Closing date - purchaser pushing for early closing dates but contracts nit exchangef

Hannaho

My house is sale agreed for 5 weeks. Purchaser's have signed, but contracts have not been exchanged as their solicitor raised several queries, and rightly so. There is still a cert of compliance with bye laws outstanding from an extension done by previous owner in 1979 which the solicitor who did the original purchase should have gotten but didn't.

The purchaser's always wanted yo move in before Christmas. I need to move by 3rd Jan due to UK PPR rules for CGT. I work now in the UK and am only home every second weekend. Though contracts have not been exchanged and there us still a cert outstanding they are insisting on a closing date of 11th Dec. However, I am not willing to organise any movers or ask my tenants who are renting rooms in my house to move - a month's notice - unless contracts are exchanged. The purchaser's are well aware that I work in UK and am only home every second weekend so needed to have 3/4 weeks from exchange - which hasn't happened to move - they are now thinking of walking away from the sale. In one way I am not that bothered as I will likely get 30k or so more for it next Spring. Any comments on purchaser's demanding an early closing date without exchange of contracts, would be helpful.

herbalplants

The first thing springs in my mind is why do you think you will get 30k more next spring!

You seem to not be bothered with the sale of your home.

Dav010

What have the buyers signed if contracts haven’t been exchanged? Are you saying the contracts have been signed, but the sale hasn’t closed?

Vacant possession is a requirement if they are financing the purchase, you are taking a massive risk by not giving your tenants notice at the earliest opportunity. Expecting them to move out during Christmas seems thoughtless. If they dig their heels in, you are screwed, there will be no extra €30k, you are locked in to that sale if the contracts are signed.

Hannaho

Thanks for the replies. The purchaser's solicitors haven't forwarded the contracts to my solicitor to sign - they are not yet exchanged, so the purchaser can walk away any time if I pay for removers etc on the basis that they are going to complete. The lodgers who rent rooms in my house knew from August that the house was for sale, but both felt they had time to look for other places to stay as sales of houses are usually quite drawn out. Why I think the house would make 30k more is that semi detached houses close to me, but not in as good as location as mine, and not as big or in as good as condition are now, three months later, making more than mine sold for.

Claw Hammer

Three was a bye law amnesty about 30 years ago. What is the purchasers solicitor on about?

Kurooi

If you sale agreed mid October, the purchasers should not have an expectation of getting the keys on 11th of December . 7 weeks from sale agreed to keys? It's very ambitious. Their solicitor should have clarified to them that they're asking for a lot. The place has tenants too? expecting to turn around in 7 weeks is bordering on absurd. And what will they do if they walk away? find someone else who will push the entire process through in 2-3 weeks? Might break records that.

Common enough to play tough to try and get solicitors moving , nothing gets an EA and solicitor more riled up than even a slight possibility of their fees going out the door. Maybe that's the motivation behind threatening to walk in which case it wasn't directed at you.

Dav010

https://www.boards.ie/discussion/comment/121396323#Comment_121396323

If the seller literally had their house in order, then 7 weeks should not have been a problem.

herbalplants

https://www.boards.ie/discussion/comment/121396329#Comment_121396329

I agree. If the paperwork is in order, 7 weeks is OK.

Kurooi

https://www.boards.ie/discussion/comment/121396329#Comment_121396329

I think the solicitors should tell their clients a range, prepare them for the fact that things don't go smooth and they can do nothing about the other side of it. House is pre 1979 with an extension, I had solicitors warn me ahead of time that this requires extra paperwork.

Certainly a solicitor should not tell you 7 weeks, pack your bags and get ready for the keys, when the other side hasn't even received contracts, given notice to the tenants, or provided legal documentation.

Dav010

https://www.boards.ie/discussion/comment/121411004#Comment_121411004

I suspect you haven’t read the thread, the op is the seller. In this case the seller hadn’t got his house in order and is holding up the buyers. If the seller has prepared the paper work for the sale, as they should, then 7 weeks is not a short period of time to close a sale.

Kurooi

https://www.boards.ie/discussion/comment/121411272#Comment_121411272

No I read it, I'm saying the fact that the buyer has the expectation of 7 weeks is wrong. It's possible, everything going smoothly, but nobody should be banking on the best case scenario.

JVince

https://www.boards.ie/discussion/comment/121411581#Comment_121411581

It is very feasible, but only if both sets of solicitors understand all aspects of conveyancing. I had a 4 week delay because a large firm of solicitors would not accept that warehouse building I was selling did not require a BER cert as it did not have a heating system installed.

Even when it was pointed out in black and white in the legislation they would not accept it and insisted on a certificate to confirm a certificate was not required. Their client was happy with the situation but they advised him against purchasing until a certificate of no certificate required was produced.

Every other aspect of the paperwork was perfect and they put their heel in. We contacted one of the other interested parties and as all paperwork was done, sale proceeded with a new buyer. and competed in 3 weeks.

So if above is correct and there is a bye law amnesty, this needs to be confirmed and sent to the buyer's solicitors. But I have a feeling it will be very close to Christmas when this completes.

Dav010

https://www.boards.ie/discussion/comment/121411581#Comment_121411581

Every buyer should be banking on the vendor having their particulars in order. There is no great mystery in this, the vendor has time to do this before the property hits the market.