How long to Close Contract?

R

roker

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I am in the process of buying another house, the contract is signed by both parties, I am in temporary accomodations, we are cash buyers, our solicitor has our money ready to hand over as soon as possible. We put the deposit with auctioneers 3 month ago and the main deposit 2 months ago. We have still not received a closing date, the other party has problems with the banks solicitor. How long can they make us wait?
 
As long as there is a problem the 'other' party will not have signed the contract so I doubt the first part is true. It appears they have to pay off a mortgage and may have to sign something they don't want such as interest or/and arrears. Hope you get lucky and it's sorted tomorrow.
 
I confirm the contract is signed by both parties, the problem is a bond on their new house
 
Is it possible that the bank can refuse a loan after the contract is signed?
 
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