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House purchase- just about to sign 'contract & transfer' paperwork- can someone with more brain cells than me explain this paragraph to me?

(3 Posts)
tiredemma Sat 11-Dec-10 09:11:25

it states-

The contract also provides for a penalty interest rate, which is stipulated to be 4% above the base rate of Barclays Bank Plc. This penalty rate will only apply should the contract be breached'

sorry for being thick- I cant ring the solicitors because its saturday- I really want to get this paperwork igned and sent off today. Its taken bloody six months to get this far.

Ladymuck Sat 11-Dec-10 09:17:31

If you don't complete on time then you will be charged interest. The interest rate is 4% above base rate. Standard clause which hopefully won't be needed.

tiredemma Sat 11-Dec-10 09:20:21

thank you. Ill sign it pronto. (hardly likely to not complete on time- we have been desperate to get to this stage for months)

thanks again (im not thick normally- just exasperated)

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