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Favoured buyer

05 November 2013
Issue: 4427 / Categories: Forum & Feedback , Capital Gains

An elderly couple are selling their private residence at a reduced price in the hope that the purchasers will not develop the property. Part of the property was let to tenants for a modest rent

I act for an elderly couple who are well-to-do and have considerable resources. The clients are selling their house which has been valued at about £640 000 to the children of some friends for £500 000 provided that completion is within the next eight weeks.

#This is out of pure benevolence and there is no other connection at all with the purchasers. The vendors want the house – where they have been very happy for many years – to go to a good home (so to speak) and to someone who can be counted on – no more than that – not to exploit the garden for development.

The garden has been valued separately at £150 000 for development purposes. There is no planning permission yet but it is thought that it could be obtained without too much difficulty. The vendors are very fond of the garden...

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