit. Please confirm that your offer is made in full knowledge of all documents contained in the on-line data room Bidders should clearly label and appendix any attachments.END. ................
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