Drawing up terms between landowner and promoter.
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When a landowner sells property that has potential for development, they will often include an overage provision in the sale terms. Overage provides that, should the property increase in value, for example by change of use or because planning permission for development is obtained, the seller will receive an additional payment.
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.
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.
In negotiating an overage agreement, you will need to consider a number of points, including the following:
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.
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.
At Heald Solicitors our commercial property team are experienced in dealing with negotiating and drafting overage agreements. Our services include the following:
At Heald Solicitors our commercial property team are experienced in dealing with negotiating and drafting overage agreements. While our office is in Milton Keynes, we regularly work with clients throughout England and Wales, often remotely, meaning that you can expect the same expert legal advice and excellent client care wherever you are located.
If you wish to talk to a commercial property solicitor, please get in touch with our legal expert Caroline Wilton.01908 662 277
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