The monies have to be sent to the property seller’s conveyancer/solicitor by a certain time on the agreed completion date: “a cut off time”.
This money needs to be obtained from you / or your lender in sufficient time in order to achieve the “cut off time”.
If the money is not received by the time assuming the seller is ready to complete then:-
- The Seller is entitled to charge you the purchaser interest on the balance of purchase price, as set out on the Contract, normally 4% above Barclays Bank base rate. The interest has to be paid and in addition to other amounts due at completion, at the time completion finally takes place.
- (May have to pay the seller further compensation as a result of your failure to complete the contract on time).
- Seller may serve a notice to complete! This requires you to complete within a 10 working day period after the date of the notice. If you fail to do so, the seller can withdraw from the sale and keep your deposit. Alternatively they may issue proceedings seek you to honour the Contract and complete the purchase.