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What happens when you miss closing day for house purchase?

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  • 18-08-2021 9:44pm
    #1
    paulfogarty
    Registered Users Posts: 15 ✭


    I am buying a house and it looks like my mortgage protection (life insurance) won't be in place by closing day because of all the health checks. It might be 1 or 2 weeks after closing day when the insurance is finally active.

    Does anyone have an idea what usually happens in this scenario? Does the vendor usually wait a few weeks and then a new closing day is arranged as soon as the issue is resolved?



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    #2
    Cash_Q
    Registered Users Posts: 1,920 ✭✭✭Cash_Q


    I would speak to your solicitor fairly sharpish so they can advise the best course of action. Hopefully it will only be another week or two. Their solicitor will need to be informed as will the vendors themselves. Sooner than later.


    We sold last year and vacated our house 24 hours in advance of closing, placing all of our possessions in storage and moving in with relatives, with a 2 week old baby and 2yr old to consider too. Our buyers missed the closing date by 10 days due to bank delays; we learned this at lunchtime on the day we should have closed. We REALLY could have done with that extra time in the house but by the time we were told about the delay, it was too late to do anything about it. Bear in mind the impact this could have on your vendors, especially if they are depending on the sale to proceed with another purchase. I appreciate that it's out of your hands but they need to know what's going on.


    Best of luck with it all, hopefully it will be sorted soon.



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    #3
    Fkall
    Registered Users Posts: 135 ✭✭Fkall


    https://www.boards.ie/discussion/2058204705/what-happens-when-you-miss-closing-day-for-house-purchase

    Nothing much - most likely 2-3 weeks after the closing date, the other side will issue a 28 day notice of completion.

    My advice would be to keep the other side informed of any potential delay.



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    #4
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,204 Mod ✭✭✭✭godtabh


    People who bought our house missed closing date by two weeks. They had left their house. They had 2 weeks of storage / hotel.


    had no sympathy for them as they were putting us under pressure to move by their time line.

    they want to move before closing. Solicitor said no so that was easy!



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    #5
    wench
    Registered Users Posts: 1,630 ✭✭✭wench


    I missed the closing date by 3 days (delay getting proof of house insurance)

    Vendor insisted I pay for three day's interest on her mortgage, and my solicitor said that the contract did allow for that, but he'd never seen anyone invoke it.



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    #6
    [Deleted User]
    Posts: 1,344 ✭ [Deleted User]


    https://www.boards.ie/discussion/comment/117785906#Comment_117785906

    I gotta ask.........how much did their smallmindedness gain them????? Like €25 @ day by 3...€75, probably cost more for solicitors letter



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    #7
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Had a similar scenario but mortgage protection came through in nick of time. Then the vendor ended up delaying by a month. It's honestly a pretty common delay I suspect. Just let your solicitor know.



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    #8
    wench
    Registered Users Posts: 1,630 ✭✭✭wench


    https://www.boards.ie/discussion/comment/117785948#Comment_117785948

    The princely sum of €98.64



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    #9
    [Deleted User]
    Posts: 1,344 ✭ [Deleted User]


    https://www.boards.ie/discussion/comment/117785964#Comment_117785964

    Haha...... reminds me of a car we rented in gran Carnaria...... 3week rental.....the deal with petrol was 'return as rented'.....so it's 3/4 full on getting car - when I bring it back I say it's 3/4 full...... little senorita in rental place says ' no, it's only 1/2 full'......... it was obviously/ clearly at 3/4 tank...... she hit me for €20 fuel on credit card........... man was I raging!!!!!!!!



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