Request compensation for delay in closing?

[sadie]

Agreed to buy a house beginning Nov 07, paid booking deposit and was assured a quick closing date approx 6 wks. Turned out vendor needed planning permission to retain an alteration to the house which only went to council end Dec (8 wks after sale agreed). Council have 8 wks to decide so contracts will only be sent from the vendors to our solicitors end Feb. So realistically it'll be March before we can move. Is there anything we can request from vendor to compensate us for staying longer in the rented house and inconvenience of having to re-apply for the mortgage? Reducing the offer would be just plain mean (though tempting in a falling market).

 

[cjh]

Reducing the offer would be common sense.

 

[mf1]

There are no signed contracts - you're entitled to nothing. Remember, once you were aware of the problem, you opted not to walk.

Of course you can offer less money now - which they may or may not accept. That would be you negotiating the terms of the compensation rather than them offering you anything.

mf

 

[stapler]

Sadie,

Bear in mind that, as far as I know, the Council will give an initial decision within 8 weeks of receipt of the planning application, but there is then I think a 5-week appeals period before a final decision is made as to whether or not to grant planning permission. I'd say it is this final decision that you would have to wait on from a legal point of view so that would delay your signing further.

It might also be prudent to consider in advance what your options would be if the Council do not give permission for retention of the work, or if their permission is conditional on certain other works being carried out (e.g. block up a window that overlooks a neighbouring property).

 

[FKH]

You are entitled to walk away at any time up until signed contracts are exchanged. It's your only threat. You could threaten to walk unless they reduce the price. They can either accept that or put the house back on the market. Bear in mind the value of the house may be less in March than it was in November and it could be in your interest to re-negotiate.