All parties signed... No going back?

socks_uk

I can't believe we first viewed the bungalow we're buying 1st Oct last year and we're actually moving on Wednesday.

It's a very short chain, FTB buying mine and us moving into a vacant property. All 3 parties have now signed and we've been given Wednesday as our moving day.

Now we've all signed, is there anything that could possibly go wrong at this point, (assuming the removal van turns up of course) are we now beyond the point where someone can pull out? Hope someone can put my mind at rest, I'm not sleeping too well right now.

Jill

suffolkb

Sorry to seem gloomy.Make sure that you have insurance for the new place just in case.And notify gas/electric/phone to let them know.I didn`t once and the vendor had them all disconnected.Luckily,the estate agent called them all up,explained that I was an idiot and I wasn`t charged for reconnection.

divadee

They can pull out but they will lose their deposit money. You should receive the deposit money if they did pull out.

Sorry cant be more positive on that, but it is very rare for someone to pull out and lose a substantial amount of money for nothing!!

Good luck with the move. Relax and enjoy it.

silvercar

If anyone pulled out they can be sued for breach of contract. They immediately lose the 10% deposit and can be sued for the remainder.

Relax, people don't sign contracts to throw away this kind of money!

Jorgan_2

Have you signed or exchanged? Exchange is when everything is legally binding, everything should be ok when all parties sign the contract, if people have issues or second thoughts they usually don't go this far.

Good luck for Wednesday, waiting for the call to collect the keys is nearly as nerve wracking as the whole buying process, its just all roled into one morning.

barrymoney

Hi,
I am in the same position. I must stop worrying about every possible thing that could go wrong :eek: . I have read on here about somebody who had problems getting the lender to release the money on the day... sounds like you've been reading those threads too!

I just spotted what suffolkb said about gas/electric/phone. Are you saying I should contact all services a week (more?) before the move day? I guess theres no reason to wait, get it sorted asap after exchange? I'm a FTB, and wouldve probably done it the day before moving! (too used to renting).

all the best for your move,
b.

david29dpo

silvercar wrote:

If anyone pulled out they can be sued for breach of contract. They immediately lose the 10% deposit and can be sued for the remainder.

Relax, people don't sign contracts to throw away this kind of money!

they will only lose there 10% deposit. no more. this is to cover your expenses. there cannot be sued for for the rest. your buyers only pay 10% if they have it, with 100% mortgages, they will not. in that case YOU will have to sue for the 10% and the best of luck!! hope this helps. p.s. its very rare this happens.

linda.b_4

As long as youv'e exchanged as well as signed everything should be fine. You can actually sign contracts fairly early on in the game and things can still go pear shaped. Its when the signed contracts are exchanged by sols that its usually plain sailing. Good luck for wednesday. BTW, as you have been given a moving day I would assume contracts have indeed been exchanged, it wouldn't hurt to ring sols to verify.

JimArnold

Sighning means nothing its when they are exchanged it becomes set in stone - but thats usually doen on the same day

If a buyer pulls out they lose their deposit and can be sued for any costs if they amount to more than the deposit. If a seller pulls out then the buyer must take them to court, However its a one in a million - or at least many thousand chance - sleep well.

Other things to do Property Insurance, gas, electric, water, poll tax, TV licence, redirect mail + bottle of wine to open - oh and find local take away curry.

socks_uk

Thanks for the replies everyone.

I've been packing and cleaning all day. Already sorted phone, Gas & Electric, Water and TV Licence although I think we should have waited until at least Tuesday to do the TV licence because I think we might be watching TV illegally here at the 'old' house now.

I've asked my neighbour if he'd park his car in front of our house on Tuesday night, along with mine and my husband's car, so the removal van can park in front of our house (dead-end end of a long terraced street). He goes to work at 7am and the van is due not long after 7. Hope my new neighbours are as good as (some) of my old ones.

bottle of wine to open - oh and find local take away curry.

This made me smile JimArnold because right at the back my new house is a row of shops with a pizza takeaway, fish & chip shop and a Chinese takeaway. If ever an Indian takeaway opened I'd have to move as I really dislike the smell and taste of curry.
My husband's deprived of kisses after a curry!

Thanks for all your good wishes and hope your move goes well too Barrymoney.

Jill

RANDY_3

My mother should be moving this Thursday.
It is a developer buying her property and she is moving into a vacant retirement flat.
There could be an issue with payment on completion day, the developer i believe has been banking on a £600,000 property he just built being completed the same day.
He is giving me vibes that all is not well with that sale.
Should both his and our solicitors not have been CERTAIN that funds were available when contracts were exchanged?
We have a removal firm bubble wrapping and packing tomorrow, for the move Thursday. I dare not tell my mother her move is looking shaky.
If completion is delayed, maybe i can also sue the solicitors IF the have failed their duty?
ANY ADVICE?
Cheers