we're thinking of re-locating to cambridgeshire in about 8 months time - so in anticipation of this i've been trawling property sites to see what's available in our price range (f#'%$£"£$% expensive springs to mind!!!) anyway came across what looks like quite a nice cottage outside of cambridge....
it needs total refurbishment and has two bedrooms, a 'lean to' bathroom on the ground floor and just over 1/3 acre of land - now i thought cool knock down the lean-to, put a new extension on to add an extra bedroom as well as a new bathroom (planning permission required) that was until i read further on!!!!!!!!!!!!
and i quote
the following covenants relating to the property will be imposed once the property is sold:
1] a ransom strip will be retained around all boundaries other than the boundary with the road.
2] there will be a "claw back" provision entitling the present owners to receive 50% of the increase in value of the property upon any future development.
there was also some stuff about not storing caravans Etc on the land - now i can sort of understand the ransom strip (the property is surrounded by open fields so if developers want to build on it the present owners get big $) but to grab 50% of the value increase is just plain greedy especially as the house is 'in need of attention' - or have i read that wrong?
it needs total refurbishment and has two bedrooms, a 'lean to' bathroom on the ground floor and just over 1/3 acre of land - now i thought cool knock down the lean-to, put a new extension on to add an extra bedroom as well as a new bathroom (planning permission required) that was until i read further on!!!!!!!!!!!!
and i quote
the following covenants relating to the property will be imposed once the property is sold:
1] a ransom strip will be retained around all boundaries other than the boundary with the road.
2] there will be a "claw back" provision entitling the present owners to receive 50% of the increase in value of the property upon any future development.
there was also some stuff about not storing caravans Etc on the land - now i can sort of understand the ransom strip (the property is surrounded by open fields so if developers want to build on it the present owners get big $) but to grab 50% of the value increase is just plain greedy especially as the house is 'in need of attention' - or have i read that wrong?
