Vendor will only sell if he can buy house back - is that legally enforceable?

Running_Horse

Let him have his clause. If you sell, just offer him first refusal at a price of £10million. Then sell it to someone who isn't mentally unstable.

kinger101

AnotherJoe wrote: »

He has every hope of claiming it was unfair. What you mean, presumably, is his chance of winning a legal case made on those grounds. Two very different things.

I'm not sure what you are referring to. Contracts normally don't have to be fair. There just needs to be a quid pro quo. The "unfair terms" that often pops up relates to consumer contracts where one of the parties doesn't have the ability to negotiate the terms (such as tenancy agreements, which are take it or leave it).

G_M

1) the clause reduces the value of the property. Agree to it if the price is dropped.

2) the clause needs to be carefully worded to ensure how it works eg
* how price is agreed
* timescale for sale
etc

Your solicitor should advise.

But as stated, if you're geting a mortgage your lender is unlikely to agree.

MacMickster

AnotherJoe wrote: »

All those saying "go ahead" or its "reasonable" have forgotten the practical details. OK so you have to offer him first refusal. How do you do that? T

hat means knowing where he is. How do you trace him? How long do you need to look for him if you cant find him or if he doesn't respond? You think that means he doesn't want to buy but he was away,and he sues when he gets back. Do you draw up a contract detailing all this? As someone said, how does that fit with the mortgage co? Will they be happy being bound by this condition (what do you think GeorgeDawes??? )

The potential complexities are boundless and costly. This is all aside what will likely happen, which is after you've spent a lot of money and a lot of time, he pulls out. I'd be looking for other houses right now.

Exactly this.

Can you imagine trying to sell the property in 20 years. You are unable to trace this chap (who may be pushing up the daisies) but your potential buyer's solicitor wants written confirmation that he has no interest in repurchasing the property before he will proceed.

Walk away from this transaction now.

davidmcn

MacMickster wrote: »

Can you imagine trying to sell the property in 20 years. You are unable to trace this chap (who may be pushing up the daisies) but your potential buyer's solicitor wants written confirmation that he has no interest in repurchasing the property before he will proceed.

A pre-emption clause wouldn't normally require that a response be obtained, just that notice is served (possibly to the last known address) and e.g. 14 days allowed for an acceptance to be received. Also wouldn't normally prejudice a purchaser, just a contractual liability on the OP.

nubbins

Make sure you get a no completion no fee solicitor if you press ahead.

marksoton

What a loon. I'd walk.

iantojones40

He does sound very emotionally attached to the house, if I were you I'd be rather worried about buying it and waking up one night to find him sat on the end of your bed.

Mobeer

I would at least insist on this being time limited, for example giving him first refusal for a period of 1 year after completion of this sale.

Davesnave

iantojones40 wrote: »

He does sound very emotionally attached to the house, if I were you I'd be rather worried about buying it and waking up one night to find him sat on the end of your bed.

Or worse still, in it!