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Uplift/overage clauses
Wooza
Posts: 2 Newbie
Hi I wonder if anyone can help me understand a bit more about uplift clauses. We are looking at buying a house with 3 acres, however this 3 acres has a 40% uplift clause on it for perpetuity. Although we'd have no intention of building houses on it, I do run a small business from home so would need a wooden structure (eg 10 square metres) on it to run my business from. Can anyone advise me how the uplift would work in this case....
How do they work out the increase in value?
If you only develop a small portion of land how is this calculated?
Thank you x
How do they work out the increase in value?
If you only develop a small portion of land how is this calculated?
Thank you x
0
Comments
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How it works depends on how it's worded. Have you read exactly what it says?0
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No I've not seen the exact wording yet as the estate agent is being a bit tricksy about it! Will post it in here if/when I manage to get sight of it0
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Do you need PP for a 10 square metre "shed"?
If you don't, then I can't see how adding a temporary wooden shed to a piece of land can change the value of that land0 -
Not unless there's some reason it isn't permitted development. Normally, it would be fine.tim123456789 wrote: »Do you need PP for a 10 square metre "shed"?0 -
How it works depends on how it's worded. Have you read exactly what it says?
This.
Best to seek specific advise on the specific wording and how that would effect what you want to do with the land. Assume you have a solicitor acting and so they would be the best person to ask.
Ultimately the contract will not be signed and the sale will not go ahead if you cannot agree . So just tell your solicitor what you want and either agree on it / compromise or walk away.0 -
Check also for any covenants on the land which restrict its use. For example, it could say it must be used for agricultural purposes only, or as a flower garden only ... It might state that no buildings or structures can be erected without permission. Covenants run with the land and are entirely separate to planning which is down to the local council.0
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