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My daughter is selling her house & a clause in the sales contract relating to to "The Contract rate" says 4% above base rate - we understand this to be a fee of 4% daily (£12k on this house) if there is any reason for the agreed completion date slipping. Is this a normal clause & whilst I can understand the buyer being held to a clause like this but should the seller be signing & agreeing to this or is it normal procedure? Thanks
My daughter is selling her house & a clause in the sales contract relating to to "The Contract rate" says 4% above base rate - we understand this to be a fee of 4% daily (£12k on this house)
No, it's an annual rate (like the base rate, or indeed most other interest figures!). So £32.88 a day.
