COMPLETION DATE CHANGED
Discussion
Hi Folks
I bought a property recently. However, the seller changed the completion date a few times.
I had sent all the funds to my solicitor a few weeks before exchange and completion, according to the original exchange and completion dates.
Am I entitled to any interest earned on the funds which were held by my solicitor for those few weeks?
Thanks in advance
I bought a property recently. However, the seller changed the completion date a few times.
I had sent all the funds to my solicitor a few weeks before exchange and completion, according to the original exchange and completion dates.
Am I entitled to any interest earned on the funds which were held by my solicitor for those few weeks?
Thanks in advance
geek84 said:
are they any legislations/rules where buyers are entitled to a refund?
See 7.1: https://www.sra.org.uk/solicitors/standards-regula...ETA: I wouldn’t go at them too hard initially, just express surprise and ask the secretary to check, as rates have been effectively zero for a long time (so she may simply be unaware).
You say that have bought a property recently but the crucial point is if you have exchanged contracts?
If you have not exchanged contracts then any completion date is just a finger in the air proposed date.
If you have not exchanged contracts then the buyer and seller can change any part of the transaction including changing dates and changing price and can even cancel the transaction completely with no penalty.
When contracts are exchanged the agreed completion date will be stipulated which could be for the same day as the exchange of contracts.
The contract will likely state any penalties for the buyer and seller if they fail to complete their obligations on the specified completion date.
As buyer the contract will likely specify vacant possession and so if the seller does not completely move out on the completion date as stated in the contract then you will be entitled to whatever damages are specified in the contract.
If you have not exchanged contracts then any completion date is just a finger in the air proposed date.
If you have not exchanged contracts then the buyer and seller can change any part of the transaction including changing dates and changing price and can even cancel the transaction completely with no penalty.
When contracts are exchanged the agreed completion date will be stipulated which could be for the same day as the exchange of contracts.
The contract will likely state any penalties for the buyer and seller if they fail to complete their obligations on the specified completion date.
As buyer the contract will likely specify vacant possession and so if the seller does not completely move out on the completion date as stated in the contract then you will be entitled to whatever damages are specified in the contract.
geek84 said:
Hi
Yes, the seller changed both exchange and completion several times.
In the end, he wanted both to be done simultaneously on the same day.
So get your solicitor to insist on a separation between exchange and completion dates and get the exchange done?Yes, the seller changed both exchange and completion several times.
In the end, he wanted both to be done simultaneously on the same day.
Same day for both is ultra high risk, unless neither of you are in a chain and have removals booked. Nothing to stop either pulling out, chipping or gazumping.
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