Thomson Snell & Passmore were instructed by existing clients on the purchase of a large proportion of a tenanted farm in East Sussex.
The transaction involved, amongst other matters, the negotiation, in conjunction with the client’s land agent, of the area of land to be acquired, the terms of the acquisition, apportionment of ongoing farm business tenancies, Basic Payment subsidies and other grants, negotiation of an option in favour of a third party to buy part of the land, subject to planning, and an overage agreement in favour of the seller in relation to the option land.
The matter was complex and involved dealing with several separate freehold titles and negotiating new cross rights and easements for access and services. The transaction was important to the client as it extended existing agricultural holdings.
Partner, Gilbert Green, working closely with senior associate Penelope Edgar handled all legal aspects and co-ordinated the negotiations both for the acquisition and the option/overage agreement to reach a good outcome for the client.