Property developers accuse Hampton businessman of backing out of land deal
Property developers Ruskin Homes are headed for a High Court showdown with businessman Barry Bromley in a row over land at Hampton.
Bromley agreed to sell the company land at the back of 116 Oldfield Road in Hampton, for £237,459.60, but refused to go ahead with the deal, it is claimed.
Now Ruskin Homes, of Harestone Valley Road, Caterham, Surrey, are suing Mr Bromley, of 116 Oldfield Road, for an order for specific performance of the agreement compelling him to sell the property for the agreed price, less compensation for late completion. Ruskin is also seeking damages.
Mr Bromley entered into an agreement to sell the land to the company on August 20 2003, as well as four other agreements, according to a High Court writ. The agreement was conditional on planning permission, and an acceptable sub soil and soakage report, the writ says.
Mr Bromley had agreed to give vacant possession of the site, as well as transferring it in its existing physical state, the court will hear.
Ruskin says that it paid an £11,000 deposit to his former solicitors on August 20 2003, and that it gave him notice that the conditions had been fulfilled, and that completion would take palce on January 17 this year, on December 21 last year.
But although the company was ready for the deal to go ahead, Mr Bromley breached the agreement by failing to complete the sale, and has threatened not to give vacant possession of the land, and to transfer it in a different physical state, the writ claims.
Ruskin says that as a result of his actions, it is losing money, including bank fees, wasted costs of £13,500 and £1,500 a week on a construction manager who has been unable to start works at the property, and £3000 on a quantity surveyor liaising with contractors to rearrange start dates and renegotiate prices.
Ruskin expects to make £960,000 profits on the site, and says it is losing interest on the profit as a result of the delayed start of the works. The company also claims that Mr Bromley is liable to pay compensation of £60.18 a day for late completion.
The writ was issued by asb law tel 01293 603603 ref LJR.