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Closing Date pushed out again

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  • 19-04-2018 12:30pm
    #1
    elle.en
    Registered Users Posts: 48 ✭


    It looks like the closing date for our purchase is being pushed out a second time and we have only been told the day before again. Our solicitor has already drawn down our mortgage. Y question is, is there anything to stop the seller dragging this on another 2/3 months? Very frustrated at this stage.

    Thanks in advance.


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    #2
    spaceHopper
    Registered Users Posts: 3,991 ✭✭✭spaceHopper


    What where the reasons given, have you signed contracts? Is there any specific performance data you can seek to enforece?


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    #3
    elle.en
    Registered Users Posts: 48 ✭elle.en


    spaceHopper wrote: »
    What where the reasons given, have you signed contracts? Is there any specific performance data you can seek to enforece?

    Yes we have signed contracts. The seller seems to be in the middle of buying a new place. This seems to be a new development as when we signed contracts we were under the impression that they were just selling - no other purchase involved. Now they’ve changed their mind and this is causing the delays.

    We’ve already drawn down our mortgage and given notice on rented accommodation so feeling really disheartened by this.


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    #4
    brownbinman
    Registered Users Posts: 554 ✭✭✭brownbinman


    hold them to the date on the contract. contracts are signed and should be honoured

    2-3 months is too excessive to wait


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    #5
    annoyedgal
    Registered Users Posts: 769 ✭✭✭annoyedgal


    In the midst of this nightmare myself. Closing date changed 3 times. Get your solicitor to serve a 28 day notice to close asap. They will have to close before the 28 days or risk losing deposit and or being sued by yourself.
    Very little else you can do but it's better than nothing. There is also an option to persue interest accrued after you close. Talk to your solicitor pronto.


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    #6
    mloc123
    Registered Users Posts: 9,454 ✭✭✭mloc123


    elle.en wrote: »
    Yes we have signed contracts. The seller seems to be in the middle of buying a new place. This seems to be a new development as when we signed contracts we were under the impression that they were just selling - no other purchase involved. Now they’ve changed their mind and this is causing the delays.

    We’ve already drawn down our mortgage and given notice on rented accommodation so feeling really disheartened by this.

    I suspect the seller has not yet? In which case you cannot serve a 28 day notice AFAIK


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    #7
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    When did you sign the contract. And has the seller signed?


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    #8
    Thestones
    Registered Users Posts: 255 ✭✭Thestones


    mloc123 wrote: »
    I suspect the seller has not yet? In which case you cannot serve a 28 day notice AFAIK

    Their mortgage has been drawn down, of course seller has signed, mortgage draw down only happens just before close. Really bad form on sellers part, I think solicitor can return money to bank until your ready for it, I'd be insisting on it closing within a week or two, to only tell you the day before is disgraceful.


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    #9
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    Thestones wrote: »
    Their mortgage has been drawn down, of course seller has signed, mortgage draw down only happens just before close. Really bad form on sellers part, I think solicitor can return money to bank until your ready for it, I'd be insisting on it closing within a week or two, to only tell you the day before is disgraceful.

    Yes you would hope the buyer’s solicitor/bank wouldn’t allow a drawdown unless the contract is signed buy the seller, but doesn’t hurt to double-check.

    Assuming the contract is signed by all parties, it should include heavy daily penalties for not meeting the closure date on the contract (at least mine did).


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    #10
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    Thestones wrote: »
    Their mortgage has been drawn down, of course seller has signed, mortgage draw down only happens just before close. Really bad form on sellers part, I think solicitor can return money to bank until your ready for it, I'd be insisting on it closing within a week or two, to only tell you the day before is disgraceful.

    Very very messy to return funds to bank. Could delay re-drawing when needed.

    OP I would be landing the sellers a bill for the interest you're accruing while youve no access to the property, that might move them along


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    #11
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    28 Day notice but the costs of enforcement are prohibitive - at least that was the advice I was given.


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    #12
    annoyedgal
    Registered Users Posts: 769 ✭✭✭annoyedgal


    Can't persue the interest until sale is closed or 28 day notice is up. It's a bit of a joke really how little you can do in this situation. We were advised it's very costly to persue the interest but definitely serve the notice and you'll know your closing within a month at least.

    368100 wrote: »
    Very very messy to return funds to bank. Could delay re-drawing when needed.

    OP I would be landing the sellers a bill for the interest you're accruing while youve no access to the property, that might move them along


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    #13
    mloc123
    Registered Users Posts: 9,454 ✭✭✭mloc123


    Thestones wrote: »
    Their mortgage has been drawn down, of course seller has signed, mortgage draw down only happens just before close. Really bad form on sellers part, I think solicitor can return money to bank until your ready for it, I'd be insisting on it closing within a week or two, to only tell you the day before is disgraceful.

    Well... draw down can take place before the seller signs, ours did (both the people buying our house and on the house we bought). We were working on a very tight timeline, but it is something that happens.


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