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Standard Conditions of Sale
andyman2601
Posts: 1 Newbie
Hi there all you talented forumists
My partner is just about to sign contracts and aim for completion on 20/12
But,having just read through the latest batch of info and searches from the solicitor we have spotted a paragraph which states ' If the buyer or seller shall serve notice to complete in accordance with standard condition 6.8 then the party receiving such notice will be liable to pay the other party's legal fees of £100 plus VAT for service of such notice and such costs shall be payable in addition to the purchase price and any other sums due under this agreement at the date of actual completion or deducted from the purchased price as appropriate'
Could somebody explain what this means and what Standard Condition of Sale 6.8 is as we have no information and a web search was fruitless
My partner is just about to sign contracts and aim for completion on 20/12
But,having just read through the latest batch of info and searches from the solicitor we have spotted a paragraph which states ' If the buyer or seller shall serve notice to complete in accordance with standard condition 6.8 then the party receiving such notice will be liable to pay the other party's legal fees of £100 plus VAT for service of such notice and such costs shall be payable in addition to the purchase price and any other sums due under this agreement at the date of actual completion or deducted from the purchased price as appropriate'
Could somebody explain what this means and what Standard Condition of Sale 6.8 is as we have no information and a web search was fruitless
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Comments
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I could be wrong but ......
I think it means that if you "Exchange Contracts" and for example agree to complete 28 days after the exchange and then subsequently you do not "Complete" after 28 days then the other party can serve notice on you requiring you to complete and you will have to pay that party's legal fees for serving you with a notice to complete.
A similar condition will be on the other party's agreement.
This is not legal advice. It is just my opinion...0 -
The Standard Conditions of Sale are a document on which conveyancing transactions are based. You can ask your solicitor for a copy.
The clause you particularly refer to is in respect of completion of the transaction failing. It means:-
When you do not complete on the contracted day a Notice to Complete is issued. Lets say for example that the seller fails to complete. The buyer's solicitor draws up and sends to the seller's solicitor a Notice to Complete. The seller will be charged £100 plus VAT for that being done. This money will be deducted from the purchase price on completion. If it was the other way round and the buyer defaulted, they would have to pay the £100 plus VAT in addition to the purchase price.
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