vendor looking to Hold/stop sale day before keys due to handover

Hello appreciate your help here please. I was due to close on a house purchase today receiving the keys. However yesterday the vendor's solicitor contacted my solicitor to advise there was an issue for the vendors closing on a house they were purchasing and therefore they would not close on the sale today as they had no house to move to. The contracts for my purchase have been signed and returned to my solicitor. There is no condition on the contract being dependant on the vendor's closing on another house.

The vendor's solicitor is not coming back re a new close date. I believe that the vendors purchase will either take months to resolve or fall through altogether.

My solicitor has advised me the contract is binding and hence enforce it however he is vague on how this would work and has mentioned that we might just have to sue. I just want to close on the purchase ASAP. I appreciate any advice from anyone through something similar or with some expertise as what to do and likely outcomes. Thank you!!!!!!

Having recently sold and purchased (with no issues) , our solicitor told us if a case like this was to occur the only thing we could do was issue them with a 28 days notice (not sure of the exact name) so yea in effect sue them.

What a nightmare scenario, l feel for you.

A friend of mine was in a similar situation about two years ago. Was in the process of buying a house and at the same time selling his. His sale was a breeze, but at the last moment there were legal difficulties with the house he was buying.
His family were homeless for about 9 months; moved in with the inlaws.
Ended up he eventually bought the house he'd intended to buy, nearly a year later, for €50k less.
johnmar, the law is on your side here. If I were you, I'd use it.

Serve a completion notice.

Put pressure on vendor. It is their problem. They should make alternative arrangements.

In reality, it is a matter of decency.

If they fail to complete within 28 days, purchaser can rescind (walk away) or sue the vendor for specific performance.

It is far from perfect - but so is life!

mf

Thanks for the feedback my solicitor will serve the completion notice. However we will have to incur significant costs in the meantime including the cost of our existing housing and our mortgage was drawn down yesterday for the purchase. Our solicitor has advised we can return the mortgage amount to the bank and request to draw down again however we would not like to go through any uncertainties in getting the mortgage amount back again. Also we do not want to walk away from the purchase even if we are entitled to our deposit back.

This could go on for months, you're in a chain.

How likely is it that the mortgage would not be forthcoming if you send it back? Ask your solicitor.

What makes you think it will take months for them to resolve their purchasing issues?

Remember they are probably just as stressed as you. But you can stay put, pay your rent, not pay mortgage and just wait.

I have no idea if a completion notice is fast and efficient, I suspect not, and will only raise already high tensions.

In a situation like this, a legal solution is not always the best.

Moving house is very stressful and the other side obviously got let down at the last moment. It does not sound as if they have done it voluntarily.

Where are you living at the moment? Can you extend your present arrangements easily? If so, I would tend to facilitate the other side.

If it's not inconvenient for you, I would facilitate them. If they need only a week or so, I would not take any legal action. If they are saying it's indefinite, I would issue the Notice of Completion.

If you have a deadline yourself, and can negotiate some compromise with them which suits both parties, you might let them know that you are issuing a Notice of Completion, but just as a backup.

Brendan

I would get on to the estate agent who sold you the house. In cases like this the estate agent is crucial as they can get the background info from the seller in a casual manner. The estate agent won't get their fee if the sale does not complete so they do have an interest in the proceedings.

Thanks again for the responses I am in with my parents at the moment... Whilst costs are not an issue having 3 children including a new born baby it's far from ideal as we were only supposed to stay for a few Weeks!!! Speaking with the estate the banks are holding up the sale of the house the vendors are trying to purchase which could mean anything from taking months or blocking the sale. I don't understand how the bank could be doing this as surely they released the title deeds for the contracts to be issued. However I'm guessing. While I can wait weeks if needed I need to see what my options are if it drags on for a number of months. I would love to hear from people who experienced vendor's trying to stop the sale after contracts have been exchanged or people who have taken legal action after a number of Months!!!