Overage agreement
Key features
England & Wales
- Length:6 pages (1550 words)
- Available in:
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About this document
This agreement has been drawn for a property buyer to present to a prospective seller as an offer and around which the sides can negotiate a final contract.
It is a comparatively simple version in which the seller’s rights do not pass from the present buyer to a future buyer. The effect is that the present buyer is bound for the overage period, but can sell a title “clean” of attached overage.
Furthermore, to make calculation of the charge simple, it bites only when a planning consent increases the land value by a given (substantial) sum. It thus avoids the possibility of multiple small charges.
The aim of this agreement is to provide overage terms that entices future owners to develop the property, and not one that ensures that they do not.
When to use this agreement
This agreement can be used in the acquisition of any land, for any purpose. However, we assume it will be used most frequently for a situation where the buyer intends to apply for planning permission for substantial development.
This document is in plain English. Nonetheless it is a sophisticated document drawn by a property specialist solicitor. It is suitable whether you are an individual or work through a company incorporated in England or Wales.
Net Lawman also offers an agreement for a buyer where the obligations of the buyer are rather greater but nevertheless considerable softer than the very tough versions often offered by a seller.
Contents
- Definitions
- Interpretation
- Payment terms
- Surveyor’s valuation
- Release to enable transfer
- Miscellaneous matters
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