Concerned about delay between bank giving loan, and closing on house sale
So in my case the bank handed over the load to my solicitor on Thursday and he eventually replied to me on Monday to say that:
- We have been in contact with Vendors Solicitors however their clients are in [X country] and they are waiting for signed closing documentation to be couriered to them so they are not yet in a position to close.
I'm presuming the mortgage payments kick in as soon as they give the loan out (as opposed to when the sale closes). So basically at this point, I've a mortgage on a house I don't own. I don't think this means I'm losing money as I'm not paying rent at the moment.
Given that I signed the contracts over 5 weeks ago, so I'm surprised they haven't yet signed theirs. Should my solicitor not have anticipated this somehow? I'm wondering does the documentation then need to be couriered back before the sale goes through, because their solicitor is in this country. They're pretty far away!
The only possible upside is that if interest rates go up during the delay. And yes, I'm not comfortable with my solicitor.
Thanks