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UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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We act seller developer on new builds. If a contract

Customer Question

We act for the seller developer on new builds. If a contract is exchanged, and then the buyer assigns said contract prior to completion and sends us a valid notice of the same, who do we address the completion statement to?
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
This should be sent to the assignee as the assignee steps into the shoes of the assignor.
Hope this helps
Customer: replied 2 years ago.
Hi, yes but the debate in our office is whether it's that simple. Only the benefit, not the burden is assigned. If the assignee defaults on payment and we go after the assignor, the assignor could argue that he was never given the completion statement.
Customer: replied 2 years ago.
I completely agree that it should be sent to the assignee but I need to give this person a substantive argument as to why, to shut her up!
Expert:  UKSolicitorJA replied 2 years ago.
Thank you for the clarification.
A correction to make, I believed that the contract had been novated, not assigned. Notation means both the benefit and burden goes to the person who stands in the shoes of the buyer.
However, in an assignment, your contract remains with the buyer and you should send the completion statement to the buyer to settle. It is then up to the buyer and his purchaser/assignee to come up with the funds to pay you.
Hope this clarifies