Closing date

[LoisLane]

Realistically, how long after signing contracts would you expect a closing date? The estate agent originally mentioned 2 weeks. But now we may be looking at 6 weeks! We are renting at the moment and have given an expectation of moving out. So we may be homeless for a few weeks! Is 2 weeks after signing unreasonable?

 

[mf1]

"Is 2 weeks after signing unreasonable? "

Yes.

I assume you are buying. Your vendor needs to find somewhere else to live. The property may or may not have been on the market for a while. With things being so slow, the vendors will not have made significant moving plans until contracts were signed. You can try and insist on an earlier closing date but unless that was in the contract, it is unlikely now.

mf

 

[LoisLane]

Thanks mf1. Am the buyer - but the vendor has already bought a new house (new build) which was understood to be ready. According to EA, when he reviewed correspondence, there is a 'random' date for closing which is 7 weeks away. No contracts signed yet - to be signed this week and full deposit paid. Doesn't feel like it's slow - we made the offer at the end of March.

 

[mf1]

"No contracts signed yet - to be signed this week and full deposit paid. "

Talk to your own solicitor. Ask them to talk to vendors solicitor. Can you/they agree on an earlier closing date : one that suits you ( to get your funds sorted) and them (move into new house). Agree on a date before you sign the Contracts - it is always aspirational but once it is discussed and agreed as being mutually agreeable, unless something unforeseen arises, it is more likely to be adhered to.

mf

 

[midouri]

Realistically, how long after signing contracts would you expect a closing date? The estate agent originally mentioned 2 weeks. But now we may be looking at 6 weeks! We are renting at the moment and have given an expectation of moving out. So we may be homeless for a few weeks! Is 2 weeks after signing unreasonable?

Closing can take weeks. I was awating closing in January 5 weeks went by and eventually i had to give an ultimatum. In the end i had to walk away.
Things can happen so don't make any plans on moving until you have the keys in your hands.