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Overage Clause - help!

2

Comments

  • moneyistooshorttomention
    moneyistooshorttomention Posts: 17,940 Forumite
    This is where one could play silly b&ggers and say "That converted bus/campervan/etc isnt a building - it's been converted into a summerhouse - but it isnt a building. Look...I've just driven it 3 feet on its wheels"..
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    Have a think about this. If you build a normal sized garden shed how much would that increase the value of the property by? If there is no increase in value then there is nothing to pay in overage.
  • new_house_buyer
    new_house_buyer Posts: 7 Forumite
    It all seems very tenuous.. Who decides if a garage would increase the value of the property? Why should we have to pay the previous owners money for what we're building ourselves out of our own money, on what is now our property?
  • k3lvc
    k3lvc Posts: 4,174 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Cakeguts wrote: »
    Have a think about this. If you build a normal sized garden shed how much would that increase the value of the property by? If there is no increase in value then there is nothing to pay in overage.


    It may not have any financial impact but come selling time will no doubt have a significant hassle impact should there be any building carried out
  • jbainbridge
    jbainbridge Posts: 2,033 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    k3lvc wrote: »
    It may not have any financial impact but come selling time will no doubt have a significant hassle impact should there be any building carried out

    Whatever you decide - do also consider the impact of the clause when you come to sell. It may put future buyers off too.
  • new_house_buyer
    new_house_buyer Posts: 7 Forumite
    moneyistooshorttomention wrote: »
    This is where one could play silly b&ggers and say "That converted bus/campervan/etc isnt a building - it's been converted into a summerhouse - but it isnt a building. Look...I've just driven it 3 feet on its wheels"..

    It may well have to come down to this.. A 'portable tool storage' solution!
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper
    new_house_buyer wrote: »
    It all seems very tenuous.. Who decides if a garage would increase the value of the property? Why should we have to pay the previous owners money for what we're building ourselves out of our own money, on what is now our property?

    This property comes with a large garden and an overage clause. If you want this property you will have to accept the overage clause. If you don't want to buy a property with an overage clause then you need to find a property that doesn't have it. Your solicitors are unlikely to get the overage clause removed as it is part of the sale. If you don't like it don't buy this house.
  • Marvel1
    Marvel1 Posts: 7,498 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Sounds like headwork, I wouldn't bother and look elsewhere.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    [FONT=Calibri,sans-serif][FONT=Calibri,sans-serif]Does "[/FONT]development value" =

    * cost of development , or
    * value the development adds to the property

    ? I don't know. Needs a legal interpretation from someone who does.

    [/FONT]
  • Chanes
    Chanes Posts: 882 Forumite
    Ninth Anniversary 500 Posts Combo Breaker
    They'd hear my footsteps as I walked away! Sold with strings attached. But if you love it, it is your choice. Good luck!
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