Q&As

In the context of a put option, where notice to exercise the option has been served, the recipient of the notice has asked to delay completion and time is not of the essence, can a new completion date be agreed while preserving the right to serve a notice to complete in the future? If the party who served the notice does nothing (ie remains silence), can they then serve a notice to complete when they wish?

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Produced in partnership with Chris Bryden of 4 King’s Bench Walk
Published on LexisPSL on 23/09/2016

The following Property Q&A produced in partnership with Chris Bryden of 4 King’s Bench Walk provides comprehensive and up to date legal information covering:

  • In the context of a put option, where notice to exercise the option has been served, the recipient of the notice has asked to delay completion and time is not of the essence, can a new completion date be agreed while preserving the right to serve a notice to complete in the future? If the party who served the notice does nothing (ie remains silence), can they then serve a notice to complete when they wish?

In the context of a put option, where notice to exercise the option has been served, the recipient of the notice has asked to delay completion and time is not of the essence, can a new completion date be agreed while preserving the right to serve a notice to complete in the future? If the party who served the notice does nothing (ie remains silence), can they then serve a notice to complete when they wish?

A put option is a contract giving a party the right if they elect to do so to sell an asset at a fixed price (the strike price) to a specified buyer by a given date, normally by the giving of notice to exercise the option within a set period of time. Such contracts can be used, for example, where development land has been identified but the prospective purchaser does not want to commit until they have obtained planning permission.

An option

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