Are we over-reacting - would you buy this house?

[Aescott]

You might not be worried about the overage and expect to live in the house beyond its expiry in 2052. But you have no idea what can change with your circumstances. if you were in the position of being forced to sell sooner, you’d have a massive headache.

 

[Jameshow]

The problem is that it almost certainly can't be removed. Only the three beneficiaries of the overage agreement can agree to this, they sold it in 2017, and they are unlikely to care whether the current owners have trouble selling it. They just want the (very slight) prospect of an unearned windfall.

Can you get insurance against such an event?

Might be worth a look?

In effect this is almost a leasehold and you having to pay a onoff leasehold at some point!

Could you get an overage lawyer to look at it and see if there is a loophole you can take advantage of?

If you cannot chase the overage beneficiaries how can you pay money too them??

 

[rogerzilla]

Does this mean the people giving or withholding permission to sell might demand, say 50% of the selling price?

How is it that the current owners are able to sell to you? Or is the point that the current owners are trying to sell without such permission potentially leaving you in the shoot

I doubt they've even approached the beneficiaries yet. Heads in sand.

 

[CXRAndy]

Unless they have a couple of dogs

I except tenants with pets. There is added pet allowance/ insurance to cover damage added to rent.

 

[Psamathe]

I suspect you could buy them out, and knock the cost off the asking price? How much is it worth to them now as opposed to a potential windfall in the future.
But would the seller accept that?

Also timescales. Current owners have to go back to beneficiaries, negotiate, lawyers create contracts, Land Registry has to update deeds, etc. All likely to take a long time and without knowing if it's going to happen or not.

Ian