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Overage (or clawback) is becoming increasingly common and is a complex feature of development land sales. Overage Agreements are a useful mechanism by which to ensure the landowner receives the best price for the land, entitling the landowner to share in an increase in the value of land which is realised once the sale completes.
Overage Agreements, whilst a useful tool, can be complex in nature and require specialist legal advice. Pickerings Solicitors are able to advise and assist landowners, developers and individuals in drafting and negotiating Overage Agreements and ensuring the same are properly protected so it binds future owners.
If you are considering entering into a new Overage Agreement or varying an existing Overage Agreement, please contact our Commercial Property Team at comprop@pickerings-solicitors.com or call 01827 317070.
