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Interest charges by developer due to late payment of property purchase

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asked on Feb 12, 2016 at 14:20
by   nurulll
edited on Apr 6, 2016 at 04:58
 
I'm a first time home buyer, so I need some advice with regards to the interest charges imposed by the Developer due to late payment of the property purchase price.

I have complied with all the deadlines (10% down-payment, MOT, metering) required from my behalf. The payment was late for about 2 1/2 months. The first half was due to the back and forth between the developer and banker whereas the second half was purely due to the banker. So I feel that it is not fair to impose the late payment outstanding on me.

I have sent an appeal letter to the Developer and they will update me on the discount they are willing to give. From my research there is a way to divert the interest charges to responsible parties (solicitor/developer/banker) but nowhere does it say how to do this.

So, my question is, who has the authority to determine the responsible party(s) and the percentages the have to pay (if the responsible party is more than 1)?

Appreciate your advice!
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answered on Mar 30, 2016 at 20:19
by   Irene
Get the advice from the lawyers who drawn up the S & P.
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