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Late completion
Daviddarius
Posts: 3 Newbie
Hello,
I have completion on a £180000 flat coming up on Wednesday and was just looking at my solicitors notes and contract. The contract, which says it incorporates the standard conditions of sale, has a contract rate (interest payable in case of late completion) of 4% above the Yorkshire Bank rate.
In my solicitors notes, however, it says that if completion is late, I will be liable for a "daily payment of 4% per day above the Yorkshire Bank rate". It doesn't say anything about per day in the contract.
Now, I'm confused as to whether the amount I'm liable for is 4% of the total per day, as in many thousands of pounds per day, or a daily version of the annual rate - ie probably just a few quid.
Looking around on the internet it seems as though late completion interest charges are typically an annual rate of interest divided by 365. But the solicitors notes does seem to suggest that it's 4% per day and it's freaking me out a bit...
Any help appreciated
Cheers,
David
I have completion on a £180000 flat coming up on Wednesday and was just looking at my solicitors notes and contract. The contract, which says it incorporates the standard conditions of sale, has a contract rate (interest payable in case of late completion) of 4% above the Yorkshire Bank rate.
In my solicitors notes, however, it says that if completion is late, I will be liable for a "daily payment of 4% per day above the Yorkshire Bank rate". It doesn't say anything about per day in the contract.
Now, I'm confused as to whether the amount I'm liable for is 4% of the total per day, as in many thousands of pounds per day, or a daily version of the annual rate - ie probably just a few quid.
Looking around on the internet it seems as though late completion interest charges are typically an annual rate of interest divided by 365. But the solicitors notes does seem to suggest that it's 4% per day and it's freaking me out a bit...
Any help appreciated
Cheers,
David
0
Comments
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Solicitor has got this wrong. Speak to them tomorrow.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Agreed - but what makes you think you might not Complete on time?
You can also be held liable for consequential losses ie if you fail to pay the seller, they will be unable to pay for he place they are buying so you'll be liable for their costs.... and possibly up a chain!
The solution is to Complete as agreed!0
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