New build is delayed by Persimmons, can I claim interest becuase of delay

adroit

Hi

I am a first time buyer and buying a new built from Persimmons. I exchanged contract in September last year, but house has not yet been completed. Are there any standard mortgage terms based on which I can claim interest from Persimmons because of delay at contract rate? I saw this post on the forum which suggest that delaying party will have to pay interest. My contract doesn't specify any completion date though, but I heard that I can claim interest after 6 months of contract exchange

Any advice would be appreciated. As I can't post a link yet on this forum, here is a copy paste for another thread for ref:

"
Hi,
I'm in the process of purchasing my first home I have just received a document from the solicitors headed:

Agreement incorporating the standard Conditions of Sale, one of the titles is:

Contract rate: 4% per annum above the base rate of national Westminster Bank Plc on the completion date.

What does this mean? - Any help is greatly appreciated"

+++++

""It means that if for any reason completion is delayed after exchange the contract rate is the level of interest payable by the party who hasn't completed to the other party. (calculated daily for each day completion is delayed)

The rate is calculated as a percentage of the purchase price so in this contract it is 4.5% (assuming Natwest is same as BoE base rate)

eg. if you are buying for 100k the annual interest payable is £4500 if you divide that by 365 days a year then £12.33 is payable for each day that completion is delayed.""

libf

You don't get have a mortgage if you haven't completed, so mortgage terms won't help you here. You need to speak to your solicitors.

[Deleted User]

Hmm OP seems to be both posting and answering their question?

DTDfanBoy

deannatrois wrote: »

Hmm OP seems to be both posting and answering their question?

Perhaps you should reread the OP

adroit wrote: »

here is a copy paste for another thread for ref: