Park Lane Stables

[cobgoblin]

Apparently, according to someone on Facebook , the landlord is one Marc Peter Dailly. Quite interesting to Google.

 

[Parrotperson]

well here's the problem. They are a charity. so they have to follow charity commission rules. They can only pay what the valuation is which was £840,000. So they raised 1.35m (I believe) but can only use £840k of that legally to purchase.

They couldn't offer more even if they wanted to. There are ways round it guess. (much like a house purchase where you can pay separately for fixtures and fittings).

So the difference (if what we're being told is correct) is £510K. This is a lot to turn down agreed.

I'm just not sure I believe that they got a offer at exactly the same amount as the riding school had raised is all.

If they can find somewhere reasonable local they should purchase and move. But I doubt they will find anything. Not there anyway.

All very very sad.

 

[ownedbyaconnie]

Even if they are offered £300,000 more then by the time they have paid Capital Gains Tax at 40% they will only end up with £180,000. more and the chances are is that if the developer purchases it then it wil be a 'conditional purchase' which will probably mean that there will be a long delay between exchange and completion so that the developer can get planning permission and it will probably have an option within the agreement that the purchaser can pull out if they fail to achieve planning with their deposit at exchange returned to them! The seller would be wise to accept the offer that they have as they could well end up with egg in their face!

Higher tax payer cgt rate is actually 28% for residential property. Other property (I’m assuming this counts as assuming it is not residential) higher rate is 20%. Or if he has it held under a company then it will be a chargeable gain under corporation tax which is currently 19%.

 

[cobgoblin]

I don't blame the stables for pulling out. They could probably raise more money only to have the price mysteriously raised to exactly the new amount. Who knows if there truly is another buyer or not? Best out.

 

[teapot]

I don't blame the stables for pulling out. They could probably raise more money only to have the price mysteriously raised to exactly the new amount. Who knows if there truly is another buyer or not? Best out.

They're not allowed to - charity commission rules, so a case of pulling out or break every rule going.

 

[cobgoblin]

They're not allowed to - charity commission rules, so a case of pulling out or break every rule going.

It would, however, seem to be the best solution regardless of rules and regulations.

 

[suestowford]

It is a pity they have to move, but with a bit of good luck they will end up being somewhere much better.
There's a huge amount of history at Park Lane, but no land for grazing on that site. I would hope with the money they have already raised they will be able to get somewhere with more onsite facilities which should make life easier for them all round.
Still don't like the smell of greed that's hanging about this latest twist to the story.