Delayed Settlement by Vendor

I've done a search on this forum and couldnt find the answer to this.

I purchased a house back in early October at auction, put down the 10% deposit and signed a 120 day settlement contract as the vendor wanted an extended settlement as they had not bought another property yet.

About a month later my solicitor rang saying vendor wanted to move settlement forward by 30 days (making it 90 day settlement) as he had found a new place, was this fine by us? I said fine as my finances were sorted and ready to go.

Today my solicitor rings me and advises me that the vendor has used the property we bought as security against his new property and settlement will be delayed, he advises to give them a few days grace period then he will follow it up, explaining this is can be a common misunderstanding and it will cleared up

Frankly I'm a bit pieved as I had organised to break my term deposit early to meet the new settlement date (excited to move in :) ) and last week I had a rental truck booked to move my furniture on day of settlement, and a few other things happening within days of me moving in.

This is my first house so any thoughts from the wiser experienced members of this board? do i just sit back and wait or are there other avenues i should be pursuing.
 
This is my first house so any thoughts from the wiser experienced members of this board? do i just sit back and wait or are there other avenues i should be pursuing.

Unfortunately, there are penalties for you as a purchaser not settling on time but no such penalties exist (in a standard contract) for a vendor. You'll just have to suck it up and wait - sorry.:(
 
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