Our commercial property and probate team worked together to ensure an industrial site sale was completed after our client passed away before the deal was finalised.
Our commercial property and probate team worked together to ensure an industrial site sale was completed after our client passed away before the deal was finalised.
In February 2021 our client approached us to provide legal expertise on the sale of his industrial site to a registered housing provider (RP). The RP was looking to purchase the site and was hoping to turn it into residential properties following planning approval.
After negotiations the RP had agreed to pay our client monies up front and a further figure for overage, which is the additional payment paid on top of the purchase price if the planning succeeded.
There had been several exclusivity agreements over the course of a year and a draft contract was sent. The indemnity policies were being investigated as the bank had lost the title deeds, which meant the deal would take longer to complete than anticipated.
Unfortunately, as this was being dealt with, his daughter contacted Nicola Deutsch to pass on the news, that our client who was the sole director, had sadly passed away from ongoing health problems.
As our client had passed intestate, his adult children inherited his estate. After speaking with Nicola it was clear that none of them knew anything about the RP deal.
Nicola explained to them that that they would need to get probate in their names and be appointed directors of the company to be able to sell the site. Solicitor Kirsty Armstrong was able to deal with the application and probate was granted in just over 8 weeks from the initial application.
All clients had agreed to be appointed as directors, and we continued with the deal that was agreed prior to the passing of their father. However, it started to become apparent that the RP didn’t want to pay the agreed overage but weren’t openly saying so.
Without the sale proceeds, the company of which the clients had become directors of would go into receivership.
A few months later another buyer was found who offered a higher price. We were on hand to support, advise on next steps and complete the contracts to finalise the sale. All clients were satisfied and the sale completed, allowing them to inherit the money from the site and as there was no other assets the deal was complete.
Without the help and advice from our legal experts our clients could have lost out on thousands of pounds.
Our team were able to support and guide the family through the whole process and utilise our team of experienced solicitors to provide a service to our clients as individuals and as a business.
In February 2021 our client approached us to provide legal expertise on the sale of his industrial site to a registered housing provider (RP). The RP was looking to purchase the site and was hoping to turn it into residential properties following planning approval.
After negotiations the RP had agreed to pay our client monies up front and a further figure for overage, which is the additional payment paid on top of the purchase price if the planning succeeded.
There had been several exclusivity agreements over the course of a year and a draft contract was sent. The indemnity policies were being investigated as the bank had lost the title deeds, which meant the deal would take longer to complete than anticipated.
Unfortunately, as this was being dealt with, his daughter contacted Nicola Deutsch to pass on the news, that our client who was the sole director, had sadly passed away from ongoing health problems.
As our client had passed intestate, his adult children inherited his estate. After speaking with Nicola it was clear that none of them knew anything about the RP deal.
Nicola explained to them that that they would need to get probate in their names and be appointed directors of the company to be able to sell the site. Solicitor Kirsty Armstrong was able to deal with the application and probate was granted in just over 8 weeks from the initial application.
All clients had agreed to be appointed as directors, and we continued with the deal that was agreed prior to the passing of their father. However, it started to become apparent that the RP didn’t want to pay the agreed overage but weren’t openly saying so.
Without the sale proceeds, the company of which the clients had become directors of would go into receivership.
A few months later another buyer was found who offered a higher price. We were on hand to support, advise on next steps and complete the contracts to finalise the sale. All clients were satisfied and the sale completed, allowing them to inherit the money from the site and as there was no other assets the deal was complete.
Without the help and advice from our legal experts our clients could have lost out on thousands of pounds.
Our team were able to support and guide the family through the whole process and utilise our team of experienced solicitors to provide a service to our clients as individuals and as a business.
To discuss any commercial property matters you may have, please contact partner Nicola Deutsch.
To discuss any commercial property matters you may have, please contact partner Nicola Deutsch.
