Landlords appealed against a ruling that the ‘full market value’ of the presents to be paid by the tenants on exercising an option contained in their lease was to be set by reference to its intended use.
Held: The appeal succeeded. The words ‘full market value’ were to be construed as meaning what they said. Considerations which might be relevant to market value were not to be ignored unless there were express words to that effect. Decree was pronounced in terms of the conclusion to the landlords’ counterclaim, to the effect that the contract resulting from the exercise of the option clause had been rescinded, the option was spent and it could not be exercised during the remaining term of the lease.
Judges:
Lords Carloway and Hardie and Sir David Edward QC
Citations:
[2009] ScotCS CSIH – 96, 2010 SC 302
Links:
Citing:
Appeal From – Multi Link Leisure Developments Ltd v North Lanarkshire Council SCS 31-Jul-2009
The tenant exercised an option in the lease for the purchase of the land. The parties disputed the price payable.
Held: The tenant succeeded. The full market value was to be assessed by reference only to the use of the subjects as a golf . .
Cited by:
Appeal from – Multi-Link Leisure Developments Ltd v Lanarkshire Council SC 17-Nov-2010
The parties disputed the effect of an option clause in a lease, and particularly whether, when fixing the price, potential for development was to be included. The clause required the ‘full market value’ to be paid. The tenant appealed.
Held: . .
Cited – Royal Bank of Scotland Plc v Wilson and Another SC 24-Nov-2010
(Scotland) Neighbours had each granted a standard security over their respective properties to the bank. The charge agreements contained personal covenants to repay the sums borrowed on demand. The land-owners appealed against an order for . .
Lists of cited by and citing cases may be incomplete.
Scotland, Contract
Updated: 11 August 2022; Ref: scu.392560