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Buachaill, Barrister
Category: Law
Satisfied Customers: 10974
Experience:  Barrister 17 years experience
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I have been arranging a private sale of my house to a gentleman

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I have been arranging a private sale of my house to a gentleman who owns many properties on my street, including next door at both sides. After months of trying to sort it out and me finding somewhere else to buy which I've done, it came to this week and rather than the valuation I was expecting on my property from the gentleman's mortgage company he instead told me that he can't buy it because there is a law against him owning more than 20% of the houses on one street. I have never heard of this before and frankly I don't believe it, are you able to tell me if this is actually law? I believe that it's just a case of him backing out for whatever reason and just not being honest about it. Your thoughts would be very welcome
1. There is no such thing as a law which prevents a person from owning more than 20% of the properties on one street. This is a fiction. You have correctly guessed that this person is simply attempting to pull out of a sale with you. A person is free to own as many of the properties in a street if they so wish. The law doesn't impose restraints on ownership.
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Customer: replied 1 year ago.
Thank you very much for your response it was exactly what I expected but to my mind it was worth paying to find out. Thank you for coming back to me so promptly.