Farmers and landowners across Shropshire could be in for a significant financial windfall if the value of their land increases in the future – even after they have sold it on.
Rural affairs experts at county law firm mfg Solicitors say they are dealing with a significant upturn in “overage” agreements, in which a land seller can share in any value increase once a sale has been completed.
She said: “Overage can be used where land is being sold and when there’s a likelihood that its value will increase, usually due to planning permission being granted or a development taking place. "In this situation, a seller could sell the land subject to overage obligations which would require a buyer to make additional payments, representing a percentage of the increase in value as a result of planning permission being granted.”
She added: “Although overage agreements can financially benefit a landowner, they are complex documents which may require extensive negotiation between a buyer and seller and both parties will incur costs in preparing the agreement, so if there is no likelihood of planning permission ever being granted, it may not be worthwhile going to the expense of entering an overage agreement.
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