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Monday, September 27, 2010

Landlords hounded by developers

A property buyer who did not have the funds to complete the purchase of a property has been sued by the developer for failure to complete the transaction. This case has implications for many buy-to-let landlords that purchased off plan.

Whilst the transaction took place in Scotland it potentially has implications for landlords all over the UK.

The developer AMA (New Town) took the buyer to court because of his failure to complete the purchase. Despite the fact that the buyer had already paid an unreturnable deposit the developer successfully sued the purchaser for the purchase price of £149,000 plus interest.

Commenting on the case Sheriff William Holligan said:

“Faced with an admitted breach of contract on the part of Mr Finlay, AMA are entitled to seek implementation of the contract by the way of payment of the price and that means seeking an order for payment.”

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1 comment:

Anonymous said...

Took the buyer to "caught", eh?