Query re house contract

Went sale agreed on house,1st week of February. House had been rented but is now empty.The agreed sale price is less than the mortgage, so it took some time for bank to release deeds. But I signed contract at beginning of July, I am cash buyer and was ready to go. I got the impression that all was well and the house would be mine within 10 days. However the seller has not yet signed. I dont know why.Last week I told my solicitor that I wanted out as I was weary after 6 months of waiting.But he told me seller could take a case against me if he put property back on the market and did not get the same price that I agreed on.I felt I had been reasonable and waited 35 days for him to sign contract. any advice please

This doesn't make sense, if the seller has not signed the contract then there is no contract? Are you sure you don't mean the transfer document?

As an aside, do you know how much the shortfall (percentage or amount - or both would be great) in the mortgage is and which bank agreed to sell without receiving the full amount owing?

The shortfall is almost 50% of price I paid. But bank has stated that this amount has to be added to sellers other properties and he still has to pay back outstanding mortgage. Iirsh bank, not sure if bank of ireland or aib.I signed contract. But my solicitor still thinks that I may be in a vulnerable position if I pull out.He has forwarded my signed contract to their solicitor. Seller and buyer live in different counties. My solicitor suggests that I need to give seller more time. Many thanks for your help.

It is as simple as this.

Ask your solicitor to send a letter to the Vendor's solicitor. The letter should say what you want. That appears to be that you do not want to proceed with the contract, that you are formally withdrawing from the contract and that you require your deposit back within 5 days. That should elicit a response- either a signed contract from the other side or a confirmation that that is accepted.

In broad terms, there is only ever a binding contract when the contract has been signed by both parties and exchanged. It may be that there are other (even more) complicating factors in this scenario.

mf

My solicitor has sent a letter to the vendor's solicitor saying that I do not want to proceed with the sale. In response he got back a letter today saying that contract will be signed within the next two days.If the signed contract (by both parties) arrives back, do I have to proceed with sale? Can I be sued or forced to go ahead.

Thanks for all advice. Deposit is being returned. Seller has changed his mind about selling.

OP but you now have a legal bill to pay !!!!!

mercman said:

OP but you now have a legal bill to pay !!!!!

Click to expand...

Well he should be counting his lucky stars as he wanted out and now he's got what he wanted. A legal bill versus an incorrect house purchase is nothing.

Sounds like the seller is up the walls with debt and could do without any more agro.