Aubergine Enterprises Ltd v Lakewood International Ltd
Aubergine Enterprises Ltd v Lakewood International Ltd
- 2001
- Estates Gazette [2001] 39 EG, 141-150(10) .
ChD 21 February 2001. Buyer (A) entered into a contract with seller (B) to acquire, by assignment, a 125-year lease of a property. The agreement made provision for obtaining the landlords' consent to the proposed assignment. The landlords gave their consent "in principle", but later refused to provide the executed licence because a rent deposit deed and certain assurances had not been given. B contended it was entitled to rescind and recover its deposit, since the landlords' formal consent had not been obtained on time. "Held": The buyer was not entitled to rescind. Once the landlords had given their consent "in principle" this could not be revoked by subsequent letters.
AUBERGINE ENTERPRISES LTD V LAKEWOOD INTERNATIONAL LTD
LANDLORDS
Contracts
LEASE
SALE
RECISSION
ChD 21 February 2001. Buyer (A) entered into a contract with seller (B) to acquire, by assignment, a 125-year lease of a property. The agreement made provision for obtaining the landlords' consent to the proposed assignment. The landlords gave their consent "in principle", but later refused to provide the executed licence because a rent deposit deed and certain assurances had not been given. B contended it was entitled to rescind and recover its deposit, since the landlords' formal consent had not been obtained on time. "Held": The buyer was not entitled to rescind. Once the landlords had given their consent "in principle" this could not be revoked by subsequent letters.
AUBERGINE ENTERPRISES LTD V LAKEWOOD INTERNATIONAL LTD
LANDLORDS
Contracts
LEASE
SALE
RECISSION