Sale agreed on house in July

P

pento

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Hi...Sale agreed on my house in July and Still no closer to closing sale. Closing date has been pushed out many times and the final closing date was 20/10/06. Contracts have been sighed by both Parties but no Deposit has been handed over and Party buying house will not agree on a closing date and will not give a deposit. Pleaswe Please help me I'm currently paying 2 mortgages now and I'm nearly cleaned out. Solicator not the best at their job. Any Advise??
 
thats just it nothing....she wont give them another closing date and is hollding on to the contracts.
 
pento said:
Can anyone please advise me on what step to take next?
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Talk to your solicitor. Ask if there's anything on your side holding things up - problems with title / planning permission etc. If there are not, ask her specifically why she won't give another closing date - you are entitled to know that. You're in the very unpleasant position of being bound by a contract where the other party, from your account, may not be showing good faith, and if your solicitor is not resolving this for you she should be explaining precisely why. Talk to her - urgently - ask her specific questions (write them down in advance, and take notes, if you need to), and make sure she knows this is causing you financial difficulty.

Best of luck getting all this resolved - I really feel for you.
 
thanks for replying to me but she know my financial situation and I have asked all questions regarding the WHY!!!!!!! we are waiting and she is saying it's the other party. Because they have not paid a deposit she won't release the contracts. Fair enought but she should be demanding some sort of deposit or closing date??
 
I'm no solicitor, but surely any contract signed would be on the proviso of the buyer furnishing your solicitor with a deposit? If that were the case, you'd be perfectly entitled to withdraw from the sale and put your house back on the market.

Whether you want to do that is another thing - but lets face it, at this stage your buyers sound unlikely to see the deal through. If they had any conviction about it, they'd have at least handed over a deposit, even if they did faff about with the contract signing.
 
pento said:
thanks for replying to me but she know my financial situation and I have asked all questions regarding the WHY!!!!!!! we are waiting and she is saying it's the other party. Because they have not paid a deposit she won't release the contracts. Fair enought but she should be demanding some sort of deposit or closing date??
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Ah - does that mean that the other party is not in possession of contracts signed by you? It's not clear, but it sounds to me as though she really is protecting your interests: once the other party has contracts signed by you, they have you over a barrel, whether they've paid a deposit or not.

Yes, I think she probably should be setting ultimatums at this point - pay over deposit by X, close by Y, but this is a fairly drastic step. She may currently be taking a softly-softly approach to avoid scaring them off entirely, if they're faffing around.

On the other hand, you're in an untenable position. If you have buyers who won't buy, you should at least be able to market the house again (horrible prospect, no doubt, but you can't just stay in limbo). Ask her what your options are: can you give them a notice to complete, or should you be providing deadlines after which all deals are off and you put it back on the market. If you're giving ultimatums, you do need to be able to back it up. "Close by Y or I'll put the house back on the market" is more effective than "Close by Y or, I'll, um, wait until you close". Talk to your EA as well - you need a sense of how the market is in your area. If the sale falls through, they should presumably put it back on the market to secure their fee, too.

It does sound like the sale may be going south. I hope it isn't, and good luck.
 
Don't forget - it's a solicitor's job to advise you but it's your prerogative to instruct your solicitor on what to do.
 
we had buyers over the summer who hadn't paid the deposit (well they had paid a booking deposit to the EA) in full. Our solicitor was able to bypass that stage saying he knew they were mortgage approved and "these days" the deposit wasn't necessary. We moved straight to closing and full cheque.

sounds to me buyers want to wait for budget or something like that...
 
Sounds like you may have to play hardball with the buyers,but before you do ring the estate agent an ask them what the story is they can often tell you things your solicitor doesn't know.
I was about to pull out of a sale a few months ago because of delays, i couldn't get much info from my solicitor only she was waiting on contracts to be returned rang the estate agent and told her i was going to pull out.
10mins later she rang me back saying the buyers were fully commited no question just a slight delay with their loan application (100% mortgage no deposit),i was happy and the sale closed 3 weeks later.
Solictors are only really there for the formal part of things and that's all their paid for to be fair,so don't be expecting them to calm your nerves.
 
Sure I had my buyers sign contracts and only pay 8k when they should of paided 50k....My solicitor said that not many people have the signing deposit...I dont know go figure...

Just incase someone thinks this was the sale agreed deposit,it wasnt.They already have paided 8k also
 
Do you have confirmation the the buyers have a mortgage approved? Or perhaps there have been some problems with the mortgage since the approval?

Have the buyers paid any sort of booking deposit to the EA? It sounds like they havn't parted with a penny to have your house off the market since July.

The mihgt, as Pernickity suggested, be waiting for the budget to see if Cowen changes sthe SD structure.

At this point I would give your solicitor instructions to close by a certain date (wuith a full deposit paid) or withdraw from the deal. It does not sound like you buyer is acting in any kind of good faith here. Your solicitor is correct not to hand over your contract without a deposit unless an arrangment to the contrary has been made.

But as with all things in life, its up to you. I hope it works out well for you.

M
 
What part of the country are you in? I find that "country and western" solicitors, auctioneers, vendors, purchasers and providers of finance are much more laid back (very very slow) compared to their city cousins.
 
From what you say, you have contracts signed by you and them? I understand from your mail you are in a fairly urgent position. If the contracts are signed and exchanged, you should be out of this deal by now. If they suddenly can't finance the deal or are hanging on it, the ball is in your court.
 
As 'mouldy' said, (though it's not clear from your mail), pull that sale now. But what I think is that if you went sale agreed you got their side of the contract back and signed yourself? then you have them over a barrel - ye are bound, can you clarify the status of the contracts?
 
contracts have been signed by both parties but my solic has held on to them cause no deposit has been paid. A booking deposit has been paid to the EA.
 
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