The following Property guidance note Produced in partnership with Emma Gray of Blackadders provides comprehensive and up to date legal information covering:
A pre-emption is a type of option to purchase—historically the most common and arguably the least complex (at least in the form in which it is created). A pre-emption is:
a right of first refusal on a property
triggered by a specific event (usually the sale of the burdened property), and
created in the form of a real burden
Prior to the abolition of the feudal system on 28 November 2004, it was possible to create feudal or non-feudal rights of pre-emption, a distinction that remains important. It is also important to distinguish rights of pre-emption from rights of reversion (including rights of redemption). See Practice Note: Real burdens in Scotland—creation and interpretation—Pre-emptions, redemptions and reversions.
For further information, see: Rights of redemption: McDonald’s Conveyancing Manual [15.10] and Rights of pre-emption and options to acquire: McDonald’s Conveyancing Manual [15.9].
A right of pre-emption in the title to a property becomes relevant on the sale of that property, which is the usual trigger event for the option to exercise a right of pre-emption.
In contrast, the trigger events for a right of redemption may be specific events such as the sale of the property, but the right of redemption may equally be exercised by the benefited owner at their option, or simply on a specific future
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