JMW’s client was selling a parcel of land for £4.25 million. The sale had been agreed and another company had guaranteed the purchase. Neither the purchasing company or the guaranteeing company complied with the terms of the purchase contract and effectively did not purchase JMW’s client’s land leaving JMW’s client in a difficult position with a parcel of land it was unable to sell and without the expected £4.25 million of revenue.

How JMW helped?

JMW’s specialist property litigation solicitors assessed its client’s position, and issued a claim in court for specific performance of the contract. Specific performance is a remedy available at court, compelling a defaulting party to perform its obligations under the contract.

In this case, the court ordered the defaulting company to complete the purchase of the land.

JMW’s client received £4.25 million for the sale of the property plus contractual interest and costs.

The outcome

Peter Barnard commented “our client had negotiated the sale of a parcel of land in good faith and the purchasing company did not comply with the terms of the contract. Our client was in an impossible situation with a sale agreed but no purchase monies being paid. Despite submissions from the defaulting party that damages would be present an adequate remedy, the court agreed with our client and ordered the defaulting party to perform the contract. We consider this is a very good outcome for our client.”