Contracts signed - house not ready - what are my options?

I have signed contracts and paid my deposit of 10percent. The chqs are in the solicitors office. the peoples house we are buying is not ready it is been built but we got a closing date of the 10th august but now won't be for a while. what are my options

Re: contracts signed

Your solicitor should be apprising you of your options. Ask him/her.

he just said i would have to wait but I am sure I have more options than that. why did the house go on the market if they wern't ready to sell!

Is it a new build that's not finished or are the sellers in a chain?

What do you want to do? Force them to complete? Walk away?
Was the Contract subject to their house being ready? Is it a few days here or a few months?

You have options - you can, if the agreed unconditional closing date has passed, ask your solicitor to issue a 28 days Completion Notice. At the end of that time you can opt to force a completion or withdraw. Much depends on what is happening ( and every case is different with different parties, compulsions, issues, emotions etc.,etc), what you want to do and what the Vendors want to do.

Its a help if, once ( if? people do not always make their position clear) you understand their circumstances and you understand the law, you can make an informed decision as to how to instruct your solicitor.

mf

was told by the auctioneers that they would lose the 10th aug when went to view the house. they issued us with a closing date of 10th august. the roof isn't even on there new house!

Just to clarify - you're buying a second hand house from people who are buying a new house and their new house isn't ready so they don't want to let you have the second hand house on the agreed date?
I would have thought that they don't really have any choice. Isn't this where they move out and rent somewhere and give out to the developer that their house isn't ready and it's costing them, etc.
Seems that they have a problem that their house isn't ready but they've decided to pass that problem on to you so that now 'your' house isn't ready. What are you supposed to do in the meantime, live on the streets??
I'd love to hear if they're legally allowed to do this? I would have thought not, otherwise what's the point of the contract? By the way I'm assuming they've signed their copy of the contract too.

yeah i am buying a second hand house but I am a first time buyer and there is a delay in the building of there house. I am renting at the moment and the lease is up this friday and I thought everything would be sorted by then which I was advised by my solicitor it would.

Was the Contract subject to their house being ready? Is the Contract signed by both parties?

mf

yes it is signed by both parties and no it wasn't subject to their house been ready

In that case you could offer to let them stay as long as they contributed to your expenses with regard to moving to different accomodation and extra rent you might have to pay. If you want to be extra generous, that it.
You wouldn't be entitled to decide not to move out of your place and tough on whoever was to move in so why should you be the one who is put out? It's the vendor's problem, nothing to do with you. If their house was ready and they had to hand over the money, what would happen if you turned round and said that you weren't ready to move for another 2 months so they wouldn't get their cheque until then? I bet they wouldn't say 'ok then'.