Deal or no deal?

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Deal or no deal? /resources/news/general/861-deal-or-no-deal

Home > News & Resources > News > General > Deal or no deal?

Deal or no deal?

13 August 2008

A recent decision of the House of Lords has clarified what constitutes a binding contract in relation to a property deal.

Yeomans Row Management Company Limited owns the freehold of a block of flats near Harrods in London. A recent decision of the House of Lords has clarified what constitutes a binding contract in relation to a property deal.

Yeomans Row Management Company Limited owns the freehold of a block of flats near Harrods in London. In 2002 Yeomans entered into what their Lordships called 'an oral agreement in principle' to sell the property to an experienced Irish Property developer called James Cobbe. As part of the deal, Mr Cobbe would seek a new planning permission to demolish the flats and build 6 town houses, and when he obtained the permission Yeomans would sell the property to him for