One of the ways in which buying and selling a commercial property or land with development potential can differ from standard residential conveyancing is where option and overage agreements are made between the parties.
An option is where a buyer is given the right to buy a property within a set time period by a seller who cannot later go back on the agreement or the amount agreed to be paid after a valuation.
However, an overage agreement is often used in conjunction with an option so that where the value of the land increases through the activities of the new owner – possibly by obtaining planning permission – the seller will still receive some financial benefit.
With the price of property and land with development potential being so high in West Sussex and other parts of the south-east of England, it is important that advice from experienced commercial property services solicitors at George Ide LLP is sought at the earliest possible opportunity by both buyers and sellers considering making such a contract.
As a full service law firm, all aspects and implications of making option and overage agreements will be examined so that the most advantageous legal advice can be given by experts from the business services team, and, where appropriate, in association with professionals including surveyors, architects and financial advisers to ensure clients’ best interests are kept at the centre of any transaction.
George Ide prides itself on the highest standards of integrity and professional competence in its commercial property department to help our clients advance their financial aims within the parameters of good commercial sense.
For an initial discussion in confidence, you can call our North Street, Chichester offices. Alternatively, click through to the staff profiles featured on this page for more information about the team.