Tees are thrilled to have recently assisted a local farming company and a partnership with the expansion of their existing farming operations through the purchase of 316 acres of arable land in Essex for £3,725,000.
From the legal side at Tees, Daniel Fairs (Partner) took the lead and Ellen D’Souza (Solicitor) assisted in advising the clients on all aspects of the transaction. There were several complications which needed to be addressed throughout; including overage in favour of the seller, bank funding, and the separate parcels of land which needed rights over each other. However, Daniel and Ellen were able to navigate all complications and advise the clients through the transaction, resulting in an excellent outcome for the purchasers.
Our clients commented:
“We can’t thank Daniel, Ellen and Tim enough for the service we received during our purchase. The transaction was a challenging process at times but was handled with efficiency and care. The guidance provided was invaluable, and we would highly recommend them.”
Collaboration with other local experts
Tim Fagan of Stutt and Parker acted for the purchasers from an agency perspective and commented:
“It was rewarding to have been successful in the bidding process and then to deal with the legalities of the acquisition with Daniel Fairs and Ellen D’Souza at Tees Law. I’m a believer in teamwork and to keep any deal moving forward as fast as possible, and this was possible with all parties working to one goal.”
Peter Mason of Ceres Property who acted as the seller’s agent commented:
“Thank you to all for their hard work getting this over the line, including Kerry Addison from Knights who acted on behalf of the vendor, and to Tim Fagan from S&P and Daniel Fairs from Tees Law who acted for the purchaser. Some great teamwork and a good result for all involved.”
Daniel Fairs commented:
“It was a pleasure to have advised the clients in connection with their purchase and to work closely with the professionals involved to get this deal across the line. I hope to continue supporting the clients and working with them in the future.”
Frequently asked questions
1. What is overage?
The term “overage” is generally used to describe the situation where a seller is to share in any increase in value in a property that is realised after the property has been sold. For example, an overage obligation may include a payment from the buyer where there is a reasonable expectation that the land may be redeveloped in the future.
2. What is the difference between a positive covenant and a restrictive covenant?
A positive covenant requires a landowner to do something specific in relation to a property. For example, a positive covenant could require a landowner to spend money or erect boundary structures.
A restrictive covenant is negative in nature and prohibits a landowner from doing something in relation to property. For example, a restrictive covenant could prohibit a landowner from using a property for a specific purpose such as residential use.
Giving you the full picture
Tees is a top-tier UK law firm with extensive expertise in Agriculture, Rural and Estates matters. Our Commercial Property solicitors provide strategic, practical advice to help businesses expand, invest and thrive.
If you’re considering a sale or purchase of rural land and property, contact our Agriculture, Rural and Estates team to see how we can support you.
