Standard residential and commercial property contracts will
contain provisions dealing with what happens if either party fails
to complete. The initial step where breach occurs is for the
non-defaulting party to serve a notice to complete. This then gives
the defaulting party usually 10 working days to rectify the breach.
If rectification does not take place within the 10 day period then
the non-defaulting party shall be entitled to rescind the
contract.
A recent Court of Appeal decision on Oakglade Investments Ltd
and another v Dhand [2012] EWCA Civ 1986 considered whether a
seller was ready, able and willing to complete when it service a
notice to complete on a buyer.
In this case the contract provided that the seller would auction
three residential properties and if they did not reach a reserve
price then the buyer would acquire these properties at an agreed
price. The sellers served a notice to complete at a higher price
than that in the contract claiming that
