Buying a house - vendor still hasn't signed contract

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amflimer

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I am buying a house, and I've paid the deposit and signed the contracts. However, I was looking to get the keys before christmas. I got the contracts and signed without a closing date, my solicitor told me it would be fine, he just had to talk to the vendor solicitor and agree the date.

That was ten days ago and all I'm getting since then is waffle (from estate agent and solicitor). Bottom line is I still don't have a closing date and I don't know if Vendors have even signed the contract.

My solicitor says not to worry and is now drawing down the money. He says once he does that, they will close straight away.

I went over to the house last night and the people living there (its a rented house) have their christmas tree up and don't look like going anywhere soon.

I would like to know should the solicitor draw down the money without the contract being signed? Will I be paying for a mortgage on something I don't even own.

Also what are my options now - how can find out what the story is? Can I withdraw my bid or threaten to? Who can I put under pressure and how?

Would appreciate input, thanks.
 
hello,
I work for a property investment company and have several investors whom i deal with all legals funding,maintenance,rental etc. this is an interesting one recently one of my clients purchased a house close to my office. the money was drawn down and i collected his keys to go have a look and do any necessary repairs and put in any furniture required to get it rented. i put the key inthe door and there was the last tenant . who had not been asked to leave. i returned to my office after getting as many details of the tenant as possible and rang the solicitor. he was astounded at the news and said that during his pre contract enquiries the vendor had informed him the property was empty and there was no tenant so vacant possession would apply. in 25 years in the legal profession he had never seen this before. my client is highly litigious and sent a solicitors letter threatening to sue and the vendor was forced to pay compensation to my client. The reason that your vendor is not completing is because he probably has to give tenants one months notice/possibly two and left this until the last minute to do to avoid vacant period. if your solicitor draws down the funds this will leave you in a very difficult position because if completion does not take place in 2 days he will have to return money tothe bank. if the vendor does complete and cant remove the tenant immediately ( which he legally cant really do)!!!then he is in a very bad position.
 
Buying a house vendor hasn't signed contract

Hi

I am not a solicitor and would advise you get advice from another solicitor ASAP - I know the following as a relative almost came cropper from a similiar situation. Describe the situation in general terms to another solicitor.

- As soon as you draw down the money YOU start paying the mortgage
- If they haven't signed the contract YOU are still legally bound to stick with the agreement and it could take a trip to the High Court to get you released from the contract. THEY are not bound. YOU ARE.
- It doesn't sound like they are moving out soon
- Don't delay - bypass your solictitor and inform the bank that they are NOT to release funds until the vendor has signed a contract and agreed a closing date. You are in potientially dangerous place.

ACT IMMEDIATELY. Monday morning inform your bank not to release funds. Then get advice from another solicitor. Then insist on an EARLY closing date and a signed contract. SCREAMING works ;-)

By the way it is a point of law that if you have have agreed to buy a property (and both parties have signed a contract) and have nowhere to live (either you have to move out or have sold where you have lived) then the vendor is obliged to vacate.

DO NOT DELAY taking action. It could take you up to two years and a visit to the High Court to disentangle from this contract if the vendors don't sign and won't move out. In the meantime YOU will still be legally bound to the contract you have signed. They bizarrely won't as they haven't signed it.

GOOD LUCK. ACT NOW.

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You should get a definitive answer from the Vendors solicitor as to whether notice has been served on the tenants before you draw down the loan cheque. However time is not on your side as I note that some lending institutions have earmarked this wednesday as last date for issue of loan cheques.
 
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