New Creation Hall (Overage)
Land at New Creation Hall, Church Lane, Northampton, NN7 3LB
- 8
Guide Price: *
£10,000
Fees apply
Buyer's fee:£3,600
All fees include VAT at 20%
Holding Deposit: *£1,400
*Only charged if you are the successful buyer and goes towards the purchase price
Auction Type:
Traditional
Sold for:
£10,750Bid history
3 bidsAThis is an automatic bid as the bidder has set a maximum bid for this lot
12/03/2024 11:48:46 - £10,750
A
27/02/2024 16:47:21 - £10,250
S
19/02/2024 01:03:56 - £10,000
Land at New Creation Hall, Church Lane, Bugbrooke, Northampton NN7 3PD
The seller is selling their registered interest in an Overage Deed dated 24th September 2020 which is protected at Land Registry by a restriction registered against the whole title meaning that there can be no transfer of the title without the beneficiary of the restriction’s consent. The overage provision is triggered by the implementation of a relevant planning permission or the disposal of any part of the land with the benefit of a relevant planning permission. The agreement is valid up to and including 23rd September 2045 and if triggered would entitle the person with the benefit of the Overage Deed to a sum equal to 25% of the difference in the value of the land with the benefit of a planning permission to the value of it without. The extent of the land affected by the overage is shown coloured yellow on the plan to the Overage Deed.
The Seller has had communication with the registered proprietors who have expressed a desire to have the overage provision released. In the last communication with them the registered proprietors intimated that it is their intention to split the land into ten separate titles, the reason for this is unknown.
On completion, the Seller will provide form RX4 to the successful bidder to release the restriction currently registered and a form RX1 will need to be simultaneously submitted by the Buyer to protect their interest.
Summary
- Auction end
- 12th Mar at 12:00
- Property type
- Other
- Tenure
- N/A
- Bedrooms
- 0
- Bathrooms
- 0
- Council tax band
- N/A
Summary
- Auction end
- 12th Mar at 12:00
- Property type
- Other
- Tenure
- N/A
- Bedrooms
- 0
- Bathrooms
- 0
- Council tax band
- N/A
This property is being sold by:
Banbury
01295 271555
2A Banbury Office Village, Noral Way, Banbury OX16 2SB
†Traditional auction
Exchange occurs at the end of the auction. This means that if the reserve is met or exceeded and the auction timer reaches zero, the successful bidder is legally obliged to pay the purchase price and the seller will be legally obliged to sell the property. To ensure that the successful bidder proceeds, the buyer is automatically charged a holding deposit, which is held in a secure client account, pursuant to the terms of a holding deposit agreement.
* Pricing Information
The Guide Price amount specified is an indication of each seller's minimum expectation. It is not necessarily the amount at which the property will sell. Each property will be offered subject to a Reserve (a figure below which the property will not be sold) which we expect will be set no more than 10% above the Guide Price amount.
Bamboo Auctions and Fisher German Online Auction shall not be liable for any inaccuracies in the fees stated on this description page, in the bidding confirmation pop up or in the particulars. Buyers should check the contents of the legal pack and special conditions for accurate information on fees. Where there is a conflict between the fees stated in the particulars, the bid information box above or the bidding confirmation pop up and the contents of the legal pack, the contents of the legal pack shall prevail.
Stamp Duty Land Tax or Land and Buildings Transaction Tax may also apply in some circumstances.
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Disclaimer
All information relating to this property, including descriptions, pictures and other related information has been provided by Fisher German Online Auction. All legal documents in relation to this property have been provided by the Vendor's solicitor. Neither Bamboo Auctions or any individual in employment with Bamboo Auctions makes any warranty as to the accuracy or completeness of any of the property information.
These particulars do not form part of any contract or offer. Buyers should not rely on them as statements of representation and should check that the information is correct by inspection or otherwise. Where there is a conflict between the contents of the legal documents and these particulars, the information contained in the legal documents shall prevail.