We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Not completing on agreed date...
Comments
-
Jeffrey_Shaw wrote: »Yes, of course I did. My reply was accurate.
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.
Indeed check the contract there is usually a daily fee set out for delay of completion.0 -
Well, there's a Contract Rate- usually four percentage points above Barclays Bank plc Base Rate. Currently, it would be 4.5%.
The party in default may also be obliged to pay the other party's solicitors' legal fees/VAT for serving Notice To Complete.
Worse repercussions follow if the 'time critical' deadline is not met.0 -
Jeffrey_Shaw wrote: »Of course, the same procedure applies either way. Here, it would be V who serves Notice on P. See posts #7 and 8.
I for one have no idea what you are talking about.
Anyway back to the OP, you can keep the deposit and sue them for costs. In addition to this they should pay a daily rate of interest the outstanding monies.
All of this will have to be handled by your legals. Cut them some slack if you can though eh, they must be frantic.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards