Viewed a beautiful property yesterday. Lovely big old house (not listed - bonus!) with huge gardens all around the house. In the property details there is a note at the bottom stating the following:
"the conveyance of the property will contain a clause reserving to the vendors 30% of any uplifted development value should the garden be developed for houses within the next 25yrs".
Is this the vendors just trying to be greedy? Could it cause problems should we wish to sell the property within 25yrs? We're unlikely to want to sell any of the garden but DH says that's not the point & he says no way would we buy it with that clause left in.
Anyone come across this kind of thing before?
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Property with vendor clause... Deal breaker?
5 replies
Zeeky · 05/09/2011 08:42
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