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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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Hello I am meant to be completing on a property tomorrow and

Customer Question

Hello
I am meant to be completing on a property tomorrow and I only have half the funds as my investor has let me down. I am in the process of getting funding for the rest but this will take a few more weeks to complete.
Where do I stand and what can I do?
Thanks
Submitted: 3 years ago.
Category: Property Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Its bad news I am afraid, if contracts have been exchanged then you would be in breach of contract.

Alex Watts :

The seller can sue you for loss and damage and you will be responsible for additional costs such as interest, legal costs, storage and any losses flowing from them not being able to move or complete with their own sale.

Alex Watts :

All you can do is be honest. But based on the fact you have a legally binding contract you will be liable for any and all losses by the seller.

Alex Watts :

I know this is not the answer you want and it is certainly not the one I want to give you, but I have a duty to be honest.

Alex Watts :

Can I clarify anything for you about this today please?

JACUSTOMER-hx3pcthk- :

Thank you. Can the contract be pulled or do I have a time limit before he can do this.

Alex Watts :

It is possible depending on how long you continue to breach for. However you do face significant costs by not completing.

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