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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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we exchanged contracts to buy a property and things got complicated

Customer Question

we exchanged contracts to buy a property and things got complicated the seller went away to offer the property to some1 else is this sufficient to say that he recinded the contract
Submitted: 1 year ago.
Category: Law
Expert:  T_Graham12 replied 1 year ago.
Hi,
Thanks for your question.
When is/was the completion date in the contract?
Kind regards,
Tom
Customer: replied 1 year ago.

the completion date was a few years ago the vendors went away and tried to sell it to other people which they failed now they have come along asking us to complete we need to know is a contract still alive after they have marketed to other people we are not asking if they can sue us

Expert:  T_Graham12 replied 1 year ago.
Wow.
Why did you not complete the purchase in the first place?
Kind regards
Tom
Customer: replied 1 year ago.

well really its a long story we exchanged on a business with a property for £1 reason being that we were negotiating with the vendors for their employment contracts because the idea was that they would stay on for 5 years they were in a rush to exchange because of tax reasons therefore they asked us to exchange on a minimal amount of a £2M deal and then they will work out all the rest we did so and we could not come to an agreement therefore they just went away and tried to sell it on the market which didn't go and now they are coming back after us that they never rescinded the contract

Expert:  T_Graham12 replied 1 year ago.
Hi,
I'm really sorry, but if the property sale is tied in with ah commercial business sale then I think it's best if I opt out so another expect better experience in this area can assist.
Because of the nature of your question you may have to patient though..
Kind regards,
Tom
Customer: replied 1 year ago.

ok

Expert:  T_Graham12 replied 1 year ago.
Thanks..
Customer: replied 1 year ago.

all I need to know really is that on a pure property basis when a seller offers the property after exchange to a different buyer does this terminate the contract?

Expert:  Nicola-mod replied 1 year ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.

I am still waiting for an answer

Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Customer: replied 1 year ago.

has your expert answered?

Expert:  Alex J. replied 1 year ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
To what extent did they make the other offer? Was it in writing?
Did you ever notify them you had rescinded the contract?
Kind regards
AJ
Customer: replied 1 year ago.

we did notify that we rescinded and then we heard that they had offered the property to a friend

Expert:  Alex J. replied 1 year ago.
Hi,
Thank you.
When you was the exchange conditional on anything? I.e agreeing a price?
When you say he offered it to a friend was this a written offer?
How many years ago did this happen? If he is asking you to complete has a price even been agreed?
Kind regards
AJ
Customer: replied 1 year ago.

the exchange was not conditional although we still had to agree their employment details ,we do not know if there was anything written but I don't think that there is a dispute that they did try to sell it happened 6 years ago and a price was agreed to the contract.

at the moment the feedback is dreadful

Expert:  Alex J. replied 1 year ago.

Thank you. Firstly if the contracts were exchanged six years ago then, as long as it was not executed as a deed, the seller would be statute barred at this point from actually demanding completion of the contract - this would be under the Limitation Act 1980. Secondly in relation to the rescission, I would agree that trying to sell the business to a third party would be wholly inconsistent with the performance of the contract and rescission of the contract is implied. If you are worried about what claim the seller might bring for your refusal to complete - what exactly has he said - have you just received a notice to complete? Kind regards AJ

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