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Mr and Mrs A purchased their main residence in 1985 for £200,000. It was situated on three-quarters of an acre and in January 2000 a developer asked to buy a third of the land to use as the garden of a house, which he was developing on an adjoining plot.
Mr and Mrs A decided that, to retain control of the plot, they would pay the builder to construct a house for themselves. To protect the builder, the contract specified that if Mr and Mrs A did not pay for the house within a certain time they would have to sell the land (previously part of their garden) for £185,000.
Mr and Mrs A purchased their main residence in 1985 for £200 000. It was situated on three-quarters of an acre and in January 2000 a developer asked to buy a third of the land to use as the garden of a house which he was developing on an adjoining plot.
Mr and Mrs A decided that to retain control of the plot they would pay the builder to construct a house for themselves. To protect the builder the contract specified that if Mr and Mrs A did not pay for the house within a certain time they would have to sell the land (previously part of their garden) for £185 000.
Once the house was completed the family charitable trust and Mr and Mrs A paid a total of £715 000 for the house including title to the garden they already owned. The builder originally planned...
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