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Buyer didn't complete yesterday - Non UK Resident
FredBloggs
Posts: 4 Newbie
The (supposed) buyer of my UK property failed to complete yesterday. I'm a non UK resident, and was hoping to have transferred my cash out of GBP yesterday - GBP has already dropped significantly in the 3 weeks since exchange.
We will be charging the buyer the 4%+ interest for the delay, but is there any chance I could claim damages if the rate moves against me between now and completion? Given the sums involved even a small change in the FX rate leads to a material change in the value of the equity in my new home's currency.
I'm imagining there's probably not a huge amount I can do, but figured I'd ask!
We will be charging the buyer the 4%+ interest for the delay, but is there any chance I could claim damages if the rate moves against me between now and completion? Given the sums involved even a small change in the FX rate leads to a material change in the value of the equity in my new home's currency.
I'm imagining there's probably not a huge amount I can do, but figured I'd ask!
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FredBloggs wrote: »The (supposed) buyer of my UK property failed to complete yesterday. I'm a non UK resident, and was hoping to have transferred my cash out of GBP yesterday - GBP has already dropped significantly in the 3 weeks since exchange.
We will be charging the buyer the 4%+ interest for the delay, but is there any chance I could claim damages if the rate moves against me between now and completion? Given the sums involved even a small change in the FX rate leads to a material change in the value of the equity in my new home's currency.
I'm imagining there's probably not a huge amount I can do, but figured I'd ask!
Did you have a clause in the contract to that effect?0 -
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Are they actually going to complete and there is a short delay or will you need to relist?An answer isn't spam just because you don't like it......0
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diggingdude wrote: »Are they actually going to complete and there is a short delay or will you need to relist?
It sounds like it's just a short delay and my solicitor expects them to complete on Tuesday.
But honestly I wouldn't be completely surprised if I had to relist in June. On the plus side if that happens I'd get to keep the deposit....0 -
You're entitled to what you get under the standard contract then, which was in Sterling. Any consequential losses arising from whatever you planned to do with the money after completion are your business/problem.FredBloggs wrote: »No, it's the standard contract.0 -
You can charge them for all reasonable expenses that you have incurred due to them not completing. It could be argued that you had the chance to transfer/exchange the money on the right date, so any loss, or gain, is yours. Indeed, some would say "if it went the other way would you give them the money".
Just how much is the value? I think, up to £100-200 variance, I'd just be "annoyed".... but suck it up.0 -
You're entitled to what you get under the standard contract then, which was in Sterling. Any consequential losses arising from whatever you planned to do with the money after completion are your business/problem.
I see it as a cost because they failed to complete on time, not that different to if you had to spend the night in a hotel etc (obviously the situation I'm in is far less stressful).PasturesNew wrote: »You can charge them for all reasonable expenses that you have incurred due to them not completing. It could be argued that you had the chance to transfer/exchange the money on the right date, so any loss, or gain, is yours. Indeed, some would say "if it went the other way would you give them the money".
Just how much is the value? I think, up to £100-200 variance, I'd just be "annoyed".... but suck it up.
It could easily end up in the 1000 GBP to 2000 GBP range (more if the pound moves big like it has recently).
From both these posts it looks like it would be pretty hard to claim, so just one of those things I guess! I'd imagine the election results are priced in anyway, so hopefully things don't move much.0 -
No, a hotel's a direct and necessarily-incurred cost (if you need to find somewhere else to sleep), whereas you seem to be talking about exchanging currency just because you're concerned about the exchange rate changing.FredBloggs wrote: »I see it as a cost because they failed to complete on time, not that different to if you had to spend the night in a hotel etc (obviously the situation I'm in is far less stressful).0 -
You can’t claim something like currency movement as it’s too remote from the breach. You can claim the actual losses suffered but that wouldn’t include the opportunity to transfer currency at a better rate0
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If the exchange rate goes the other way and you are better off due to the delay will you offer to reduce your expenses? No I thought not.0
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