Signed contract 2 weeks ago

Allo allo,

we signed the contract 2 weeks ago on a lived-in house we're purchasing. At the time the solicitor thought we'd hear about the vendor signing their side of the contract within days, but nothing has moved.

I'm wondering what are the possible reasons for this. Could they be locked in a chain? Could they be stuck for a motgage?

And if the sale were not to go ahead, at what point could we walk away from the sale? Or are we "stuck" to it for a limitless period?

Just trying to figure out what might be going on.

Simon

Hi Simon,

If you do not wish to proceed with the purchase simply instruct your solicitor to write to the vendors solicitor and advise that your offer to purchase the property has been withdrawn.

In essence you have made an offer, however, until the vendor returns a signed contract your offer has not been accepted and you can withdraw your offer.

Good luck with purchase - It seems to be a good time to buy at the moment if the property is the right property.

Your solicitor can phone and find out. Or ask the estate agent to ring the seller and find out, simple as that. Just don't count your chickens is all if the seller's are delaying. It's unusual that they would not sign ASAP in this market. I was in this situation and my solicitor said once she had released the signed contract and issued the 10% cheque we could not back out until the closing date had passed. It transpired then the sellers were fighting amongst themselves and they pulled out of the deal.

sadie said:

Your solicitor can phone and find out. Or ask the estate agent to ring the seller and find out, simple as that. Just don't count your chickens is all if the seller's are delaying. It's unusual that they would not sign ASAP in this market. I was in this situation and my solicitor said once she had released the signed contract and issued the 10% cheque we could not back out until the closing date had passed. It transpired then the sellers were fighting amongst themselves and they pulled out of the deal.

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I have been in similar situation. Use the estate agent if at all possible. Keep the solicitors out of it, saves time and money. And no offence intended to solicitors of course. In our case it was the banks holding up the deal, the vendors were as keen as us to close so dont get too worried. If it all falls through then you will probably get a better deal in time anyhow.

Thanks for the replies. I might ask the estate agent to tell me what's going on with it. My solicitor has been contacting the vendor's solicitor, but there doesn't seem to be any news.