Charged interest if miss purchase date

[CarrieB]

i was wondering if anyone had heard or experienced being charged interest by builder's solicitors if you miss the purchase date for a house by a day or 2??
we are in this position and our solicitor has said the builder's solicitor are notorious for charging interest if late signing.Can they do it if a day or 2 late?
the funds are there,just waiting on cheque to clear our solicitors account.

 

[CCOVICH]

Yes, they can, as long as it says so in the contract-your solicitor should be able to tell you.

 

[Nell]

technically if its in the contracts they can, however most builders just use it to hurry people up in closing. i was threatened with it but they didnt bother charging me in the end.

 

[CarrieB]

yes i was thinking that aswell,scare tactic.was just talking to my solicitor and he says it should be fine because our funds are there but just waiting to clear.

 

[JDC]

Yes, the builder is entitled to charge interest if the purchase monies are not received by him by the closing date as stated in the Contract - that is why there is a closing date inserted and a rate of interest. If you are jsut 1 or 2 days late then the interest would be small but I am just wondering - why the money is in the Solicitors client account waiting to be cleared at this late stage - surely you and your solicitor knew the closing date and requested your money a week or two before the closing date in readiness?