• Late Completion Interest

    By Guest on 22nd Aug 2019

    If a solicitor accepts funds two hours later than the contractual completion time, confirms completion, and then uses those funds to complete their onward matter, are they then able to serve Notice to Complete AFTER this point, due to them being served notice to complete for late completion on their related purchase?

  • 2 Answers

    By Guest on 23/08/2019

    All were completed the same day - there was no actual loss for damages

  • By Guest on 23/08/2019

    The funds are only released to their client's use (to complete an onwards purchase) if they complete. Otherwise they are your funds which they are holding to your order pending completion. They must have completed in order to use your funds for their onwards purchase otherwise they have (presumably accidentally) breached the SRA Accounting Rules.

    They cannot serve notice to complete after they have received the funds for completion (assuming there was nothing else outstanding from you).

    www.notaryexpress.co.uk

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