We have compiled some key landowner questions to help you get started.
How do you guarantee to remain neutral when facilitating a deal?
Our deal facilitation service is free to landowners. We see ourselves as bound to the deal and project, rather than one of the parties. We always aim for fair value and want the deal to work well for all parties, including the community. The search functionality uses a heat map that allows a developer to identify the general location.
Can I share the location of my opportunity, should I decide to do so?
Yes, you can share the location, for example your exact postcode, in your heading description. You are also free to upload images that pinpoint to your exact location.
Why do you recommend to rank preferences for a development profile?
BOOM! is an open registry for all development land. We are foremost inspired by the important role urban infill development can play in tackling the housing crisis, the climate crisis, unnecessary expansion into the green belt and more of the current issues surrounding housing development. This is why we want our landowners to be aligned with developers that fit their goals and criteria, especially if you will be living next door to the development. You rank your preferences - we align you with developers that can deliver, saving you valuable time when negotiating a deal.
Can I elect to turn off the development profile showing that I am open to all types of opportunities?
Yes, you can. Simply tick the relevant box stating that the development profile is not relevant to your opportunity.
Why should I register with BOOM! as a landowner?
We are passionate about generating you a return from land that might otherwise be underused. Whether you use the return to significantly bolster a pension fund, add a new extension, embark on that round-the-world trip or qualify as the ’Bank of Mum & Dad’ to help your kids get on the property ladder, it will be up to you. You will also be adding housing stock to combat the housing crisis in the process.
What are the tax implications of using BOOM!?
Proceeds from any sale of land could be tax-free. At the time of writing Capital Gains Tax may not apply if you sell:
I don’t know the first thing of developing or building - can BOOM! help me?
Of course! We offer a neutral service here to assist all parties in brokering a deal and establishing fair value of the residual land. We also answer any questions and are available to provide general advice. We are working on more case studies and educational tools, which are an integral element of BOOM!.
I am concerned of upsetting my neighbours by developing - what are my options?
In our experience, a quality proposal that is sympathetic to neighbourly concerns is unlikely to result in opposition
Can I combine my land with neighbouring plots for a larger opportunity?
Absolutely. We encourage you to speak to your neighbours about a larger opportunity as this will likely yield larger returns whilst improving your prospects of a successful planning application. Simply map the agreed combined area, post images, define your goals and let the market respond and show you and your neighbours what is possible. Our Ott Yard case study is one such example.
My plot of land seems inaccessible. Do I still register?
Yes, we recommend you still register your land with BOOM!. Access is a common problem, which is why developers become very skilled at addressing this hurdle and often identify opportunities others cannot see.
Will I be overwhelmed with calls and emails from developers after registration?
No, this will not be the case. By creating a development profile your opportunity is only visible to those developers matching your goals and criteria. If you don’t create a profile all developers can see your opportunity, however, developers can reach out to you only via one introductory email sent via the BOOM! platform. We never share your details with third parties. You can evaluate the developer profile and decide to get in touch, or not.
Will the exact location of my opportunity be public knowledge?
Only if you choose it to be. You are in control of how and when you share the exact location of your opportunity. Feel free to have some formal communication with the developer through the BOOM! dashboard first and only share your details when you feel comfortable to move negotiations to the next phase.
Will developers be knocking at my door?
Only those you yourself invite to knock.
What is the minimum recommended footage of an opportunity?
You might be amazed at what good architects can achieve with tiny, awkward footprints. Developments depend on the site and on how far down & up you are able to go, more than just on the size. At BOOM! we can happily see ourselves building a home in an area of 30m² that rises a few floors. Micro-developments have come a long way.
Does the plot need to be a square or a rectangle?
Not at all, developments can be of any size, any shape.
Will a mortgage prevent me from selling my land?
Not at all, but you will need to speak to your lender about your plans so that they can understand the project and the commercial impact. If they say no, remortgaging remains an option.
Do I have to hold the freehold title?
Could I sell the air-space above my roof?
Yes, freehold includes the infinite space rising above your land including the sky.
What are my options in negotiating with a developer?
Typically you and the developer agree on the land value, sell the option and subdivide. Alternatively, you can form a joint venture (JV) based on a % of profits.
How do I know the developers is offering me a fair price for my land?
BOOM! provides a free service to assist you in securing a fair price. We also provide you with the market data on the land value of the opportunity.
Will the council be supportive of my subdivision?
Councils are encouraged to apply a ‘presumption in favour’ of small sites, which means unless there are good reasons why a proposal shouldn’t be approved, it generally will be. Councils are aware of the issues surrounding the lack of housing and will support infill rather than further expansion into the green belt.
How do you store my personal information?
Your information will be safely stored in the Microsoft Azure cloud, the same technology used by companies such as Reuters, Coca Cola and Bank of America. Your information remains secure because all our data is encrypted.