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Overage Arrangements

Overage is a sum of money which may be due to a landowner after completion of any sale of the property.

Overage may be due when the developer obtains either a planning permission (if the land is sold without planning permission) or an additional/further planning permission (if the land is sold with planning permission) and the overage due would be based on the difference in the value of the land with or without planning permission (or additional/further planning permission, as appropriate).  It is also becoming increasingly common that overage is effectively a profit sharing arrangement between a landowner and a developer and payable once a developer has realised a profit on the development.

There are likely to be tax consequences for overage arrangements.

The wording of overage arrangements can be very complex and it is important that expert legal advice is obtained in ensuring that the overage arrangements reflect the intentions of the parties and that most importantly the developer is obliged to pay the overage to you!

Please click here for further information about Overage Arrangements and things to consider.

For advice on Overage Arrangements and any other development issues contact our Real Estate team at realestate@herrington-carmichael.com

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