Court of Appeal hears £1.4m overage case

The Court of Appeal today began hearing a case about a property deal that missed a 10-year deadline by four days, saving the developer £1.4m. The case centres on overage – a sum a seller in a property deal may be entitled to after the sale if various conditions are met. In this case the seller, Gaia Ventures, sold development land in Milton Keynes to Abbeygate in 2003 for £1.5m and agreed to pay an extra overage of £1.4m if planning consent and some other conditions were met with 10 years of the purchase. The conditions were met four days
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