Lucy places an advertisement to sell her apartment. Raymond (a successful marketing executive with a furniture company) wants to buy an apartment and visits the flat. In the course of discussing the merits of the apartment, Lucy tells Raymond that she had bought the recessed area outside the apartment some three years ago. She also tells Raymond that if he were to carry out renovations, the apartment floor area can be extended to include these recessed areas. This has been done by some of the other residents in the apartment block. The recessed areas add an additional 6 square metres to the original floor area of 120 square metres. Raymond purchases the apartment but later discovers that he cannot extend his renovations to the recessed areas; the extension would be against the existing building regulations which were changed two years ago to prohibit such extensions. There is a steep fall in the property market and the price of the apartment falls from the purchase price of $30 million to $20 million. Raymond would like to set aside the contract. He hears from a friend that he will probably only be able to obtain damages. 

 

What advice should be given to  Raymond.Explain