Our Vendor has requested an extension of the settlement date.
It is my understanding that they are moving into a new place at the later date and that they are transferring their existing loan to the new property. This means that their bank is not going to release their mortgage on our new house until the later date.
We have sold our current residence & cannot change the settlement date for that so if we say yes to the extension we will not have anywhere to live.
We can't really say no to the extension, because the vendor just can't settle. The mortgage will not be released. It is something to do with the structure of their loan requiring simultaneous settlement.
My solicitor has suggested agreeing to the extension & asking either to occupy the property on the original settlement date (rent free) making not having anywhere to live the vendor's problem. Or requesting that the vendor pay for alternative accommodation & storage.
Another thing I'm worried about is the possibility that they will request further extensions...
Just wondering if anyone has had a similar experience or can offer any advice.
Ta.
It is my understanding that they are moving into a new place at the later date and that they are transferring their existing loan to the new property. This means that their bank is not going to release their mortgage on our new house until the later date.
We have sold our current residence & cannot change the settlement date for that so if we say yes to the extension we will not have anywhere to live.
We can't really say no to the extension, because the vendor just can't settle. The mortgage will not be released. It is something to do with the structure of their loan requiring simultaneous settlement.
My solicitor has suggested agreeing to the extension & asking either to occupy the property on the original settlement date (rent free) making not having anywhere to live the vendor's problem. Or requesting that the vendor pay for alternative accommodation & storage.
Another thing I'm worried about is the possibility that they will request further extensions...
Just wondering if anyone has had a similar experience or can offer any advice.
Ta.