Hello everyone (from Melbourne),
The property I am buying was suppose to settle on 01st of May but it has been delayed (no new date has been notified) and no proper reason has been notified by the Vendor’s solicitor. By the by, it was a sixty day contract and there was a plenty of time. The problems arisen because of delayed settlement are as follows…..
1) I had a lock-in rate of 8.44% for 60 days prior to settlement, however because of delayed settlement, my lock-in rate has been expired and the new interest rate is (8.89%) going to be applicable for me. As a result, I need to pay excess of $475 per annum for 2 years ($950) as I have 2 years fixed interest rate.
2) To top it off, the property I am renting now is already advertised for rent and has received a lot of applications. And as per my real estate agent I have to vacate the rental property within 10 days. If the settlement does not occur by that time, I have no where to go and this is a big worry for me.
So, any ideas regarding the below requests…
1) What compensation I may be entitled to due to delayed settlement?
2) Should the vendor or Vendor’s banker pay my excess interest payment ($950) to my bank if any?
3) Should I ask for access for letter of occupancy (or licensing agreement)?
I understand that I need to talk to my solicitor, but I have tried for it and there was no answer from the other party.Thanks,
Kirsten1 – it is the vendor's contract, as such there are no penalties which can be imposed on the vendor.
2 – see 1
3 – this could be possible if the property is vacantHave your solicitor serve a notice to complete ASAP, that is the only power you have to force them to settle.
Perhaps you could ask to move in to your new property prior to the settlement with no rent payable to compensate for the fact that you have been put out by the vendor.
Is the property you are buying vacant?
Don.
don juan wrote:Perhaps you could ask to move in to your new property prior to the settlement with no rent payable to compensate for the fact that you have been put out by the vendor.Is the property you are buying vacant?
Don.
Thanks Don,
yes, it is vacant at the moment…..no body occupied this…Scott No Mates wrote:1 – it is the vendor's contract, as such there are no penalties which can be imposed on the vendor.
2 – see 1
3 – this could be possible if the property is vacantHave your solicitor serve a notice to complete ASAP, that is the only power you have to force them to settle.
Thanks mate…
yes…the solicitor served the notice to complete settlement ASAP couple of times….but no response from the other party…Next step, sue for specific performance. Speak to your solicitor as this is now in the realms of breach of contract.
Ask you solicitor to provide the case example.
I am sure that this kind of case has been tested in the court.
Is your solictor specialised in property law?Cheers
Donald
You must be logged in to reply to this topic. If you don't have an account, you can register here.
