Clawbacks & Overages
A clawback or overage is an additional payment related to any value uplift triggered by certain chargeable events related to the grant of planning permission on a property and are usually protected by a restriction at the Land Registry. Clawback restrictions are commonly used where land is sold based on existing use values but has potential for future development.
Clawbacks are normally contained in the original transfer or conveyance documents for the sale of land and are generally required to be passed onto new owners on the sale of land through deeds of covenant.
Platform4 would welcome approaches in respect of clawback restrictions including to understand more about the implications, to discuss a change in ownership or a chargeable event or we are happy to work collaboratively with landowners to identify and support development opportunities.
Please contact Barry Gilbert, Development Manager (Sales and Overages) for Platform4 at clawbacks@platform4.com.
Historic Clawback Entitlement:
London & Continental Railways Ltd (“LCR”)
Platform4 is the trading name of LCR (Company Registration No. 02966054). LCR’s restrictions may be registered at its previous addresses: 20 Cranbourn Street, London, WC2H 7AA, or at 4th Floor, One Kemble Street, London, WC2B 4AN.
BRB (Residuary) Limited
LCR is the statutory successor in title to BRB (Residuary) Ltd concerning clawback due to a transfer scheme dated 11 September 2013, made by the direction of the Secretary of State in connection with the Public Bodies (Abolition of BRB (Residuary) Ltd) Order 2013 and pursuant to section 23(1)(a) of the Public Bodies Act 2011.
British Railways Board
BRB (Residuary) Ltd is the statutory successor in title to the rights of the British Railways Board regarding clawbacks due to a transfer scheme dated 26 January 2001, made pursuant to section 85(1) of the Railways Act 1993 and by the direction of the Secretary of State made pursuant to Section 85(4) of that Act.
