Source: All England Reporter
Publisher Citation: [2006] All ER (D) 56 (Oct)
Court: Chancery Division
Judge:

Lewison J

Representation Timothy Fancourt QC (instructed by Pinsent Masons) for the claimants.
  Raymond Davern (instructed by Blythe Liggins) for the defendants.
Judgment Dates: 5 October 2006

Catchwords

Sale of land - Option to purchase land or interest therein - Exercise of option - Agreement purporting to grant claimants option to purchase defendants' share in property - Agreement stipulating valuation of market value - Whether agreement constituting validly exercisable option - Whether valuation taking account of breach of repair covenant.

The Case

Where a dispute arose concerning the validity of a purported option agreement, the terms of which gave the claimants the right to exercise an option for the purchase of the defendants' half share of a property they owned jointly and equally, the court ruled that whilst badly drafted, the agreement had constituted a validly exercisable option. Furthermore, the valuation of the property was to be assessed as the property stood at the date of that valuation.

Practice Areas

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