Help with uplift / overage clause

2nd_Time_Lucky

Hi we bought a half of a property 6 years ago from the bank as it was being repossessed. it was originally one property which original owner split into 2. we bought one half and he stayed in the other. then the bank took the other half and some (lovely) people bought it, also from the bank.

the long garden has an uplift / overage clause that means we would have to give a percentage of the increase in value if it was ever developed. We are now thinking of joining in with our neighbours and trying for planning BUT we dont actually know who owns the clause or how to find out

there is nothing specific in the deeds according to the solicitor as to who actually owns it?? we know exactly how much would be due and even the time period to pay it in..ordinarily its obvious- the person we got it from but as the sale was on behalf of the bank- we dont know. It could even be that the clause went with the sale of the other half.

I want to try and find out without stirring up trouble as the original owner is about to have property number 3 repossessed and whilst i am NOT trying to wriggle out of responsibilities, i dont need him sat on my doorstep demanding cash either ( i got a load of grief when we put up a shed/carport but the uplift is only for residential permission so didnt apply)

bris

As both half's were repossed the banks owned them. As you and you neighbors have bought from the bank, you both now own them and the former owner has no say on anything to do with the property.

You would need to contact the bank and have their solicitors look into it for you, if the rights were with the old owner, they would pass to the bank on repossession. I believe they have now passed to you and your neighbor as the new owners.
Is the property freehold with the land on the deeds? If so I can't see anyone else now having a claim to it.

If the bank can't give you an answer then I would forget about it and try and go for the planning, putting the money you think may be due aside for future claims.

getmore4less

Read the terms of the overage clauses very carefully.

sometime they are writen so badly they are easy to bypass.

eg. might just be for first planning application, so you can apply for a fence that has no change in value. clauses no longer applies then you get full development of the land.

you need to have a good look and get specialised help.

2nd_Time_Lucky

Thanks for the advice i've seen a solicitor and we definately do owe some money if we get planning but nowhere does it say who to so how can i find out? OH saya go ahead and see who comes looking for it :eek: i'm not that brave

DVardysShadow

2nd_Time_Lucky wrote: »

Thanks for the advice i've seen a solicitor and we definately do owe some money if we get planning but nowhere does it say who to so how can i find out? OH saya go ahead and see who comes looking for it :eek: i'm not that brave

Eh? Just take legal advice on whether that debt can be chased for 6 or 12 years or whatever, put the money aside and pay if they come looking for it. What is there to be scared of? People who cast no shadows?