I was due to complete today but no money transferred from my buyer – what next?
Q: We have exchanged contracts but on the day of completion the money has not been transferred from my buyer. What are my options and next steps?
You really should take advice from your own solicitor and your remedies will depend in part on the terms of the contract. But you will be able to charge your buyer daily interest at the contractual rate, probably 4% above base rate. Of course, if you are buying a new house and are in breach of that contract, you will also be incurring interest on that. Your solicitor needs to establish why completion did not happen yesterday, hopefully it was just a matter of money coming in late rather than the buyer not being able to complete at all. If though it looks like the buyer can’t come up with the money then your solicitor has to serve notice to complete, which gives the buyer a further 10 days to do so after which the seller can rescind the contract and forfeit the deposit.
Mischa Borris, White & Co.
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