Richard Oughton obtains £2.47M judgment for vendors of a block of “Buy to Let” flats
In a recent 5 day trial in the Chancery Division in Manchester Richard Oughton acted for the vendor of a block of flats which had been sold “off plan” to a group of investors. After the investors refused to complete because of the credit crunch, the vendor launched an action for specific performance, but elected to claim damages at the trial.
The Court found for the vendor on all major points and awarded the vendor damages of £2.47M and ordered the purchaser to specific perform further contracts to acquire commercial units in the same building at a price of £900,000.
The judgement is reported at [2010] EWHC (Ch) 1832 and can be dowloaded by clicking here:
matila_2010_ewhc_ch_1832_judgement.pdf