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Late completion on property purchase
sjs13
Posts: 11 Forumite
Hi there,
Looking for some assistance please...
I exchanged on a property last week and was due to complete yesterday (20th October). The property doesn't have a chain as the current owners are moving back into their parents whilst saving for a larger deposit.
I got a phone call from my solicitor yesterday just before lunchtime to tell me the sellers solictors had not received a signed memorandum of sale from the Housing Association (it was shared ownership however I will be buying 100% - the staircasing needs to happen before I can buy it outright).
The completion did not go ahead yesterday and I am still waiting to hear if it can happen today. If it cannot go ahead today, my solictor has to return the mortgage funds back to the lender and then we would have to rerequest them which at the earliest would be Friday.
I understand the sellers are in breach of contract but I'm not really sure what this means - do I have any legal rights to claim compensation for the late completion?
I have googled however most of the articles I can find are due to the buyer not having the funds in place rather than a delay on the sellers side.
Is anyone able to advise please?
Many thanks
S
Looking for some assistance please...
I exchanged on a property last week and was due to complete yesterday (20th October). The property doesn't have a chain as the current owners are moving back into their parents whilst saving for a larger deposit.
I got a phone call from my solicitor yesterday just before lunchtime to tell me the sellers solictors had not received a signed memorandum of sale from the Housing Association (it was shared ownership however I will be buying 100% - the staircasing needs to happen before I can buy it outright).
The completion did not go ahead yesterday and I am still waiting to hear if it can happen today. If it cannot go ahead today, my solictor has to return the mortgage funds back to the lender and then we would have to rerequest them which at the earliest would be Friday.
I understand the sellers are in breach of contract but I'm not really sure what this means - do I have any legal rights to claim compensation for the late completion?
I have googled however most of the articles I can find are due to the buyer not having the funds in place rather than a delay on the sellers side.
Is anyone able to advise please?
Many thanks
S
0
Comments
-
You can claim financial compensation for any additional financial outlay you have had to incur.
If it's cost you nothing extra, there's no compo..... but all genuine extra costs incurred can be passed on.
Will it/has it cost you anything extra?
Unfortunately you can't be paid just for it being a bl00dy nuisance.0 -
Well I asume you've had tostay in a hotel in the meantime. So keep the receipts and claim.
And as you can't cook in a hotel, you've been eating out - keep the receipts.
You had to cancel the removal firm and there was a cancellation fee? Keep the receipt.
etc
Speak to your solicitor.0 -
You will also have to discuss with your solicitor whether to serve a notice to complete. I'm not expert but if you google it you'll get the idea.
You can also claim interest, which is set at a rate a bit higher than normal interest. This is not likely to be too relevant to you, but who knows.0
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