COMPLETION DATE CHANGED
Author
Discussion

geek84

Original Poster:

610 posts

102 months

Sunday 24th November 2024
quotequote all
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

Jeremy-75qq8

1,431 posts

108 months

Sunday 24th November 2024
quotequote all
The completion date can't change after exchange other than mutual agreement.

Yes you can get interest. Just ask. I ask every time and they pay. However you get their client account rate which is usually miserable.

geek84

Original Poster:

610 posts

102 months

Sunday 24th November 2024
quotequote all
Thanks

The seller had exchange and completion on same day.

I did ask my solicitor if I am entitled to a refund, but the secretary said it's not something they do.

So, does it depend on the solicitor or are they any legislations/rules where buyers are entitled to a refund?

Thanks

LooneyTunes

8,317 posts

174 months

Sunday 24th November 2024
quotequote all
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).

blueg33

42,047 posts

240 months

Sunday 24th November 2024
quotequote all
Interest on a solicitors client account will be almost nil. In a year we probably have £1m in solicitors client accounts at any one time. Interest is maybe £1000 or so.

If the contract has not exchanged the completion date is not fixed.

geek84

Original Poster:

610 posts

102 months

Sunday 24th November 2024
quotequote all
Many thanks for your advice folks

Actual

1,329 posts

122 months

Sunday 24th November 2024
quotequote all
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.

geek84

Original Poster:

610 posts

102 months

Sunday 24th November 2024
quotequote all
Hi Folks

Exchange of contracts and completion happened on the same day.

Louis Balfour

28,176 posts

238 months

Sunday 24th November 2024
quotequote all
geek84 said:
Hi Folks

Exchange of contracts and completion happened on the same day.
So the seller changed the exchange and completion date several times, not just the completion date?

If so, they don't owe you anything.


geek84

Original Poster:

610 posts

102 months

Sunday 24th November 2024
quotequote all
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.

Amateurish

8,143 posts

238 months

Sunday 24th November 2024
quotequote all
Yes and no.

Your solicitor should pay you any interest on the balance of your client account.

But a) there may be a minimum sum eg £20 and b) they may get a tiny interest rate.

We get zero interest on our client account - NatWest.

Louis Balfour

28,176 posts

238 months

Sunday 24th November 2024
quotequote all
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.
Unfortunate and it probably seems unfair, but there is nothing you can do.

bennno

14,095 posts

285 months

Sunday 24th November 2024
quotequote all
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?

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.