Can we insist venders move out earlier than they want?

dublinrose

Hi,wonder if anybody with experience of buying house can advise...
Havin just bought a house-have signed all docs etc...was hoping for closing date asap. Now venders dont want to move til end of Jan...problem is the fixed rate we have from bank might have increased by then....we have to talk to our solicitor and obviously it being Christmas we dont want to put anybody out of home but does anybody have any idea what are our options?..can we insist they move out a bit earlier?is there any other option?
Thanks would appreciate any thoughts..

spockety

Give them the date by which you want to move in.

Tell them that if they cannot facilitate this you will pull out of the purchase.

I'm amazed you didn't bring this up before signing anything at all or handing over a deposit. It is surely one of the first questions to ask a vendor's agent...

Diarmuid

When you say you have signed all the documents, does this mean that the transaction has closed and you now own the house? If that's the case offer them the option to rent for two months to get them to the end of Jan.

dublinrose

you're probably right- total novice at this- was under the impression they were very keen to move- very keen to get sale through...seems very logical now...we were being rushed along by mortgage broker- he was constantly on phone...we were foolish...but can we threaten to pull out of purchase with deposit paid?

spockety

dublinrose wrote: »

you're probably right- total novice at this- was under the impression they were very keen to move- very keen to get sale through...seems very logical now...we were being rushed along by mortgage broker- he was constantly on phone...we were foolish...but can we threaten to pull out of purchase with deposit paid?

It depends on exactly what you have signed.

I suggest you talk to your solicitor and ask him what, if any, would be the consequences of pulling out of the purchase.

If he says there are no consequences, then you are in a very strong position with the vendors (they will not want to lose the sale or risk losing the sale).

If he says you will lose your deposit, or a few grand, then you are in a less powerful position, though if you are a good bluffer you could make the vendor think you will forego your deposit in favour of pulling out and looking for another place because they will not move out in time.

dublinrose

thanks -well-we have signed all docs from our end...deposit gone to their solicitors...with suggested closing date ..I'm not sure it probaby isnt closed til they sign...Going to talk to our solicitor tomorrow as I obviously dont know enough about whole process

D3PO

OP if your talking about the possibility of the fixed rate rising you clearly havent drawn down the mortgage.

if you havent drawn down the mortgage you cant have closed the sale.

So therfore this is similar to any other house purcahse / with a chain delay attached. If your not happy with Jan tell the vendors close by this date or were pulling out. If you havent drawndown the mortgage your depost has to be refundable as you cant have signed any documents that would ahve it tied in.

Victor

D3PO wrote: »

OP if your talking about the possibility of the fixed rate rising you clearly havent drawn down the mortgage.

if you havent drawn down the mortgage you cant have closed the sale.

So therfore this is similar to any other house purcahse / with a chain delay attached. If your not happy with Jan tell the vendors close by this date or were pulling out. If you havent drawndown the mortgage your depost has to be refundable as you cant have signed any documents that would ahve it tied in.

But talk to your solicitor.

Make sure the contracts specifies that time is an issue.

kmick

The rate is unlikely to go up in the interim but just contact the bank and confirm the duration that their offer is valid. If it expires before the end of Jan ask them to extend it.

dublinrose

Thanks for all the replies- just to update- we contacted our solicitor and docs hadnt been sent to vendor's solicitor so we contacted estate agents,advised we hadnt send remainder of deposit to vendors solicitor yet-and asked for earlier closing date- which we got .
Cheers for all the advice