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Any legal eagles on the forum? - XFullFatTim - 04-03-2012 06:24pm
I'm interested in buying a property and in the seller's agent's blurb is the phrase that there is a "legal right of pre-emption" in favour of a 3rd party. I assume that this means that the property could be being sold on behalf of somebody else who has "first right of refusal" or that the seller has used the property as security for a mortgage or loan and the people listed as having the " legal right of pre-emption" are the guarantors? It isn't a bank or corporation, the people listed as having the right of redemption are a couple?
RE: Any legal eagles on the forum? - Donny Dog - 04-03-2012 07:13pm
(04-03-2012 06:24pm)XFullFatTim Wrote: I'm interested in buying a property and in the seller's agent's blurb is the phrase that there is a "legal right of pre-emption" in favour of a 3rd party. I assume that this means that the property could be being sold on behalf of somebody else who has "first right of refusal" or that the seller has used the property as security for a mortgage or loan and the people listed as having the " legal right of pre-emption" are the guarantors? It isn't a bank or corporation, the people listed as having the right of redemption are a couple?
I think it means that this couple have the right to buy the property at the price you offer in preference to you, and you will only be able to proceed yourself if they don't want it. I also think you should consult a solicitor!
(In terms of company shares, it means that a director can't sell his shares to a third party without giving existing directors first refusal).
RE: Any legal eagles on the forum? - XFullFatTim - 04-03-2012 07:38pm
I didn't think this sort of sale was permitted under Scottish Law as the property is for sale up here in Central Scotland
RE: Any legal eagles on the forum? - Donny Dog - 04-03-2012 08:13pm
(04-03-2012 07:38pm)XFullFatTim Wrote: I didn't think this sort of sale was permitted under Scottish Law as the property is for sale up here in Central Scotland
Aaaaah, you never mentioned Scotland! (At least we now know where "somewhere between here and there" is!!
You definitely need to consult a (Scottish) solicitor.
RE: Any legal eagles on the forum? - BobM - 04-03-2012 11:16pm
Try this link
http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageLibrary_ShowContent&propertyType=document&id=HMCE_CL_000157
RE: Any legal eagles on the forum? - XFullFatTim - 04-03-2012 11:21pm
Thanks Bob, that answered my problem. How they hope to sell the property with that question mark hanging over it at the price that is being asked (offers over £625,000) I don't know.
RE: Any legal eagles on the forum? - Donny Dog - 04-03-2012 11:43pm
Very similar to the use of the term in English law, then. Presumably after the pre-emption period elapses (assuming the decline to bid) you can proceed with your offer safely if you wish.