The following Property guidance note provides comprehensive and up to date legal information covering:
Unless the option agreement or contract specifically allows for extensions of time, the time limit must be strictly adhered to. It cannot be extended by reference to equitable principles, nor can the buyer unilaterally vary the terms of a contract. Extension must be by waiver or by express agreement.
The seller (or the buyer in rare cases where the time limit has been inserted purely for the benefit of the buyer, eg where a contract is conditional on the obtaining of planning permission by the seller by a certain date) can waive the right to insist on performance by the stipulated time and allow an extension.
Waiver has the effect of substituting the extended time for the original time limit. If time is of the essence in respect of the original longstop date it will remain so in respec
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.