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Buyer didn't complete yesterday - Non UK Resident

edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
12 replies 1.4K views
FredBloggsFredBloggs Forumite
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edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
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!
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  • Nick_CNick_C Forumite
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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?
  • Nick_C wrote: »
    Did you have a clause in the contract to that effect?

    No, it's the standard contract.
  • diggingdudediggingdude Forumite
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    Are they actually going to complete and there is a short delay or will you need to relist?
    House owner as of 27.3.2019 :j
  • 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....
  • davidmcndavidmcn Forumite
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    FredBloggs wrote: »
    No, it's the standard contract.
    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.
  • PasturesNewPasturesNew Forumite
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    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.
  • edited 25 May 2019 at 3:41PM
    FredBloggsFredBloggs Forumite
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    edited 25 May 2019 at 3:41PM
    davidmcn wrote: »
    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).
    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.
  • davidmcndavidmcn Forumite
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    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).
    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.
  • SmashedAvacadoSmashedAvacado Forumite
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    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 rate
  • wesleyadwesleyad Forumite
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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.
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