Vendor delaying settlement

[Minxdamanx]

Hi, I've just been advised that the Vendor is delaying settlement on a property I am purchasing.

Seems a bit unusual, especially as they insisted originally on a 6 week settlement when I would have preferred 10 weeks.

I'm meant to have my tenant move in next Friday 17th as settlement should have been Monday 13th - now rebooked for the 16th.

Does anyone know what recourse I have - can I charge penalties after the 3 day grace period, as I would expect to be charged if it was me delaying settlement?

If they delay any longer than the 16th what do I do about my (then homeless) tenant?

Just want to have my ducks in a row and know where I stand before I squawk too loud.

TIA

 

[Twitch]

What does the solicitor have to say?

 

[Minxdamanx]

That they have a 3 day grace period and there is nothing I can do at this point until that time is up.

 

[Minxdamanx]

and again. Grrrr.

I really don't understand reasoning for delay - for heaven's sake the money is just waiting to be transferred to their account, why would they want to delay that!

Settlement hasn't been rebooked at this point, as our agent is waiting on vendors advice.

I'm going to ask if we can get keys anyway so that I can at least stave off attack from my (soon to be homeless) tenant!

Gulp!

 

[Minxdamanx]

Settlement finally occurred today - 10 days late.

The vendors never really gave me a reason except for some problem with Macquarie needing 5 business days notice to re-book settlement, but they did give us possession from last Thursday so my tenant wasn't inconvenienced.

So all done now, thank goodness.

 

[wylie]

Hope you can relax now that it is over. Congratulations!!