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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 10087
Experience:  30 years as a practising solicitor.
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I didt complete a property transaction from a receiver,

Customer Question

I did't complete a property transaction from a receiver,
when they resold the property for the same price they did't market the property properly as they only went back to the orginal interested parties and now they are sueing me for the costs and time 4 months of costs at £155.000 which is made up of council tax, security, utility bills, there time and remarketing.

the orginal purchase was £2.55m

ive been advised the only option is to prove they could have got a better price if a full marketing exercise was carried out in order to win my case
Submitted: 3 years ago.
Category: Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

There are two issues. The first is the one you mention. It would have to be established on a balance of probabilities that putting the place back on the open market would have achieved a greater price. Expert evidence would be needed.

Secondly they have to minimise their losses so they have to act with economy in mind. They can't rack up huge costs without justification, their own fees for example would have to be reasonably charged; rarely the case with insolvency practitioners!

Please leave a positive response so that I am credited for my time.
JGM, Solicitor
Category: Law
Satisfied Customers: 10087
Experience: 30 years as a practising solicitor.
JGM and other Law Specialists are ready to help you
Customer: replied 3 years ago.

Hi


 


Its the expert evidence that Im looking for I have tried other estate agents but unwilling to go against each other, so difficult.


 


I agree with there costs as being outragous


 


looking for legal anwser to dismiss the case

Expert:  JGM replied 3 years ago.
Is this a commercial property?
Customer: replied 3 years ago.

2 x blocks of flats

Expert:  JGM replied 3 years ago.
I suggest that you use a commercial surveyor from one of the larger firms experienced in selling such properties rather than an estate agent. They will prepare an expert report and appear in court for you.
Customer: replied 3 years ago.

Im fighting savills Ive tried rettie but to no avail


 


is there a legal anwser to dismiss this for not conducting a proper marketing exercise


 


 

Expert:  JGM replied 3 years ago.
No, there is no technical knockout in this type of case.

The law is that they must take all reasonable steps to remarket the property so as to minimise their loss.

It is a question of fact whether or not they did so and expert evidence will be needed. So this won't resolve itself in a legal debate. Evidence at a Proof will be required so that the judge can assess whether or not the appropriate steps were taken to satisfy the legal test.
Customer: replied 3 years ago.

who are the best experts

Expert:  JGM replied 3 years ago.
One of the bigger surveyors like DM Hall or J & E Shepherd for example. Others are available.
Customer: replied 3 years ago.

Ive thought of those also but im looking for a simple way legally to show doubt on the case and do you think they are on the same level as savills

Expert:  JGM replied 3 years ago.
Savills are just estate agents, albeit very expensive ones. A judge will be looking for evidence from a professional surveyor acquainted with the commercial and portfolio market.
Customer: replied 3 years ago.

ok thanks


 


any other points you think i need to ask or should question to weaken there case

Expert:  JGM replied 3 years ago.
In defending a breach of missives case it is a question of attacking the quantification of damages and questioning whether they have minimised their loss. Each component has to be examined individually and cross examination made as to why the various charges are justified.

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