The bank was granted possession and the potential purchaser of the property applied for an extension of a stay for a little over one month.
The court noted that whilst matters of hardship might be taken into account, they are not alone sufficient to justify a stay. However the court granted the purchaser one last opportunity to obtain finance to satisfy the lender’s debt, despite the long history of the matter, given there was valuation evidence that the property’s value exceeded the debt, an unconditional letter of offer from a bank and critically, the purchaser’s previous attempts had only failed because of the conduct of the owner of the property, which had recently gone into liquidation. The court regarded this as a change of circumstance justifying a stay.
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