Completion Complications

dleach2103

Hi All,

I have some concerns over the impending Completion on a property I am selling and was hoping you lovely people would be able to offer me some advice?

I have sold my property and we are now at the point of exchanging contracts. This has dragged on for many weeks longer than I intended, so I am getting a bit angry that the buyers are dragging their heals.

I have now been informed by my solicitor that the people buying the house from my buyers are wanting to 'Exchange on Nil Deposit'. They are getting a 100% mortgage and are getting a Government grant to use as the deposit.

My concern is that if everything goes pear shaped and we don't complete on the agreed day, what are my rights as the innocent party? I've heard talk of claiming 10% but what is that all about?

I've done some digging on the internet and have been given differing information. Am I entitled to retain any deposit from my buyers until such time as we complete? (This would obviously be held by the solicitor). Can I claim for my expenses such as Interest Payments, Council tax & insurance from the date of completion until actual completion?

I know my buyers are legally obligated to Complete once we have exchanged, but if they do pull out, what am I legally able to claim from them?

I am not purchasing another property so I am not going to be in the same boat as my buyers if we don't complete on the specified date.

Any advice will be most appreciated.

Dave

ILW

Until you have exchanged, no contract exists and either party can withdraw with no liability.

dleach2103

ILW wrote: »

Until you have exchanged, no contract exists and either party can withdraw with no liability.

Thanks for this. I am expecting Exchange by close of business today so want to know where I stand once Exchange has been made.