Before purchasing land for a self-build project, it's crucial to understand the implications of restrictive covenants and overage. Restrictive covenants can limit or prohibit what you can build, even if planning permission has been granted. It's essential to have a solicitor review the title deeds to uncover these restrictions. Overage, on the other hand, involves obligations for the buyer to pay a share of any future increase in land value after specific events occur. Both factors can significantly impact your building plans and investment strategy.
"It's imperative that your solicitor reviews the title deeds in order to find out how covenants might affect your project - not doing so is one of the plot-buying mistakes you should avoid."
"An overage is an obligation on the buyer to make a further payment being a share of the increase in the value of the land after the occurrence of one or more 'trigger' events."
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