weve got to the stage where book dep has been paid, contracts recvd and we agreed that by next week that we would sign contracts and pay bal of deposit.
thru no fault of ours, we havent recvd the loan offer “pack” yet as the bank is processing it( we have maip , , valuation has been done, we have sent proof of balancing payments to bank , the mortgage orotection policy is being processed, and house has been surveyed)
What impact is there if we miss the date on which we agreed to pay bal of dep and sign contracts?
If we are late , its likely to be only 2/3 days.
No real consequence other than you might get chased/hounded by the EA for a day or two
Just explain situation and they should calm down
Two pieces of advice - explicitly flag these to your own solicitor
make sure the conditions of sale include a special condition making the contract conditional on bank finance still being available and loan cheque issuing in the amount of €X
depending on who the vendor’s solicitors are do some homework on whether you can rely on undertaking from them to discharge any vendor mortgage from the sale proceeds or whether cheque needs to go direct to bank, bank confirm release of mortgage as part of completion
Do not sign the contract without having that “contract conditional on bank finance” clause Tyler told you about .