Edwin Hill and Partners v First National Finance Corporation
Edwin Hill and Partners v First National Finance Corporation
- 1988
- Estates Gazette (8807) 20 February 1988, 75-82(5) .
QBD 31 July 1987. Action for damages by chartered surveyors (E) against bank (F), alleging actionable interference of their contractual rights . The action arose out of the development of a London office block funded by F and purchased by Leakcliffe Properties (L). E was appointed by L as architects . When F agreed to fund the development, the terms did not reserve to F any right to appoint an architect. However, a mortgage taken out to secure F`s investment, provided that if L defaulted on repayment and a receiver was appointed, his powers would include employment of architects to finish the work. Following the 1974 property market crash, finance was not easy to find. Eventually F, who had provided the finance to enable the site to be purchased and had a legal charge on the property, decided to carry out the development themselves. However, they made a condition that other architects and letting agents should be appointed in E`s place. The judge summarised the essential ingredients
QBD 31 July 1987. Action for damages by chartered surveyors (E) against bank (F), alleging actionable interference of their contractual rights . The action arose out of the development of a London office block funded by F and purchased by Leakcliffe Properties (L). E was appointed by L as architects . When F agreed to fund the development, the terms did not reserve to F any right to appoint an architect. However, a mortgage taken out to secure F`s investment, provided that if L defaulted on repayment and a receiver was appointed, his powers would include employment of architects to finish the work. Following the 1974 property market crash, finance was not easy to find. Eventually F, who had provided the finance to enable the site to be purchased and had a legal charge on the property, decided to carry out the development themselves. However, they made a condition that other architects and letting agents should be appointed in E`s place. The judge summarised the essential ingredients