Background

Cases on failure to complete sale and purchase contracts of land are not uncommon.  Much rarer are disputes over the consequences of failure to pay the required deposit when the contract is formed, because the mechanics of the Standard Commercial Property Conditions require payment by electronic means from the buyer’s conveyancer on the same day as exchange of contracts.  The involvement of conveyancers therefore minimises any possibility of default by the buyer. 

The case of IAA Vehicle Services Limited v HBC Limited [2024] EWHC 1 (Ch) is one of those rare cases and provides an opportunity to remind ourselves of the usefulness of the court’s equitable discretion in certain circumstances . Continue Reading It all depends – time is not always of the essence in contracts for the sale of land