interest payable after closing date?

J

johnfitz

Guest
I am currently in the middle of buying a property, which so far has taken eleven months due to delays on the vendor's side. This has caused me a lot of inconvenience as well as rental and storage expenses. They have ignored any closing date given to them on several occassions. Until now, I've done everything I can to keep the process moving as quickly as possible. However, now suddenly the vendor wants to close the deal within a week, which happens to be very difficult for me as I'm abroad on business until late March. I have asked my solicitor if it's possible to close in four weeks time rather than in seven days as I'm away and also because I think it will take a while for my life and home insurance to be activated, etc. He suggested that I may have to pay penalty interest by doing this, which seems very unreasonable as the vendor has caused huge delays until now.

Is it likely that they can penalise me with interest?

Thanks,
John
 
You must log in or register to reply here.
Back
Top