If A Property Is Listed As An Acv After Exchange Will That Prevent Completion Of The Sale?

LittleSquidge | 09:27 Wed 15th Jun 2016 | Law

5 Answers

Can a property be listed as an asset of community value after a conditional contract has been exchanged, but prior to completion, and can such listing potentially prevent completion of the sale?

The planning permission required has been applied for, but not granted.

The asset is a public house, that has been conditionally sold to developers.

False Claims On Planning Permission?

Crown Prosecution Service

Answers

1 to 5 of 5

Best Answer

No best answer has yet been selected by LittleSquidge. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.

LittleSquidge

Question Author

Is it likely that the planning permission will be rejected if the ACV is accepted?

EDDIE51

Yes, I think you have to apply for the ACV before the sale it would have to be disclosed to any potential purchaser because it affects the valuation of the property. Sorry but I think you have lost this one.

LittleSquidge

Question Author

Thank you for your answer.
Can anyone answer for certain?
Also - planning permission with an ACV?

EDDIE51

I do not have the rules in front of me but common sense says that an ACV must be made before any offer for sale. As I said, it will significantly affect the valuation so as a clause in the sale it has to be disclosed before the valuation is made.
I sympathise with you, both my local pubs which I had used for 38 years were sold and turned into blocks of flats last year. My town has lost 3 other pubs as well as those 2 in the last 3 years. Nearest pub is now nearly 2 miles away rather than 500 yds.