21 day rule on signing contracts

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foxylady

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Is this the normal time your given to sign and send back contracts and why ?
 
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Re: 21 days

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There is no fixed time - its a matter for the parties - or more likely for the vendor.

When contracts issue, that generally follows a period of time when the house has been viewed, negotiations have taken place, vendor preumably has instructed solicitor to take up deeds and purchaser has been busy organising finance ( at least in general terms). As there is no binding agreement in place until contracts are signed, exchanged and a full ( or agreed lesser deposit) has been paid, both parties ( and certainly the vendor ) should (?) want contracts to be binding. Of course purchasers may have been entirely economical with what they told estate agent and may be weeks off arranging their finance so that ( if they were prudent) they should not be signing contracts. Contrary to the oft expressed view that the solicitors should not let their clients sign contracts without making sure they have loan approval in place, that is a decision for the purchasers to make. The solicitor can only advise - the clients make their own decisions. A lot of people entirely underestimate the rigours of house purchase and can be told nothing.

It would be the norm for the deal to go from contract issue to complete sale in approx. 8 weeks but each set of circumstances is different.

mf
 
mf1 said:
There is no fixed time - its a matter for the parties - or more likely for the vendor.

When contracts issue, that generally follows a period of time when the house has been viewed, negotiations have taken place, vendor preumably has instructed solicitor to take up deeds and purchaser has been busy organising finance ( at least in general terms). As there is no binding agreement in place until contracts are signed, exchanged and a full ( or agreed lesser deposit) has been paid, both parties ( and certainly the vendor ) should (?) want contracts to be binding. Of course purchasers may have been entirely economical with what they told estate agent and may be weeks off arranging their finance so that ( if they were prudent) they should not be signing contracts. Contrary to the oft expressed view that the solicitors should not let their clients sign contracts without making sure they have loan approval in place, that is a decision for the purchasers to make. The solicitor can only advise - the clients make their own decisions. A lot of people entirely underestimate the rigours of house purchase and can be told nothing.

It would be the norm for the deal to go from contract issue to complete sale in approx. 8 weeks but each set of circumstances is different.

mf
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we have just bought apartment off plans and were told that we have 21 days to sign contract and pay remainder of balance if we want appliances included.
 
Sunny said:
Its a standard clause with new builds that come with appliances.
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Thats as maybe but they 21 days seems to be from when the vendors solicitors date their letter and not when received by your letter, so u dont really have 21 days. This seems to be a big con in my opinion and its looking like we are going to lose ours because bank is stalling on the loan offer.
 
foxylady said:
Thats as maybe but they 21 days seems to be from when the vendors solicitors date their letter and not when received by your letter, so u dont really have 21 days. This seems to be a big con in my opinion and its looking like we are going to lose ours because bank is stalling on the loan offer.
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Most builders will be flexible to an extent. Why are the bank stalling on a loan offer? Its a pretty standard thing. Did you have mortgage approval before paying the booking deposit or are you only arranging it now?
 
Sunny said:
Most builders will be flexible to an extent. Why are the bank stalling on a loan offer? Its a pretty standard thing. Did you have mortgage approval before paying the booking deposit or are you only arranging it now?
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put down 3k deposit beginning of may, then went for mortgage. have full approval from bank but they havent issued the loan offer to the solicitor in order for us to sign.
 
If you haven't given the EA your solicitors details the 21 days won't have started yet, so if you haven't told them yet just say you haven't got a solicitor yet and that will give you an extra few days
 
Your solicitor may be able to persuade them to give you an extra couple of days? Keep hassling the bank, it's the only way to get things moving. Nag nag nag!


A friend of mine went over the 21 days and then said she wouldn't sign unless they guaranteed the appliances. Most builders/EAs don't want to go through the hassle of re-issuing contracts etc. But I'd say it all depends on the situation...
 
stresshead said:
Your solicitor may be able to persuade them to give you an extra couple of days? Keep hassling the bank, it's the only way to get things moving. Nag nag nag!


A friend of mine went over the 21 days and then said she wouldn't sign unless they guaranteed the appliances. Most builders/EAs don't want to go through the hassle of re-issuing contracts etc. But I'd say it all depends on the situation...
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thanks for all the sound advice i might have to threaten that one yet but hopefully I wont have to. Today is d day. So I will keep you all posted.
 
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