Overage Agreements Specialist overage agreement solicitors in Milton Keynes

At Heald Solicitors in Milton Keynes, we work closely with our clients’ surveyors to help negotiate and draft overage agreements for clients selling property and advise buyers on the legal terms of proposed overage clauses. It is important to understand the full implication of an overage agreement and we will ensure that the legal terms of any deal is in your best interests.

The exact wording of an overage agreement can be crucial in determining whether an extra payment is triggered. Our commercial property team have extensive experience in drafting watertight agreements for clients in a range of sectors.

Agreeing an overage provision

In negotiating an overage agreement, you will need to consider a number of points, including the following:

• How the increase in value of the property will be calculated
• What will trigger the overage payment
• How long the overage agreement will last
• How to ensure that payment is made if the overage provision is triggered

Our commercial property solicitors will work with you and your other advisors to understand the nature of your property and the potential for an increase in value so that we can draft or negotiate a sound agreement on your behalf.

Securing an overage agreement

The overage agreement should cover any successors who buy the land as well as the party signing the agreement. This can be secured by a restriction being placed on the title, a charge being registered against the title, a guarantee, or the need for a deed of covenant to be entered into by future purchasers of the land.

We can advise you on the best option to secure your interests and ensure that it is put into place correctly to protect you for the duration of the overage agreement.