Commercial Property: Financial Solutions Direct

Financial Solutions Direct are a property development company that are successful in buying properties, refurbishing them to a high standard and then either selling them on or renting them out. They have been clients of Robert Meaton & Co’s since the firm began in 2006.

However, in 2008, Les and Heather, the owners of Financial Solutions Direct, came to us for help in a matter of high importance. They had instructed another firm of solicitors to purchase a property for them. The transaction involved leasing the property back to the seller by way of an assured shorthold tenancy agreement. The firm of solicitors acting on behalf of Les and Heather at the time failed to obtain a signed Transfer from the seller on Completion, and the sellers refused to sign the Transfer Deed following Completion.

The reality that this left Les and Heather in was that they had purchased the property but did not have the legal title, so, despite having paid for the property, they did not actually own it.

It was at this point that Les and Heather came to Robert Meaton & co and instructed us to issue proceedings against the sellers for breach of contract and we continued to assist them in making settlement offers.

Due to the defendant having ill health, numerous final hearings were adjourned. Delays were also caused by the sellers changing and instructing five different solicitors. They had also lost funding from the legal services commission. Throughout this period, we continued to provide our clients with legal and practical advice on a regular basis, along with various options open to them for strategy, approach, results and outcomes.

After three years of litigious dispute, the defendant accepted our clients offer to settle out of court and our clients then obtained a signed transfer from the defendants and have become legal owners of the property.

Our proactive approach and expert knowledge was of great benefit to our clients and the work we have done for them has led them to be very happy with the firm itself as well as the solicitors who handled the issue for them. Les has said of Chris Chan, who was the solicitor involved in the case:

‘Chris has been excellent in the services he has provided to me over the years.’

To read more about what we can do in terms of commercial property or to contact a member of our commercial property team, please click here.