Business
Rescission of Contracts
Rescission of Contracts.
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[{"type":"text","content":"\n RNS Number : 3244L Off-Plan Fund Limited (The) 08 January 2009 \n \n\nFor immediate release 8 January 2009\n\n\n\nThe Off-plan Fund Limited\n\nRescission of contracts in respect of development at Oldham Place, Liverpool\n\nThe Board of The Off-plan Fund Limited (the 'Fund'), which specialises in providing forward finance to UK housebuilders, announces the rescission of contracts which it had entered into in April 2006 with the developer, Bentley Properties (Preston) Limited, for the purchase of 51 apartments to be built at a development in Oldham Place, Liverpool.\n\nAs previously reported the development initially faced difficulties when the appointed construction company went into receivership in December 2007. There was also an issue relating to the boundary with an adjoining plot of land which required an amended planning permission. Despite the appointment of a new construction company and receipt of the revised planning permission, the delays resulted in the developer being unable to complete the units by 31 December 2008 as required in the purchase contracts. \n\nGiven prevailing market conditions and short-term prospects for UK residential property (and inner-city apartments in particular), and having taken legal advice as to the options available to it, the Board has decided to exercise the Fund's contractual right to rescind all contracts and recover the deposits which are he...