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Can my buyer after exchange delay our completion date??????
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natwill_3
Posts: 271 Forumite
I am exchanging on 29th sept, my buyer has just told me that his mort company will not release the funds til they confirmation that the block building ins has been renewed, renewal date 29th sept?????
We exchanged a while ago and all set 29th as date
Booked removals etc...
Buyer ays there may now be a delay???
We exchanged a while ago and all set 29th as date
Booked removals etc...
Buyer ays there may now be a delay???
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Comments
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yes they can delay!!!!
but if they pulled out they would lose their deposit.0 -
I thought after exchange if the completion date had been set,that it could not be changed!!!!
If so there would be penalties involved for the guilty party?
People have to book removals and all sorts of things so completion should not be changed?
Speak to your solicitor and get them to sort out with the other solicitor what is going on with the insurance.0 -
Thanks, I didn't think they could do this0
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I think it depends how the contract was worded. Sometimes a fixed date is put in, in which case it can't be delayed beyond that date without the delaying party incurring costs and damages. Sometimes, though, it is agreed to complete on or before a given date. So, if that is the case, and the agreed date is not the last date by which they have to complete, then they can delay the completion up to the last date in the contract.A house isn't a home without a cat.
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BobProperty wrote:I think it depends how the contract was worded. Sometimes a fixed date is put in, in which case it can't be delayed beyond that date without the delaying party incurring costs and damages. Sometimes, though, it is agreed to complete on or before a given date. So, if that is the case, and the agreed date is not the last date by which they have to complete, then they can delay the completion up to the last date in the contract.
In the contract we all agreed to 29th, it was fixed.
There is provision for damges byt can't remember what they are...
Can't work out why they exchanged if they still needed this and hadn't got it..seeing as renewal is on 29th it won't be available til 29th??0 -
They have committed to completing on that day. The fact that their mortgage has conditions is their problem to sort out. Their solicitor should have sorted this out, or not allowed them to exchange, before now. If they fail to complete they will end up paying your expenses.
The easiest answer is for their solicitor to ask the managing agents to confirm that that the insurance has been renewed.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 -
I think they have just done that, and are now trying to get me to panic and put the pressure on.
Problem is managing agents wont renew til 29th so a copy of renewal wont be available till then?
Hey ho0 -
My insurers usually contact me a few weeks before renewal, I pay and they send out the new documentation before the renewal date.
I don't know why it should be any different in this case. A call to the insurance company and /or managing agents should confirm the status of the policy0 -
natwill wrote:I am exchanging on 29th sept, my buyer has just told me that his mort company will not release the funds til they confirmation that the block building ins has been renewed, renewal date 29th sept?????
We exchanged a while ago and all set 29th as date
Booked removals etc...
Buyer ays there may now be a delay???
I cant help on this topic, but good luck with your move. I'm completing on 29th Sept as well.0 -
They can fail to complete on the day they say. This happened to us once, we were fortunate in that we did not have to rely on the money to proceed with our purchase. Anyway our buyer was two weeks late with his funds, I think he ended up paying us interest but heaven knows what would have happened if we needed the money from the sale to buy our new place.0
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