Overage, also known as a “clawback” or “uplift,” is a legal arrangement where a seller of land or property retains a right to receive additional payment after the sale, depending on certain future events, typically when the buyer benefits from an increase in the land’s value due to obtaining planning permission or selling the property at a higher price. Our Property Development and Commercial Property solicitors and lawyers act for both sellers and buyers on overage agreements. If you are selling property or land, our work for you may include:
- Drafting Overage Agreements: We draft overage agreements that clearly define the terms, conditions, and triggers for the overage payment. This includes specifying the event that would trigger the overage (e.g., obtaining planning permission), the amount or percentage of the uplift, and the time period within which the overage can be claimed.
- Negotiation: We negotiate the terms of the overage agreement on your behalf. We ensure that the terms are fair and that your interests are adequately protected.
- Registration of Overage: After the agreement is finalised, we ensure that the overage agreement is properly protected with the Land Registry. This step is crucial.
- Enforcement of Overage Agreements: If a trigger event occurs and the buyer fails to pay the overage, our experienced Dispute Resolution team can assist in enforcing the agreement, either through negotiation or litigation if necessary.
- Dispute Resolution: If disputes arise over the interpretation of the overage agreement or the calculation of the payment, our Dispute Resolution team can help resolve these disputes through negotiation, mediation, or litigation if necessary.
- Monitoring for Trigger Events: In some cases, we may be retained to monitor whether the trigger events for overage occur, particularly if the events are related to planning permissions or sales transactions.
In summary, our Property Development and Commercial Property solicitors and lawyers will help you be confident that overage agreements are clear, enforceable, and properly documented to protect your interests.
CONTACT US
If you wish to discuss a case with us, please contact Julian De Giovanni on 01420 81281 or fill in the form below.
“Thorough on acquisitions and smooth on sales. Proactive and commercially astute. Not fazed by dealing with large London or regional firms. Good sense of humour and remains calm under pressure. Gets the job done time and time again.”
“…I particularly wish to thank you for all your hard work, advice and support throughout, which has been a significant factor in enabling us to get to goal. I know that you have often spent a lot of time on this matter after normal office hours to ensure progress of the sale was maintained – all very much appreciated.”
“We use Julian De Giovanni because we have found him adept at identifying problems early on and then either resolving them or advising us of our position. He always has in mind the importance to us of being able to sell on completed units quickly and cleanly once we have concluded a project. Julian puts in the extra effort that is required to get the job done. He is contactable, answers the phone and replies to messages. He meets and exceeds our expectations whilst remaining a pleasant person to deal with! I have had no hesitation in recommending him to others.”
