Can my buyer after exchange delay our completion date??????

Mrs_pbradley936

Hold on - I thought you had to have insurance in place from the date of exchange. Am I mistaken?

natwill_3

pbradley936 wrote:

Hold on - I thought you had to have insurance in place from the date of exchange. Am I mistaken?

I dont think you are? Its buildings ins

natwill_3

pbradley936 wrote:

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.

I really hope that doesn't happen here, I stupidly tht after exchange all ok

My vendor will have a fit, he needs funds 29th

clutton_2

you can ask an insurance company to insure the house from whenever you want to, why not do it a few days in advance, as the lender will need a certificiate of insurance (if you are not using their own in-house insurance policy) with their interest noted on it before they send the funds thru.

silvercar

OP talks of "block building insurance" which suggests it is a block of flats. Normally the whole block is insured by the managing agents as the freeholder would be responsible for building insurance. Hence it is not the buyer or seller who has to arrange it.

Tassotti

What an unfortunate coincidence with the dates. The management company may well renew on the 29th, but I doubt if the buyer's solicitor will get the documents immediately.Management companies always hold up sales due to their lack of competence.Take advice from your solicitor

lilyann1

I would speak to your solicitor to get them to speak to the managment company and get them to fax a copy of the renewal to them.They should be renewing a couple of days earlier,or they risk being uninsured and risk alot of money if the whole block burnt down!!!
Get your solicitor to sort it.

natwill_3

sounds like i need to re schedule removals

mjfusent

We completed a day late, due to problems with funds further down the chain. Our solicitors informed me that the only provision in the contract for late completion was lost interest, so we paid our vendors about £120 and charged our purchasers about £100. Expenses or damages where not recoverable within the contract (but we're trying for them anyway).

HTH,

Mike