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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3844
Experience:  Solicitors 2 years plus PQE
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Sold my property to company and exchanged contracts and they

Customer Question

Sold my property to company and exchanged contracts and they paid 10% and the completion date agreed to be 28th of this month but now they saying they want to extend the date by 15 days , that will put me in a very bad position as I already asked my mortgage co for redemption figure expiring on 29th and also cancelled all the utilities ,and e
Was waiting to put a deposit on a house chain free and also iti is a lot of money some 1.5 million . So what is my legal position and can I refuse the extension ?
Submitted: 2 years ago.
Category: Law
Customer: replied 2 years ago.
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Expert:  Alex J. replied 2 years ago.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. If the completion date is fixed in the contract and refuse to extend it, should they then not be able to complete on the day they are contractually obliged to then they are in breach of contract. Potentially you can keep their deposit and sue them for any additional losses that you suffer as a result - that are a direct and naturally occurring consequence of their breach.
Expert:  Alex J. replied 2 years ago.
Is the completion date fixed in the contract?
Customer: replied 2 years ago.
Would like to ask plz the Ian going to serve a notice of breach of contract today at 2pm how long has the buyer got to complete b4 loosing his deposite and what about all the losses occurred to me having made the property empty , gave notice to my staff , cancelled my stock and all what goes out with the business ? Is there a limit ? What interest rate can I charge and how long for ? Thanks
Expert:  Alex J. replied 2 years ago.
Hi thank you. The notice to complete will normally set a new completion date - so you will have to check that in the Notice. If this new date is then breached - the buyer will be in breach of a condition of the contract - he would then forfeit the deposit. The interest chargeable again should be contained in the contract. For the additional loses you have suffered you would likely have to sue the buyer. Kind regards AJ