Quote: Sacred Cow "It still doesn't mean the bank has to sell it to the trust. If, for example, the trust offers the 600K and the Mosque group offers 700K, whose bid do you think they will take even it it means waiting a few extra months? And once they have it expect the rent to quickly go up unsustainable levels at the reviews and the change of use can then be applied for once they have got shut of us. The ACV may be helpful in that it buys us time but it doesn't really change much ultimately. I don't wish to undermine anyones efforts on achieving this but i'd be a lot more confident of it's effectiveness if it was a different group we were bidding against, they will throw as much money at this as needed to get the result they want.'"
Of course they don't have to sell to the Trust but they cannot sell to anyone but the Trust for 6 months. They may choose to wait but using your example.
What if the £700,000 bid has conditions attached such as obtaining planning etc. But the £600,000 is unconditional. The bank can have £600,000 now or wait a fair amount of time,possibly 12 months or more with all the associated risks of the deal falling through. They may choose to take the unconditional offer.
Also a simple solution in your example is that the Trust could increase its bid to £700,000'.
One thing is clear that without the ACV we would not be having this discussion, we could bu out of Belle Vue .