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    • FredBloggs
    • By FredBloggs 25th May 19, 4:43 AM
    • 4Posts
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    FredBloggs
    Buyer didn't complete yesterday - Non UK Resident
    • #1
    • 25th May 19, 4:43 AM
    Buyer didn't complete yesterday - Non UK Resident 25th May 19 at 4:43 AM
    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!
Page 1
    • Nick_C
    • By Nick_C 25th May 19, 4:46 AM
    • 5,001 Posts
    • 7,721 Thanks
    Nick_C
    • #2
    • 25th May 19, 4:46 AM
    • #2
    • 25th May 19, 4:46 AM
    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!
    Originally posted by FredBloggs
    Did you have a clause in the contract to that effect?
    • FredBloggs
    • By FredBloggs 25th May 19, 4:48 AM
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    FredBloggs
    • #3
    • 25th May 19, 4:48 AM
    • #3
    • 25th May 19, 4:48 AM
    Did you have a clause in the contract to that effect?
    Originally posted by Nick_C
    No, it's the standard contract.
    • diggingdude
    • By diggingdude 25th May 19, 5:09 AM
    • 842 Posts
    • 1,091 Thanks
    diggingdude
    • #4
    • 25th May 19, 5:09 AM
    • #4
    • 25th May 19, 5:09 AM
    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
    Free Tumble drier fund 44 (March) 88.04 (April)May 179
    • FredBloggs
    • By FredBloggs 25th May 19, 5:11 AM
    • 4 Posts
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    FredBloggs
    • #5
    • 25th May 19, 5:11 AM
    • #5
    • 25th May 19, 5:11 AM
    Are they actually going to complete and there is a short delay or will you need to relist?
    Originally posted by diggingdude
    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....
    • davidmcn
    • By davidmcn 25th May 19, 7:43 AM
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    davidmcn
    • #6
    • 25th May 19, 7:43 AM
    • #6
    • 25th May 19, 7:43 AM
    No, it's the standard contract.
    Originally posted by FredBloggs
    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.
    • PasturesNew
    • By PasturesNew 25th May 19, 7:54 AM
    • 66,288 Posts
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    PasturesNew
    • #7
    • 25th May 19, 7:54 AM
    • #7
    • 25th May 19, 7:54 AM
    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.
    • FredBloggs
    • By FredBloggs 25th May 19, 2:37 PM
    • 4 Posts
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    FredBloggs
    • #8
    • 25th May 19, 2:37 PM
    • #8
    • 25th May 19, 2:37 PM
    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.
    Originally posted by davidmcn
    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.
    Originally posted by PasturesNew
    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.
    Last edited by FredBloggs; 25-05-2019 at 2:41 PM.
    • davidmcn
    • By davidmcn 25th May 19, 2:42 PM
    • 11,508 Posts
    • 12,731 Thanks
    davidmcn
    • #9
    • 25th May 19, 2:42 PM
    • #9
    • 25th May 19, 2:42 PM
    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).
    Originally posted by FredBloggs
    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.
    • SmashedAvacado
    • By SmashedAvacado 25th May 19, 2:50 PM
    • 915 Posts
    • 876 Thanks
    SmashedAvacado
    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
    • wesleyad
    • By wesleyad 25th May 19, 3:49 PM
    • 493 Posts
    • 475 Thanks
    wesleyad
    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.
    • Housebuy12345
    • By Housebuy12345 25th May 19, 4:52 PM
    • 211 Posts
    • 46 Thanks
    Housebuy12345
    No. Your currency issues aren’t their issues.
    • Chickenlips
    • By Chickenlips 25th May 19, 10:41 PM
    • 103 Posts
    • 65 Thanks
    Chickenlips
    You're unlikely to succeed as this is a consequential loss that they could not have reasonably foreseen. They were unaware of your plans and were not aware that you would incur a loss and that you would pass this on to them. It is unlikely that the contact would allow for such a loss. You having to source short-term accommodation due to them delaying completion would be an example of a potentially foreseen issue. Similarly, if you had a holiday booked for a week after the move but now had to cancel, they could not have reasonably foreseen this issue and are not obliged to reimburse you.
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