Delayed completion

Question 1

SCS: interest

Answer 1

Payable for each day’s delay

If the seller is late in completing, then the seller pays interest on the full purchase price

If the buyer is late in completing, then the buyer pays interest on the purchase price less any deposit paid

Question 2

Common law damages

Answer 2

As the seller has breached the contract, the buyer can claim common law damages for the buyer’s losses (e.g. storage, removal company fees)

Damages, not interest, apply where completion does not take place at all

Question 3

Notice to complete

Answer 3

Makes time of the essence

The parties must then complete within 10 working days (excluding the day on which notice is given)

Question 4

Failure to complete: buyer

Answer 4

Seller may rescind the contract and on doing so may also:
- forfeit the deposit and any interest accrued on it
- resell the property and any contents included in it
- claim contractual damages

Question 5

Failure to complete: seller

Answer 5

Buyer may rescind the contract and on doing so may also:
- demand return of the deposit with any interest accrued
- claim contractual damages or specific performance (equitable remedy forcing the seller to complete the sale)