Leslie Blohm QC and Charlie Newington-Bridges, barristers within St John’s Chambers’ real estate team, have recently obtained an order enforcing ‘put option’ for sale of a family farmhouse.
When Mr. & Ms. Yarnold and their daughter and son in law Mr. & Mrs. Smith decided to regularise their rights in the property they were living in, they included a “put option”, the right to serve a notice giving the recipient the right to buy out their share, and in default of which the property would be sold on the open market. After its operation by Mr. & Mrs. Yarnold they had second thoughts, and the Court had to consider whether Mr. & Mrs. Smith were entitled to buy Mr. & Mrs. Yarnold out. The case threw up issues of interpretation, the strictness of time limits in options, waiver, rectification, specific performance and ‘clean hands’ in equitable remedies, and illustrates the complex issues that arise on claims such as this, if the parties are unable to resolve their disputes by agreement.
Leslie Blohm QC and Charlie Newington-Bridges of St. Johns Chambers instructed by PBW solicitors represented Mr. & Mrs. Smith.
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