House buyer delays completion after exchange. What should they be compensating?

broughton60

A bit of background:
we agreed a sale of our house and purchase of a property. Our buyer was buy to let investor, and the new property was vacant. Our buyer sets an exchange & completion date, which we agree to. All going fine, we have to book removals, time off work, nursery etc. Our buyer delays the exchange and Completion 2 days before the date they set because they have not completed mortgage paperwork properly and left it too late to request funds from their bank. We incurred cancellation costs, still had to pay nursery etc. A new date set by our buyer, which we agree to, as long as contracts exchanged before completion date. Contracts exchanged and date set. Removals booked (not same company as they are now busy), time off work, nursery etc. Day of completion, completion agreed for 1pm. Buyer has not transferred funds at 2.30pm due to them having incorrect mortgage paperwork. Our solicitor try to agree the release of keys so we can unload possessions at the new house. Vendor of new property denies because of the previous cancellation (obviously worried he wont receive his money). 4.30pm, our removals company place our possessions into overnight storage with additional cost because still no transfer of money, refused to wait any longer despite offer of more money. Buyer transfers funds at 5.00pm, £40 short! Shortfall sent, keys released 5.15pm. We have keys to our new home but all belongings are in overnight storage, I have to buy a babies travel cot, nappies etc for the night and we sleep on the floor of an empty house!

Now my query, what should we expect our buyer to contribute to all the costs incurred? Legally and Morally? Our solicitor has suggested taking further legal action, but we are not sure if it will be worth it.

hazyjo

There's no time guarantee so I don't see how you can claim as it completed on the right day. I've completed at 9.30am before, and not got keys until after 4pm another.

Surprised they left the transfer happen that late, there's usually a cut off side time. Was the money transferred from a bank?

broughton60

It was transferred from a mortgage company that deal specifically with buy to let.

greatcrested

broughton60 said:

A bit of background:
we agreed a sale of our house and purchase of a property. Our buyer was buy to let investor, and the new property was vacant. Our buyer sets an exchange & completion date, which we agree to. All going fine, we have to book removals, time off work, nursery etc. Our buyer delays the exchange and Completion 2 days before the date they set because they have not completed mortgage paperwork properly and left it too late to request funds from their bank. We incurred cancellation costs, still had to pay nursery etc.

all irrelevant

A new date set by our buyer, which we agree to, as long as contracts exchanged before completion date. Contracts exchanged and date set. Removals booked (not same company as they are now busy), time off work, nursery etc. Day of completion, completion agreed for 1pm. Buyer has not transferred funds at 2.30pm due to them having incorrect mortgage paperwork. Our solicitor try to agree the release of keys so we can unload possessions at the new house. Vendor of new property denies because of the previous cancellation (obviously worried he wont receive his money). 4.30pm, our removals company place our possessions into overnight storage with additional cost because still no transfer of money, refused to wait any longer despite offer of more money. Buyer transfers funds at 5.00pm, £40 short! Shortfall sent, keys released 5.15pm.

Great. So Completion took place on the date agreed. It is not uncommon for the timing to be anything from 9 AM to 5 PM. That's life.

We have keys to our new home but all belongings are in overnight storage, I have to buy a babies travel cot, nappies etc for the night and we sleep on the floor of an empty house!
I can't believe you planned a move without keeping necessities like a cot, nappies etc in a bag, car wherever!
Now my query, what should we expect our buyer to contribute to all the costs incurred? Legally and Morally? Our solicitor has suggested taking further legal action, but we are not sure if it will be worth it.

Morally? Nothing.

Legally? What does the contract say? And even if there is a legal case, it really won't be worth the agro.

Be happy you moved successfully. Get on with your lives.