A standard clause enabling a seller to share in any increase in value of a property where planning permission is granted after completion of a sale. Overage is payable when there is no longer a risk of a third party challenge to the planning permission. Provision is made for a restriction to be entered against the buyer's title and for the creation of a chain of deeds of covenant with the buyer's successors in title.

The standard clause is drafted as a schedule for inclusion in a transfer to be entered into on completion of a sale of a property. The standard clause may also be adapted for inclusion as a schedule to a contract for sale or could be adapted for use in a standalone overage deed.

NOTE: Overage provisions must always be drafted and adapted to fit the particular circumstances and terms of the transaction. The standard document should be amended and modified accordingly. This standard document and its integrated drafting notes highlight issues that commonly arise and should be taken into consideration. However, it is likely that there will also be other factors arising out of the particular transaction that must be taken into account.