Company goes bust - overage payable?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Company goes bust - overage payable?

    Property with land bought by a company, overage clause registered at LR. PP granted and overage due, company goes bust before it's paid. Will the original owner get the overage due or will they be in the queue behind the bank and get circa 2p in the £?
    This is theoretical ATM, just looking for potential pitfalls of selling to a company rather than an individual.

    #2
    What is an overage clause ? What is PP and ATM ?

    Comment


      #3
      Originally posted by Gordon999 View Post
      What is an overage clause ? What is PP and ATM ?
      ATM - At the moment
      PP - Planning permission (I think)

      Comment


        #4
        Originally posted by BTL investor View Post
        ATM - At the moment
        PP - Planning permission (I think)
        You're right. Overage - also known as claw back - payment of a proportion of the uplift in value when residential/agricultural land becomes building land.

        Comment

        Latest Activity

        Collapse

        • Reply to BTL loan with bad credit issue - please help
          by leasee123
          A bad credit record just for being overdrawn by £100 and paying it back soon after? What a joke. Which bank is this so I and others can avoid them with a bargepole?

          OP - if you missed out on this property I wouldn't be so disappointed with such low yield. Capital appreciation, even...
          17-10-2021, 11:31 AM
        • BTL loan with bad credit issue - please help
          by trippyvibes
          Hello, I am new to the forum and would appreciate your help.

          Back in November 2018 we had a loss in the family and it affected me. I lost interest in most things and neglected my responsibilities. I have a minor bank account which I use mainly as backup for Paypal payments on eBay and...
          01-01-2021, 18:05 PM
        • Reply to All change... Plan number 2...
          by landlord-man
          Wow, a £300k mortgage is going to take a sizeable monthly rental to service - and then the tenants decides not to pay - ouch.

          I would sell and use the £100k to buy 1 or 2 BTLs at £100k-£120k each with mortgages, spreading the risk.

          It may mean buying away from where you...
          17-10-2021, 09:20 AM
        • All change... Plan number 2...
          by Bonehead33
          So the previous flat sold before I could get my hands on it.

          So another quick plan for your collective scrutiny please. Don't know how feasible it is.

          We're moving to new build in march with new mortgage and savings. New build purchase not dependant on current residential sale....
          16-10-2021, 16:15 PM
        • Reply to All change... Plan number 2...
          by Gordon999
          If you can sell your former home for £400K with £300K mortgage to pay off , you would receive £100K and no capital gains tax to pay.

          Before you decide to rent out the property, you should check the rental demand for houses in your area and the current rents.
          17-10-2021, 09:07 AM
        • Reply to All change... Plan number 2...
          by jpkeates
          If the mortgage is joint, the ownership will have to be joint.

          Moving the property to a limited company is going to be difficult because of the timing - your limited company would require personal guarantees for a mortgage and you would need to be a property owner to be able to use the...
          17-10-2021, 08:16 AM
        • Reply to All change... Plan number 2...
          by doobrey
          Yes, you would....
          16-10-2021, 21:23 PM
        • Tenant used to own property
          by dizzymill
          Hi all. We have owned a property for 16 years which we bought off the person who is and has been the tenant all this time. It has been mortgaged with TMW but now when we come to remortgage back to them as mortgage term has expired they are saying it doesn't meet their criteria as it's a sale and rent...
          15-10-2021, 09:20 AM
        • Reply to Tenant used to own property
          by theartfullodger
          & Beware you may already now be on the National "Hunter" system that records persons with loans/credit deals that were... err.. based on might appear to be "iffy" info.

          Designed to flag warning red flags to any lender when later approached.

          See......
          16-10-2021, 14:52 PM
        • Reply to Tenant used to own property
          by loanarranger
          JpKeates is correct on his understanding of granting Vacant Possession but not adhering to the requirement. Don’t kick up a fuss with TMW as you might not like it if you were asked to repay the mortgage, unlikely but never take such things for granted.
          16-10-2021, 14:25 PM
        Working...
        X