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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
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just went away and tried to sell it on the market which didn't go and now they are coming back after us that they never rescinded the contract
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?
I am still waiting for an answer
has your expert answered?
we did notify that we rescinded and then we heard that they had offered the property to a friend
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
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