When buying or selling a property, it is important to adhere to the contractual date and time for completion. Failure to do so, particularly where a chain of transactions is, can lead to chaotic results.
If a buyer fails to complete, you can pursue various remedies such a court order for specific performance, or an order for sale in the county or high court. If you wish to pursue a remedy in equity, you can also apply for an order for specific performance. Ultimately it will depend on what your end goal is.
If the buyer is unable to complete due to death or any other factors that can amount to a delay but not a failure to complete, the seller may not wish to rescind the contract or apply for an order to complete, immediately.
If the sale does eventually take place, the seller can then claim against the buyer for damages incurred due to the delay, such as rearranging removals and storage costs.
If, however, the buyer cannot complete for any reason, the seller can retain the buyer’s deposit and resell the property. The seller can then claim for any losses he may have suffered due to the failure to complete.
The most appropriate remedy will depend on the buyer’s situation and whether or not the buyer has the financial ability to reimburse the seller for any damages.
If you find yourself in a situation like this, our experienced team of solicitors at Aston Bond can advise you on the best course of action to take, depending on your situation. Call us today on 01753 486 777 or email us at email@example.com.
Amarjit Atwal, Trainee Solicitor