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Jamie-Law
Jamie-Law, Solicitor
Category: Property Law
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Experience:  Solicitor
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I have a question about validity of a property option

Resolved Question:

Hi, I have a question about validity of a property option agreement
Submitted: 1 year ago.
Category: Property Law
Customer: replied 1 year ago.
I signed an option agreement to sell a house. The agreement contains a clause stating that the option fee to be paid by the purchaser was £5. However upon signing the contract I was never given any money bye way of an option fee. The option term expires on 21st Oct however is the agreement enforceable if I never received any option fee? The purchasing company has entered a unilateral notice on my title deeds and will not remove as they want to protect there interest.
They also say I am in breach of the contract because I have continued to advertise the property with another agent. However I was already advertising it and they were well aware at time of me signing the agreement. On what grounds can I request that the Unotice is removed from my deeds.thanks
Expert:  Jamie-Law replied 1 year ago.

Hello my name is ***** ***** I will help you.

For now please let me know when it says they need to pay £5 by?

Customer: replied 1 year ago.
Hi, thanks for the reply.Clauses in the contract
Option the option granted to the Buyer to require the Seller
to transfer the Property in return for payment of the
Price
Option Fee £5.00 (Five Pounds Sterling). The Option Fee is not
refundable to the Buyer in any circumstances but will
be deducted from the balance of the Price due on
completion
Option Period period starting on the date of this option and ending
at 21 Oct 2016Also -
VERY IMPORTANT NOTE TO THE SELLERS
THIS IS AN IMPORTANT DOCUMENT AND THE SELLER CONFIRMS THAT THEY FULLY
UNDERSTAND THIS DOCUMENT, AND ARE HAPPY WITH IT, AND THAT THEY HAVE
TAKEN LEGAL ADVICE IF THEY WERE NOT SURE ABOUT ANY PART OF IT, AND
CONFIRM THAT IT IS FOR THE BUYERS TO OBTAIN THE OPTION TO PURCHASE THE
SELLERS PROPERTY AT THE PRICE AGREED IN THIS DOCUMENT AND BY SIGNING THEY
ALSO ACKNOWLEDGE THAT THEY HAVE RECEIVED THE £5.00 (FIVE POUNDS
STERLING) FROM THE BUYER IN CONSIDERATION OF THIS.Unfortunately I didn't read this bit and signed even though I didn't receive the £5Thanks
Expert:  Jamie-Law replied 1 year ago.

You don't receive the £5, it is deducted at the end upon completion. So you don't get the £5 yet.

If the option expires in 11 days and you don't complete then you do not need to use them, the option expires.

In any event if they knew you were advertising with someone else you can't be in breach, they knew you weee already doing this.

Just delay completion then the option expires and they have to remove the notice.

Can I clairfy anything for you about this today please?

Customer: replied 1 year ago.
Thanks, ***** ***** the event I have offer on the house from the other estate agent that I was advertising with. As long as I don't complete with the other agent, before the end of the expiry, the option purchaser cannot claim I am in breach of the agreement.
Expert:  Jamie-Law replied 1 year ago.

Correct.

Does that clarify?

Customer: replied 1 year ago.
Thank you this clarifies.
Expert:  Jamie-Law replied 1 year ago.

If I could ask you to rate my answer before you go today, by clicking on the 5 stars or happy face, otherwise the site does not pay me for the time spent with you today. Thank you in advance and good luck!

Jamie-Law and other Property Law Specialists are ready to help you
Customer: replied 1 year ago.
Hello again, Somehow I don't think this company will lift the notice after Friday's expiry. If it needs to go legal, is this case something you will be able take on? I would like the option contract reviewed as I believe it to be unfair and unbalanced in favour of option buyer. There is no recognisable complaints procedure, no fair option of cancellation on my part, I believe frustration could also be possible. Further more placing a notice on my deeds is excessive punishment when I do not have an equivilent right of redress for poor service carried out during the contract. I don't believe I am in breach as per our earlier conversation. I also the believe the contract has not been fully completed for it to be legally binding. If this is an area that you are confident and have experience in challenging companies I would like to discuss the possibility of engaging you. Thanks & Regards
Alan
Expert:  Jamie-Law replied 1 year ago.

Sadly Alan this is a question and answer site so I cant be instructed - you would need to engage your own Solicitor for this, as much as I would like to help