Closing on house sale

E

eavan1

Guest
I am currently in the process of buying a house, the mortgage is approved and the funds are waiting to go, the contracts are with my solicitor and I will sign them today, from there they are sent back to the vendors solicitor for countersigning, hopefully this will be done by friday, I am hoping to have the keys next week however the estate agent has told me that there is no way the sale will close by next week....the reason I need to close the sale is that I am currently in rented accommodation, the lease is up next Friday and the two people that I currently share with are moving out with me....has anyone any advice on how I can speed up the process?
 
eavan1 said:
however the estate agent has told me that there is no way the sale will close by next week....
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Why are they saying this? Are the vendors part of a chain?

Is there an agreed closing date in the contracts?

Even though you have signed, the vendors have not, so the contracts haven't been finalised.

What does your solicitor say? Do they actually have the funds?
 
I have been told that the vendors bought a house and the sale closed last week, therefore leaving me with the impression that they want this sale to close asap......I have to sign the contracts today and will see what the closing date is.....if the date does not suit can I change it to an earlier closing date.....if the vendors sign the contracts on Friday will they then be finalised.....do you know how long after this until I can get the keys
 
eavan1 said:
I have been told that the vendors bought a house and the sale closed last week, therefore leaving me with the impression that they want this sale to close asap......I have to sign the contracts today and will see what the closing date is.....if the date does not suit can I change it to an earlier closing date.....if the vendors sign the contracts on Friday will they then be finalised.....do you know how long after this until I can get the keys
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You cannot unilaterally change the dates on the contract if they don't suit. They (the vendor) are more than likely giving themselves as much time as possible to move (the weekend). It is frustrating, but that's the nature of things where there is a chain of vendors and buyers.

You should be able to get keys whenever your funds are clear in the vendor's solicitor's account AFAIK.

There isn't much you can do to speed up the process I'm afraid. I would attempt to store your stuff somewhere until you can get the keys.
 
Are you sure they (vendors) closed on their purchase last week or merely signed contracts on their purchase ?

ie Is the house sitting empty at the moment ?

If they are still ;living there thats means they merely wanted you to sign the contract on the sale ASAP so that they did not leave themselves exposed to a binding contract on their purchase without a binding contract in place on their sale.

Even in the best case scenario that the property IS vacant, there is a lot of work to be done in darwing down funds, checking title etc. There can be many unforseen & time consuming problems and its Murphy's law that these crop up when you are in the biggest rush to get something done.

Make arrangements for your belongings to be put in storage and prepare for the worst case scenario. In the end you might be pleasantly suprised if all goes well.
 
Three things that need to be agreed early on:

1.Price
2. Contents if any to be included
3. Closing Date - when vendors move out and purchasers pay balance of purchase money and move in.

Given that OP does not know what the suggested closing date is then that needs to be checked.

Solicitors can close a sale in 48 hours but only if all purchase funds are in place, vendor is ready to move out and that is what both parties want.
In reality, after a sale is verbally agreed, it can be 2-3 weeks thereafter before contracts issue with a nominated closing date of 4-6 weeks after that again being normal enough. Extended closing dates (3-6 months) are frequently sought by vendors who want to tie a new purchase in. These seldom suit the purchaser.

mf
 
I wonder has any statistics ever been recorded to calculate the average chain length.
 
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