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12 Cards in this Set
- Front
- Back
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Where do you find the rules on remedies |
In the Standard Conditions (both sets) or under common law. The set of Standard Conditions relevant will be incorporated in the contract. Any express provisions take precedence over SCs. |
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Where do you find the completion date? |
Usually in the contract. If not, in SCPC or SCS |
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What are the contractual remedies for delay? |
They are under SCPC 9 and SCS 7. Amount of compensation usually at rate set out on front page of contract-- If not then it's law soc rate which is 4% above Barclays base rate from time to time. |
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What is the interest payable on? |
If seller, whole purchase price under SCS. If buyer, on remaining balance under SCPC and SCS. |
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Difference between SCS and SCPC? |
Unamended SCPC only provides for payment where the buyer defaults. |
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Can you rescind the contract upon delay? |
Only if you make "time of the essence" by issuing notice to complete. |
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What happens if the other party fails to comply with a notice to complete? |
If the buyer fails to complete, the seller may rescind the contract and forfeit the deposit (and any accrued interest) ; resell the property and claim damages for breach of contract under common law. If the seller fails to complete, buyer can rescind, demand return of deposit with accrued interest and use common law remedies. |
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Case law re misrepresentation |
1. William Sindall Plc - If seller replies to enquiry with "not so far as seller is aware" it's an assertion that the seller has carried out reasonable searches. 2. Gordan v Selico Seller cannot deliberately mislead by answering enquiries wrongly or concealing physical defects. |
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What happens if misrepresentation? |
SCS 7 and SCPC 9 if material difference buyer gets damages. If by fraid or recklessness can rescind |
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When can you get common law remedies? |
Non-completion or late completion where loss suffered exceeds amount payable under SCS or SCPC or where chain of transactions where non-defaulting party has a related sale or purchase. Or if you want to make a claim for specific performance to compel the defaulting party to finish the purchase. |
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What if property becomes unusable? |
See SCS 5 and also common law position- risk passes to buyer on exchange. See SCS 5.1 and SCPC 7.1 |
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Other possible remedies? |
If mistake by Land Registry as listed in LRA 2002 Schedule 8 part 1 then will be able to apply to office of Adjudicator to be indemnified. Independent Adjudicator under Part 11 of Act can resolve disputes between parties. Can challenge Land Registry decisions via JR. |
