Completion Date

[alexmax]

hello,

i am purchasing a property and arranged a completion date. However i fell very sick on the day, having to call 999 to take me to hospital. due to the circumstances i couldnt go to the bank to get a cheque made for my final payment. I explained to my solicitor and he said he will let them know. however my solicitor as told me that they have given me a notice to purchase or i lose my deposit.

due to heath issues can i provide proof and avoid the charges, or will i have to pay them? also what are the charges i would need to pay?

as im not sure if they are trying to get extra out of me.

Regards

Alex

[drhouse]

Really confused with this post. Surely you would have all your finance arranged and transfer of funds sorted for completion on that day.
So now they are saying they want your money for the balance of the price. That seems reasonable to me. If you have now decided not to proceed I would think they are entitled to keep the deposit, it would depend on your contract. Read it or ask your solicitor what the position is.
If you have exchanged contracts there is often a clause written in that they can charge interest + a specified amount over base rate until the property is resold.

[clairec]

Hi Alex
If it's exchanged it will be a costly process for you, your solicitor is the best person to advise you though. Has the completion date been quite a long distance from exchange? (typical on off plan properties) If you haven't exchanged then you can walk away with no costs, if you have then you are in breach of contract and can be sued for the deposit plus costs. Your solicitor should give you the full facts, i'm sure if it's down to medical reasons you might be able to negotiate.
Best of luck.