Nockolds acted for the purchaser of a property being sold by an estate, where a sitting tenant claimed a lifetime interest in the property following the owner’s death. The alleged interest created significant uncertainty and allowed our client to negotiate a substantial reduction in the purchase price.
Alongside the acquisition, we conducted separate negotiations with the occupier to secure vacant possession. A settlement agreement was carefully structured and completed simultaneously with the property purchase, under which the sitting tenant agreed to relinquish any claimed rights in return for a financial settlement. To ensure the arrangement was robust and minimise future risks, independent legal advice was obtained for the occupier.
The matter required a careful balance of legal risk and commercial opportunity, with the success of the transaction dependent on multiple moving parts completing together. The strategy ultimately enabled our client to acquire the property at a significantly discounted price while achieving vacant possession, delivering an excellent commercial outcome.
The client was extremely pleased and commented as follows:
“We had a unique set of circumstances on a property purchase we wished to proceed on. Luckily Saagar was able to offer initial advice on the feasibility of the plan and later, preparing the necessary documentation between ourselves and another legal firm acting for the other party. Our circumstances were unusual but Saagar successfully achieved our desired outcome and did a tremendous job. Thank you again.”