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propertylawyer
propertylawyer, Solicitor
Category: Law
Satisfied Customers: 280
Experience:  Property Solicitor with expertise in commercial and residential property transactions.
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Land developer exercised Option agreement after 16 months. I

Customer Question

Land developer exercised Option agreement after 16 months. I signed with the lack of legal advice and it was not suggested I take legal advice, my property is now worth £100.000 more than he is offering me, can I get out of this Option ?
Submitted: 11 months ago.
Category: Law
Expert:  propertylawyer replied 11 months ago.

Hi

There is not much you can do unless the option contains clause allowing you to terminate or if you can establish duress, misrepresentation or fraud.

It is standard practice for a developer to pay the seller's legal costs but this in itself would not be a sufficient reason to have the contract rendered invalid. The court would take the view that you could have sought legal advice.

How long before the option expires? Has the developer applied for planning?

Customer: replied 11 months ago.
Thank you, ***** ***** Agreement expired on the 31st April 2016 the developer exercised his Option 1 week before expiry, he has asked me to sign three option agreements over 4 years starting with a simple one page agreement and finishing with 7 pages and increasingly onerous terms that I didn't understand were being introduced into each new agreement and I believed the last agreement to be the same as the last, he continued to verbally tell me sign and not date as quickly as possible and saying "not long now Val, not long", his planning permission was rejected by Elmbridge Council and the last planning application was withdrawn but the Option did not state he needed planning permission.
He came to my house one night and just said I am going to buy your house and land
I feel as a single women nearing 70 I was slightly harassed but have no proof of anything, this developer wrote no letters almost everything was verbal, the only documentation I have are the Option Agreements
Do you think it would be worthwhile getting the opinion of a Barrister. ?
Customer: replied 11 months ago.
Sorry I believed the last Option agreement to be the same as the first.
Expert:  propertylawyer replied 11 months ago.

How distressing.

It may be worth seeing a local solicitor (specialist property solicitor) with the option agreements to get a proper opinion. It is difficult to advise without sight of all of the option agreements. Do ring round, some firms offer a free or reduced fee initial consultation.

Customer: replied 11 months ago.
Thank you for your advice, I will do as you have suggested.Kind regards
Expert:  propertylawyer replied 11 months ago.

Please can I kindly request that you accept / positive rate my reply otherwise the website will not pay me for assisting you. Many thanks

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Customer: replied 11 months ago.
The Solicitor that I dealt with was helpful in relation to my problem and also informative and raised
a point I had not considered.
Expert:  propertylawyer replied 11 months ago.

Good. Thanks for updating me. I hope you have a solution to resolve this issue.