Buyers lose out on deposit claims
Shelton, Mark
Buyers lose out on deposit claims - 2008 - The In-House Lawyer (160) May 2008, 83-85(3) .
Article looks at recent judicial findings in cases where deposits were witheld as a result of failure to complete on property transactions. In discussing the historical background, the author states that the level of discretion that can be applied to the legislation (Law of Property Act 1925 etc.) has been reduced over time and that defaulting buyers are now more likely than not lose their deposit.
PROPERTY ACT 1925 S40
TENNERO LTD V MAJORARCH LTD
UNIVERSAL CORPORATION V FIVE WAYS PROPERTIES LTD
LAW OF PROPERTY (MISCELLANEOUS PROVISIONS) ACT 1989 S2
OMAR V EL-WAKIL
PROFORCE RECRUIT LTD V THE RUGBY GROUP LTD
ARIBISALA V ST JAMES HOMES (GROSVENOR DOCK) LTD
LAW OF PROPERTY ACT 1925 S49(2)
United Kingdom--
Buyers lose out on deposit claims - 2008 - The In-House Lawyer (160) May 2008, 83-85(3) .
Article looks at recent judicial findings in cases where deposits were witheld as a result of failure to complete on property transactions. In discussing the historical background, the author states that the level of discretion that can be applied to the legislation (Law of Property Act 1925 etc.) has been reduced over time and that defaulting buyers are now more likely than not lose their deposit.
PROPERTY ACT 1925 S40
TENNERO LTD V MAJORARCH LTD
UNIVERSAL CORPORATION V FIVE WAYS PROPERTIES LTD
LAW OF PROPERTY (MISCELLANEOUS PROVISIONS) ACT 1989 S2
OMAR V EL-WAKIL
PROFORCE RECRUIT LTD V THE RUGBY GROUP LTD
ARIBISALA V ST JAMES HOMES (GROSVENOR DOCK) LTD
LAW OF PROPERTY ACT 1925 S49(2)
United Kingdom--