purchasers delay on closing?

M

Miracle Girl

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Looking for advice on how to proceed.
I am sale agreed on my rental property to my tenants. ( I had given notice of intention to sell last year) They offered to buy and we settled on a price.
Contracts exchanged mid january and a completion date agreed for last friday 19th of feb.
I checked in with solicior last week and last friday for an update and I all I got was there was no update.
Is this usual for a closing date to pass and no update. tenants have paid deposit at exchange.
I do intend to instruct my solicitor to follow up formally, I wanted to check that I am not to gung ho about this. I am concerned that there has not being an update last week or early this week.
any advice from more experienced people?
 
Miracle Girl said:
Contracts exchanged mid january and a completion date agreed for last friday 19th of feb.
Click to expand...

OK, so they are committed to buy and you are committed to sell.

Delays in closing are commonplace, but it's good manners to tell the other side that there will be a delay.

As they are your tenants, ring them and ask. Is it them? Is it their solicitor? Is it your solicitor?

Brendan
 
Brendan Burgess said:
OK, so they are committed to buy and you are committed to sell.

Delays in closing are commonplace, but it's good manners to tell the other side that there will be a delay.

As they are your tenants, ring them and ask. Is it them? Is it their solicitor? Is it your solicitor?

Brendan
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thanks Brendan

I have a property manager who I rent through and he brokered the sale. I have reached out to him and he has not got back to me.
Its not our side as I was ready to go since exchange of contracts.
Yes both sides committed.
Its reassuring that minor delays are normal..will see if i hear anything from my solicitor today.

thanks
 
It's not a long delay in the scheme of things. There can be delays for numerous reasons. I think part of the issue is around solicitors ability to communicate. I think they forget that these are big events for people and there is a natural nervousness mixed with a lack of understanding around the whole process. I remember I used to e-mail my solicitor and asking him if there was any update and I would get a mail back saying 'No Update' and that was all. I then copped on that if I asked specific questions, I would get a detailed response. But I did have to work at getting information from them....I think they are so used to dealing with other people in the legal profession, they adapt the same attitude with lay people....
 
Exactly what @Sunny said! Bought & sold 3 times in last 5 years. Every delay was either solicitor or bank drawing down and just wanting more & more info right up until the money came over. As quickly as we would give the solicitor what they requested (immediately to keep things going quickly), they would then crawl! These are big events and it's the stress of not knowing stuff that gets to you when buying/selling (selling especially).
 
I have done a 3 cash purchases in the last few years, that is selling to purchase our next house, the cash was always available but there was always a last minute snag on the solicitors side.
On one purchase the money had been paid, and then the snag, when I asked to return the money it was fixed in hours
On another purchase, the solicitor made such a hash of it nearly denying me of the purchase. When I contacted the law Society my bill was reduced by about €2000
 
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Miracle Girl said:
I am sale agreed on my rental property to my tenants.
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As others have said, delays are common place and solicitors, both your own and the buyer's, can be frustratingly slow to react because they know it will eventually get finalised.

Maybe you need to proceeds of the sale for something else but you are in the convenient position of selling to your tenants so any delays are just covered by more rent.

You are not really losing out if they pay another month's rent & that should be made clear before closing if it drags on for more than a couple of weeks.
 
Sunny said:
It's not a long delay in the scheme of things. There can be delays for numerous reasons. I think part of the issue is around solicitors ability to communicate. I think they forget that these are big events for people and there is a natural nervousness mixed with a lack of understanding around the whole process. I remember I used to e-mail my solicitor and asking him if there was any update and I would get a mail back saying 'No Update' and that was all. I then copped on that if I asked specific questions, I would get a detailed response. But I did have to work at getting information from them....I think they are so used to dealing with other people in the legal profession, they adapt the same attitude with lay people....
Click to expand...
do we have the same solicitor
 
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