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IAA Vehicle Services Ltd v HBC Ltd [electronic resource]

Language: English Subject(s): Online resources: Summary: [2024] EWHC 1(Ch), 5 January 2024. The High Court held that time was not of the essence for payment of a deposit due when exercising a tenant's option to purchase the landlord's reversion. Specific performance – Lessee’s option to purchase reversion – Option providing that ‘upon valid exercise of the option’ a binding agreement ‘shall come into existence’ – Standard conditions of sale requiring purchaser to pay a deposit of 10% of the purchase price ‘no later than the date of the contract’ – Exercise of option without payment of deposit – Whether purchaser obliged to pay deposit on or before date of exercise of option – Whether time of the essence for payment – Whether non-payment of deposit constituted a repudiation of purchase contract – Whether vendor entitled to treat contract as discharged – Whether purchaser entitled to specific performance
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[2024] EWHC 1(Ch), 5 January 2024. The High Court held that time was not of the essence for payment of a deposit due when exercising a tenant's option to purchase the landlord's reversion. Specific performance – Lessee’s option to purchase reversion – Option providing that ‘upon valid exercise of the option’ a binding agreement ‘shall come into existence’ – Standard conditions of sale requiring purchaser to pay a deposit of 10% of the purchase price ‘no later than the date of the contract’ – Exercise of option without payment of deposit – Whether purchaser obliged to pay deposit on or before date of exercise of option – Whether time of the essence for payment – Whether non-payment of deposit constituted a repudiation of purchase contract – Whether vendor entitled to treat contract as discharged – Whether purchaser entitled to specific performance