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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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I am purchasing a property with completion scheduled .

Resolved Question:

I am purchasing a property with completion scheduled for 30th. April.
I am paying cash and apart from my vendor there is one other in the chain.
Although I allowed plenty of time for my funds, which were in an easy access account with National Savings & Investments, to be transfered to my bank with time for them to be with my Solicitor by 29th. April, there has been a hold up and it is now just possible that the funds will not be available in time.
If this should happen, what is the legal course of action? If all parties are in agreement can the completion date be postponed until the money is available? Can the other parties claim against me for their extra costs involved?
Your advice is much appreciated.
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.
Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience. May I ask how far short you are concerned you may be on the day of completion please approximately?
Customer: replied 2 years ago.

I have paid £72,000 at the time of exchange and the balance is £390,000

Expert:  Joshua replied 2 years ago.
Thanks, ***** ***** be clear it is potentially the whole balance that might not be available rather than just part of it?
Customer: replied 2 years ago.

Yes, the £390,000

Expert:  Joshua replied 2 years ago.
Thanks. the contractual position if you are unable to complete the transaction and the seller is ready willing and able to complete on that day is that you would be in breach of contract. What that means is that you would be liable to potential claims for damages by the seller. The damages silicon claim from you would be interest at the contract rate, which is usually 4% above base rate on the balance owed,any reasonable consequential losses he suffers (in practice this is likely to be limited to cancellation fees associated with his removers and reasonable accommodation costs if he is forced to move out in order to give position to his buyer. there may also be a provision that you must contribute towards the cost of his solicitor serving a notice upon you to complete which will often be around £100-150 + VAT. The amounts that can potentially be claimed are therefore not life altering amounts of money but they can add up to a reasonable sum so it goes without saying it is best avoided if possible. in addition to the above, what is likely to happen is the sellers solicitor will serve upon you something known as a notice to complete. This is a notice specifying that you have failed to complete on the day you agreed and as a result, you are liable to damages as above, and in addition, the notice will instruct you to complete within 10 working days failing which it will warn you that the seller has the right to rescind the contract and keep the deposit you paid on exchange. in the event you are unable to complete for a further 10 working days, the seller is entitled to rescind the contract and keep your deposit though this does not appear to be a likely risk in your case. there is nothing preventing you and the seller agreeing to alter the completion date by agreement and if the seller willing to do so, then the should be confirmed by an exchange of memoranda between your solicitor and the seller. If the property is in a chain, your seller may need to also agree a similar term with his buyer but that is a matter for him. If he will not agree to change the date, though it is not necessary to do so, you may wish to advise him of the possibility you may not be able to complete, particularly if it looks that this will be likely in order that he may be able to save some potential cost as a result (which ultimately he can look to you to recover as we have discussed above). There is a general duty upon your seller to mitigate his cost so far as possible which means you cannot claim outlandish costs or costs that are not a direct result of a failure to complete. In addition, he cannot claim costs that he would have incurred anyway I hope the above is of assistance? If you have no further questions for now I should be very grateful if you would kindly take a moment to click to rate my service to you today or just reply back to let me know if the above is helpful. Your feedback is important to me. If there is anything else I can help with please reply back to me I'd be very grateful
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
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