You have remedies under the terms of the Contract which, subject to any special conditions that may have been incorporated by the Seller’s Solicitors, gives rise for you to take action against a buyer who defaults or fails to complete on the completion date. 

If the buyer does not complete then the Seller's Solicitors would serve a Notice to Complete on the Buyer and/or his Solicitors, making time of the essence.  Generally the Buyer then has to complete within 10 working days of the receipt of the Notice, at the end of which, if the Buyer still does not proceed, then you would have various remedies available to you.  The first is that you could sue the Buyer for breach of Contract and claim specific performance. If, however, the Buyer has no resources to be able to complete then there seems little purpose in doing this.

The other alternative is to effectively call off the Contract, in which case the Buyer would lose the deposit paid when Contracts were exchanged and if this was less than 10% then you would be entitled to recover the balance of the 10% that should have been paid when Contracts were exchanged.

In addition, you would be entitled to interest at the Contract Rate from the date of completion for every day that the Buyer defaults.

There may be other remedies available to the Seller but this will depend upon any additional special conditions incorporated into the Contract 

I can ask one of our legal counsellors to call you to go through your case in detail. The service is confidential, there are no costs associated with the call and there is no obligation of any kind. Please reply to this email if you want to use this service.

We hope this information answers your question and that you found our free service fast, comprehensive and useful. We answer questions on any legal matter so please tell anyone else who you think might benefit from our free assistance.

It would also be a good idea to bookmark http://www.lawanswers.co.uk in case you need free advice on any other legal question.

Please come back to us if you have any other legal matter we can assist with in future.

Important! Ask your own free questions... Questions are answered accurately at the time they are posted but the law can change or your circumstances may differ in an important but not obvious way from those mentioned. For fast, free and up-to-date personal legal advice direct to your inbox about your own individual case ask Law Answers your own free legal question.

more about freecover and sign up form