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Buachaill, Barrister
Category: Law
Satisfied Customers: 10527
Experience:  Barrister 17 years experience
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We are wanting to buy a house and workshops, the house

Resolved Question:

We are wanting to buy a house and workshops, the house is tied to the w/shop, it is our friends we are buying off and they are desperate for money so have offered us to buy the workshops only for a set price with the agreement that when our house is sold we will buy the whole lot. Is this something that can be done?
Thank you
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Yes, this solution you are proposing of buying the workshop now and the house when you have sold your own house is eminently do-able. The way it would be structured would be a current sale of the workshop together with an option for you to buy the house within a set period of time. This approach will give you maximum flexibility as to whether you want to go ahead and purchase the house or not. However, be aware that the people selling the workshop and house will want a corresponding put option to sell the house to you within a certain period of time. This then gives them the ability to sell their house to you when a certain period of time has elapsed. This means they are not waiting forever for you to buy out the house. However, a conveyance and sale of the workshop immediately with corresponding option to buy and put option to sell the house would mean that this aim of selling the workshop now and the house subsequently would work. I would suggest you get a solicitor to draw up the sale and option agreements, as you will need help with it. The solicitor can also do the conveyance of the workshop.
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