Signed contracts, closing date agreed but I (vendor) can’t vacate in time

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LLB123

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Recently signed contracts for sale of my house and set closing date a month from now when my next property was supposed to be ready to close.
But developer has now advised a 3 week delay on snagging date which means I can’t vacate mine on date planned/agreed in contract.

I want to be upfront and look to revise closing date ASAP but agent has advised that I should wait until closer to current agreed closing date to notify buyers solicitor of delay in case buyer triggers their subject to mortgage clause and walk away. Which feels extreme to me over a few weeks delay and which I’d imagine happens regularly.
Plus this kind of underhandedness goes against my better nature but I don’t want to shoot myself in the foot either.

I’ve tried to find temporary rental accommodation to bridge the gap instead, but it’s nigh on impossible with pets and for such a short period either.
What’s the best option here to avoid the sale falling through? Should I do as agent advises? I have t said anything to my solicitor as yet.
 
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DannyBoyD said:
Is your buyer in a chain also or are they FTB?
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Not in a chain, according to EA they are currently in rental accommodation and want to move in ASAP which is understandable but this delay was unexpected and I’m hoping they can/will understand. I hate the idea of messing people about but don’t want to risk them waking away by being too honest either.
 
I don't know what is the current situation on this. But that happened to us 15 + years ago. The delay was about 4 months. We moved out and we're temporarily accommodate by family. We did not think that we had any other option at the time for the sale to go ahead as we had sign a contract with a date.
 
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Happened to a neighbour recently. They went ahead with the sale as per original date, but rented it from the new owner for 3 months or so until their new house was finally ready.
Also allowed the buyer to draw down the mortgage with a much better interest rate.
This is of course not without some risk but it seems to have worked out in that case.
 
newirishman said:
Happened to a neighbour recently. They went ahead with the sale as per original date, but rented it from the new owner for 3 months or so until their new house was finally ready.
Also allowed the buyer to draw down the mortgage with a much better interest rate.
This is of course not without some risk but it seems to have worked out in that case.
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I wouldn’t want to rent back from them given the short timescale involved, but agent is adamant that closing dates change all the time and the longer advance notice buyers have of delays the more annoyed they are.
Maybe she has a point, but regardless is it a risk that buyers would invoke that subject to mortgage clause because of a 3 week delay? Or relevant in this circumstance. Can’t tell if agent is spinning me a line to save the deal.
 
Premos said:
I don't know what is the current situation on this. But that happened to us 15 + years ago. The delay was about 4 months. We moved out and we're temporarily accommodate by family. We did not think that we had any other option at the time for the sale to go ahead as we had sign a contract with a date.
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I’d do that but delay is so short it makes it tricky to do anything other than move the date really.
 
according to EA they are currently in rental accommodation and want to move in ASAP
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It is likely that they have either given notice of have been given notice.
It's also likely that your 3 weeks" for snagging might not hold either.
There is a slim chance that they have not trusted your stated date and have built in some leeway.
Talk to them and see where the land lies.
 
LLB123 said:
Should I do as agent advises? I have t said anything to my solicitor as yet.
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First thing, your EA should not be part of the conversation, you need to talk to your solicitor asap and discuss your actual legal/contractual position and see what can be negotiated.

I don't think your reference to the "subject mortgage" clause is relevant here either, probably the EA giving you bad advice.

Your contract may even have a clause related to your own closing date so the sooner you speak to your solicitor the better.
 
_OkGo_ said:
First thing, your EA should not be part of the conversation, you need to talk to your solicitor asap and discuss your actual legal/contractual position and see what can be negotiated.

I don't think your reference to the "subject mortgage" clause is relevant here either, probably the EA giving you bad advice.

Your contract may even have a clause related to your own closing date so the sooner you speak to your solicitor the better.
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Thanks, there’s no specific or atypical clauses in the contract, and I was under the (perhaps mistaken impression) that closing dates were generally flexible within reason which is why I’d prefer to inform re the delay upfront, but agent is adamant that it’s a riskier strategy.
 
Recently signed contracts for sale of my house and set closing date a month from now
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You have signed a contract with a specific closing date.
There may be a clause where a penalty applies if either party fails to meet this.
There may also be a clause that permits varying this date.
Your solicitor will know they are your legal advisor.
So talk to them asap.
 
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BlackandBlue said:
You have signed a contract with a specific closing date.
There may be a clause where a penalty applies if either party fails to meet this.
There may also be a clause that permits varying this date.
Your solicitor will know they are your legal advisor.
So talk to them asap.
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I know all this, just trying to ascertain in general whether closing dates need to be absolutely adhered to at all times or if there’s wiggle room if I can’t vacate.
 
LLB123 said:
I know all this, just trying to ascertain in general whether closing dates need to be absolutely adhered to at all times or if there’s wiggle room if I can’t vacate.
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They should be adhered to at all times but in practice they sometimes are not adhered to. Speak to your solicitor and let them deal with it. If it just a matter of a few weeks something will be worked out. If is dragging on for months it would be a different matter.
 
LLB123 said:
Thanks, there’s no specific or atypical clauses in the contract, and I was under the (perhaps mistaken impression) that closing dates were generally flexible within reason which is why I’d prefer to inform re the delay upfront, but agent is adamant that it’s a riskier strategy.
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If there's no penalties in your contract, I'd be inclined to agree with the agent and don't flag a delay too far ahead of time. People go nuts when they're told about long waits, but can get their heads around shorter periods more easily. Boiling Frog psychology!
 
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