Lawyers for Property Overage Agreements
Expert Legal Advice for Property Overage Agreement
Property Overage Agreement Legal Service
Overage is a type of ‘reverse option’ (see our option product) – it’s the reservation of the right to share from the benefit from future development of land you’ve sold. It’s part of the commercial risk-sharing arrangement in a property transaction, and might arise through contingencies such as planning uncertainty, market changes or even unknown engineering consideration such as ground contamination. A right to share the financial benefit of future development of land you have sold may be an important element of a transaction occurring, now.
This product is for our drafting to the specification we have been told is agreed a contract for the right to share in future benefits. These types of arrangement may also be registrable at HM Land Registry – which, if it arises, is included. The product does not include our involvement in the agreement of the terms.
You may also wish to consider our Option Agreement product and Exclusivity Arrangement product.
How long will it take?
We don’t generally do anything for new clients until our process of client retention has concluded – this involves agreeing the scope of what we are doing for the price (our terms are below), setting-up our client record (that includes ID checks), and producing the bill (payment in advance is required for all new clients).
After that, the production of the agreement is a job that we can undertake in a few hours once we can schedule it in our workflow, that can depend on how busy we are at any particular time. We would not usually take-on a job for which we could not engage within about a working week.
Often the completed agreement will then need to be submitted to HM Land Registry for registration. The time HM Land Registry take to process such a registration varies greatly, depending on how busy they are. Some applications are processed very quickly, up to “next day”; however, most applications appear to languish awaiting HM Land Registry attention; in 2021 many applications were taking about 6 months to be registered – and some types of application can take even longer than that, unfortunately. However, once submitted HM Land Registry process applications on any title in order of submission – so their delay ought not to affect the priority of your application relative to other matters on that title.
Money Matters
This service is for taking instructions, then producing/reviewing a suitable form of overage agreement, seeing to its execution and completion and attending to registration at the Land Registry, if necessary. You will also have to pay any HM Land Registry fees arising.
Property Overage Agreement (£1,475)
Our overage agreement service provides comprehensive legal support, from taking initial instructions and drafting or reviewing the agreement to overseeing its formal execution and completion. Where required, we also manage the necessary registration formalities at HM Land Registry to ensure the arrangement is properly secured. Our pricing structure consists of a professional service fee plus VAT, with any applicable Land Registry disbursements and filing fees payable in addition.
Your supplier is SRA-regulated Mounteney Solicitors, that charges VAT some customers may be able to reclaim.
There is more info about our fees here
If you have any questions, require any further information, or would like to engage us on the T&Cs linked Our Terms in the footer below, please don’t hesitate to Contact Us.
Contact our Property Overage Agreement Solicitors
If you are buying, selling or developing land and need specialist advice on setting up or enforcing a property overage agreement, our Land & Title Solicitors is ready to help. Our experienced team understands how important it is to protect your future interests and secure fair value when land appreciates in value after sale.
As a leading firm of solicitors in Stockport, we provide clear, practical guidance on drafting, negotiating and registering overage clauses that work in your best interests and stand up to scrutiny. Our approachable solicitors will explain your options clearly and handle the legal formalities to prevent costly disputes later on.
You can get in touch with us by phone, email or by visiting one of our offices in Bramhall, Cheadle, Hazel Grove or Heald Green. We support landowners, developers and investors across Stockport, Manchester and Cheshire, including areas such as Wilmslow, Altrincham, Didsbury and Knutsford. For your convenience, we also offer virtual appointments wherever you are in England and Wales.
Contact Mounteney Solicitors today to arrange an initial discussion about your property overage agreement and find out how we can help you protect your investment and achieve the outcome you want.
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