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Not completing on agreed date...
andi2
Posts: 708 Forumite
the sale of my Gran's house was due to complete today (exchange took place last week).
Have just found out that they can't complete today as their mortgage isn't there.....
Where do we go from here?
Have just found out that they can't complete today as their mortgage isn't there.....
Where do we go from here?
Smile and be happy, things can usually get worse!
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Comments
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Until contracts are exchanged, neither party is bound at all- so that's the point at which a contractual completion date is fixed.0
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Jeffrey_Shaw wrote: »Until contracts are exchanged, neither party is bound at all- so that's the point at which a contractual completion date is fixed.
Did you read the OP? The contracts were exchanged last week!
OP, I believe you can sue for costs as a result of non-completion. How on earth did exchange take place without the mortgage in place?Science adjusts its views based on what's observed.
Faith is the denial of observation, so that belief can be preserved.
:A Tim Minchin :A
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It seems a bit remiss of their solicitor to allow exchange without establishing that funds were in place.
Talk to your solicitor and read the contract. It is likely that your buyer will have to pay punitive amounts of interest daily until he completes. If he simply fails to complete altogether then at the very least you can keep his deposit and can also pursue him through the courts."When the people fear the government there is tyranny, when the government fears the people there is liberty." - Thomas Jefferson0 -
Yes, of course I did. My reply was accurate.mildred1978 wrote: »Did you read the OP? The contracts were exchanged last week!
Not yet, no. This very much depends on the contract terms. The usual procedure is to serve Notice To Complete, making time 'of the essence' and giving V a deadline- commonly ten days- to complete.mildred1978 wrote: »I believe you can sue for costs as a result of non-completion.0 -
Jeffrey_Shaw wrote: »Yes, of course I did. My reply was accurate.
Just not relevant
Jeffrey_Shaw wrote: »Not yet, no. This very much depends on the contract terms. The usual procedure is to serve Notice To Complete, making time 'of the essence' and giving V a deadline- commonly ten days- to complete.
V?
The OP is the vendor.Science adjusts its views based on what's observed.
Faith is the denial of observation, so that belief can be preserved.
:A Tim Minchin :A
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V= Vendor. Most Notices To Complete come from P (purchaser).
The same is true here, where it's P who's in default. V can give Notice To Complete to P.
V might also be able to keep P's deposit (as well as offering the property for resale) if P misses the NTC deadline.0 -
Best bet is to speak to your solicitor. They will issue the Notice to Complete and they will be able to advise you of the next steps if the buyer still can't complete when the notice expires.0
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Apparently the purchaser hasn't provided the building society with quotes for damp proofing & one or two other things, so they won't release the money. Hopefully they can get it all sorted out pretty quickly......
Does seem a bit daft that they've reached completion without sorting it out though!
Thanks all xSmile and be happy, things can usually get worse!0 -
which is relevant here because......?Jeffrey_Shaw wrote: »Until contracts are exchanged, neither party is bound at all- so that's the point at which a contractual completion date is fixed.
So 'V' = Purchaser........? (I assume, as it is the Purchaser who has failed to Complete!The usual procedure is to serve Notice To Complete, making time 'of the essence' and giving V a deadline- commonly ten days- to complete.0 -
Of course, the same procedure applies either way. Here, it would be V who serves Notice on P. See posts #7 and 8.0
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