How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask UKSolicitorJA Your Own Question
UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
62162956
Type Your Law Question Here...
UKSolicitorJA is online now

I was supposed to complete a purchase on 5 may. 10% deposit

Resolved Question:

I was supposed to complete a purchase on 5 may. 10% deposit has been paid. funds were not ready on that day to complete. notice of 10 days was served. what can happen when the 10 days end and still completion funds not ready
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
Hello,
In that case, you will be in breach of contract and you may lose your deposit and the seller may sell the property to someone else and if the seller has a loss which exceeds your deposit e.g. He incurs legal costs and gets a lower price for the property, he may recover the difference from you over and above your lost deposit.
May I help further?
Customer: replied 2 years ago.

is the maximum time of notice 10 days only. shouldn't be that they charge interest for the first 10 days and if not completed then the second 10 days notice is given and the deposit is lost at the end of the second 10 days

Expert:  UKSolicitorJA replied 2 years ago.
You need to see what your contract says about this. If it incorporates the Law Society's Standard Conditions of Sale, it is 10 working days excluding the date on which notice is given. See condition 6.8.2
http://www.lawsociety.org.uk/Support-services/documents/Standard-conditions-of-sale-5th-edition/
See 7.4 which sets out the implications you will face if you do not complete within the 10 working days.
All the best, ***** ***** feedback
UKSolicitorJA and other Law Specialists are ready to help you