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Settlement delay while renting

Discussion in 'Help & Feedback' started by ozibear, 1st May, 2013.

  1. ozibear

    ozibear New Member

    Joined:
    1st May, 2013
    Posts:
    3
    Location:
    Tuncurry, NSW
    I am currently renting a property that i wish to purchase. The previous owner deceased in July 2012 .
    Contracts were exchanged October 2012 and settlement agreed to occur on Dec 27th 2012. Settlement did not occur as vendor had incorrectly completed death certificate and probate had not been granted.
    Vendor's solicitor (appears to ) continually stall. Latest tactic is to fail to fail to register the transmission details (despite promising to do so 3 weeks ago)
    Both my solicitor and the vendor's solicitor are in Sydney, specialising in conveyancing and property law.
    I continue paying rent on a property that I should own, and should have been settled nearly 6 months ago. Can this saga go on ad infinitum?
    Suggestions and help appreciated. Thanks
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    So your contract was with the executor of the estate? Had probate been granted? If not has it been granted now?

    Even though you may be paying rent, this probably means you are not paying interest on the loan, so you may not be that worse off - maybe better off.
     
  3. ozibear

    ozibear New Member

    Joined:
    1st May, 2013
    Posts:
    3
    Location:
    Tuncurry, NSW
    Thanks for reply.
    Have dealt with executor but exec claims to be doing her best and passes blame onto her solicitor. My solicitor prefers I go through them and not deal directly with vendor/executor.
    Fortunate enough not to have a mortgage, but money in managed fund making a few percent. Financially I'm probably not too disadvantaged as interest pays a fair proportion of rent. More the inconvenience of being stuffed around.
     
  4. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    Possibly your only recourse is to threaten to terminate the agreement. But, this may be what they want, especially if the value of the property has increased.
     
  5. ozibear

    ozibear New Member

    Joined:
    1st May, 2013
    Posts:
    3
    Location:
    Tuncurry, NSW
    Yes, expect they are hoping we terminate, but will hang in at this stage. Shame we didn't have a penalty clause for late (or non ) completion by the vendor. Is such a clause common in nsw ? Value of similar properties seem to have declined recently. Could this go on ad finitum?