Seller delaying completion date after exchange

Posted 18th Jul 2017
if a the Seller (Vendor) delays the completion date after exchange of contracts, what financial loss/complication can this cause to the buyer???

would the seller (Vendor) have to pay compensation to the seller???

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Two lots of compo?
i think your question is rather confused. once exchange has taken place then the completion date is fixed in stone. delay in completion by either party will result in financial penalty to whichever party caused the problem.

for buyer, there is often a clause in the contract to state the penalty interest rate for late payment from completion date and there will also be other costs involved to put the seller in the position he would have been should completion had gone ahead.

if the seller delays completion then he would have to pay any costs to put the buyer in the same position so any additional costs incurred by the buyer due to delay will have to be borne by the seller.
After exchanging the contracts, If buyer pulls out of the deal they forfeit their deposit, if the seller pulls out then the buyer can sue them for compensation. No compensation for any delays in completion from either side as there can be many reasons for the delay.
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