Failure to complete house purchase

[KITT]

Can anyone explain this to me in simple terms as I'm struggling to understand.

Lets say the house price is £100k. The "contract rate" is set at 10% above the base rate set by Barclays bank (currently 4.75%).

So does that mean I'd have to pay £14,750 if I didn't complete on the date the seller sets? Or would I pay per day I go over the completion date (~£40.41 per day)?

cheers
edit to correct figures

>>> Edited by KITT on Wednesday 30th March 09:56

[fish]

If you fail to complete the purchase interest will commence on the outstanding amount at the contract rate (normally about 4% over base). The seller will then serve a notice to complete formally giving you 10 or 14 days to complete. After that expires you would be in breach of contract. The sellor could then take your deposit (normally 10% etc in the contract) and resell or they could take you to court for a failure to carry out the contract. The Judge could then force you to complete on the sale etc...

Normally you would lose the 10% deposit and Interest.

[KITT]

doesn't sound as bad as I thought then, so long as I complete within a few days of the date set. I envisioned having to pay massive costs if I was a day or 2 late.