• Buy Back Clause On Extra Land At The Back Of A Property

    By Guest on 23rd Apr 2020

    Hi, My partner and I are thinking of buying a property around Cambridge. However, the property has a separate piece of land attached to the band with a 'buy back clause in favour of ____(a particular individual)'. This individual is not the person who currently owns the property and the clause was put on in 2000 for 80 years! We wanted some advice on how best to negotiate this situation with the vendors and the other individual who has a clause over the additional land.

  • 1 Answers

    By NotaryExpress on 24/04/2020

    The best solution would be the have the clause removed, but that would require the seller to enter into a deed of release or similar with the beneficiary of the clause (or their executor if they are deceased). Otherwise it's possible there might be an indemnity policy out there but not come across one before; still worth exploring. The seller may be willing to enter into an agreement with you that if the buyback is exercised they will repay you X amount, but bear in mind the risk of seller being untraceable or deceased or insolvent, or they may simply not be willing to enter into such an agreement. Or purchase at your own risk with the knowledge that an unknown person could buy the land off you at the price stated in the agreement. Or buy somewhere else instead!

    www.notaryexpress.co.uk

  • Post Your Answer


  • Do you want to be informed of further comments / replies? Yes No

Ask a Question

Search