MOST people can recognise the quote from Shakespeare’s Henry VI: “The first thing we do, let’s kill all the lawyers.”
What is not often appreciated is that Shakespeare was not advocating mass slaughter of the legal profession.
The lawyers stood between the mob and intended revolution, they had to be dispensed with for anarchy to prevail.
As a commercial property lawyer, I am not often required to prevent anarchy.
What I am required to do is to understand my clients’ needs and requirements to ensure that their legal position is protected.
A typical example would relate to advice on overages - an overage is often used where land has a low value at the point of sale but has potential for redevelopment.
The seller wants to retain the potential to share in the future development value by payment of a percentage in the increased value of the land.
On the face of it, this does not appear unreasonable, but the terms of the overage, the length of time it will apply, and the extent of permitted development are all of concern to the buyer.
My role is to ensure that these issues are understood and clearly documented to prevent future ambiguity.
As part of the Porter Dodson Commercial Property team, I am here to help you with any questions you may have.
Contact Lesley Gaskell on 01823 625844 or lesley.gaskell@porterdodson.co.uk
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