We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Query on wording of contract - Advice Please
Jim2k
Posts: 14 Forumite
Hi there,
We have just recieved our contract for the purchase of our first house. It has all run very smoothly so far (and as a side note I can highly recommend Conveyancing-Warehouse.co.uk, they have been excellant) but im curious about one part of the contract which states this:
Contract Rate - 4% above the base rate of Barclays Bank plc from time to time in force.
What does this mean? I will be calling my solicitors once im home from work, but was wondering if anyone can advise on here.
Thanks.
We have just recieved our contract for the purchase of our first house. It has all run very smoothly so far (and as a side note I can highly recommend Conveyancing-Warehouse.co.uk, they have been excellant) but im curious about one part of the contract which states this:
Contract Rate - 4% above the base rate of Barclays Bank plc from time to time in force.
What does this mean? I will be calling my solicitors once im home from work, but was wondering if anyone can advise on here.
Thanks.
0
Comments
-
This is the rate you have to pay if you fail to complete on your purchase on the agreed date. Quite standard and hopefully something that won't occur - don't worry about it.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
-
Thanks for the advice silvercar - much obliged0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.5K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards