See what Guardian Money had to say in answer to this query – truly shocking:
“I am about to complete on the purchase of a house on a new Charles Church development in Northiam, East Sussex.
My solicitor has identified an issue which negatively affects the value of seven of the properties. Because a certain form was never submitted to the Land Registry by the developer, each one has an “overage” on its deeds in favour of Charles Church.
This grants the company a proportion of any profit if the property is sold on and will have a huge impact on the resale value. The owners of properties already sold are none the wiser as no other conveyancer had picked up on it.
Charles Church’s solicitor has agreed that, with this overage in place, there is no way I could purchase the property. Nevertheless, Charles Church has given me two days to exchange and complete, or else it will remarket the property.”