Delay in closing

[dino]

Hi, I'm buying a secondhand house and I'm due to close the sale on Friday. I had a few delays with Life Insurance and House Insurance. I have the documentation for the house insurance but the Life insurance documents won't be ready until Thursday. Do you think there will be a problem if I can't close until early next week. I'm in no major rush to close so next week will do me fine.

 

[Petal]

You should inform your solicitor of same ASAP. I think most contracts have a clause saying that you can be charged interest on the purchase price (up to 15%) if you're delaying the closing of the deal. In practice - I have heard, this is not really applied, but in theory you could be penalised.