How long for bank to issue consent for sale?

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Hi,
Does anyone know how long it is currently taking for banks to issue a letter of consent for a house sale?

Sale agreed on a house for 3 months and the the vendors are having difficulty getting consent to sell from their bank. Currently nobody living in house and house is in negative equity, although I'm unsure of level involved. Bank is KBC.

At this stage we are considering cutting our losses and requesting our deposit back. Anyone else able to share their experience or advice in this situation?

Cheers

Lou1984

Hi

i am in the very same situation as you, sale agreed 12 weeks and no progress. Our solicator is just after closing off a similar case that has being going on since December, so im afraid we could both be in for a long wait.

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That's a long wait!

I don't mind if it takes a while as we're not in any rush to move in. The lack of communication is the most frustrating part at the moment.

Lou1984

I am the same myself and my boyfriend both still living at home, so there is no panic on us moving out. But it would be great to have a date in mind. Our sellers are in quite big negative equity and from what iv seen on here the banks are not really in any hurry to make their decisions.

I could have written this OP! I have the exact same question. Almost word for word. We'll have to set up some kind of club Like yourself, its the lack of communication thats really getting to me.

2013Lara

Another waiting on consent! What stage are you all at? Contracts exchanged or do we need to wait on consent before they can be exchanged? Serious lack of communication on their side as well.

Scortho

I'm going to take a guess that the banks head management need to make a decision on it.
As far as I know those meetings happen once a month, but they mightn't get through all houses in one meeting.
What holds it up the most however, is not the bank accepting your offer, it's the bank accepting your offer and the sellers offer for the neg. eq. Portion.

At the same time I'd be getting into the estate agent asking what the hell is going on and putting a time limit on the move.
This may put pressure on the banks to make up their mind, if they know that the sale of house x may fall through if a decision isn't made within the next month.

Scortho

Scortho wrote: »

I'm going to take a guess that the banks head management need to make a decision on it.
As far as I know those meetings happen once a month, but they mightn't get through all houses in one meeting.
What holds it up the most however, is not the bank accepting your offer, it's the bank accepting your offer and the sellers offer for the neg. eq. Portion.

At the same time I'd be getting into the estate agent asking what the hell is going on and putting a time limit on the move.
This may put pressure on the banks to make up their mind, if they know that the sale of house x may fall through if a decision isn't made within the next month.

I have the EA tortured with calls and visits. Emails take 10 days to get an answer. I actually went into the office the other morning, child in tow and said that we are soon to be evicted from the property we are renting. Its crap having to be on the back of an EA that isn't employed by ourselves, I had thought we had all that left happily behind when we sold our last house. I have had no dealings with NE when we bought any other house, I know its the times we are in, but does anyone know if the banks refuse many offers?

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2013Lara wrote: »

Contracts exchanged or do we need to wait on consent before they can be exchanged?

Need to wait on consent before exchanging contracts as far as I know. Solicitor can't issue without consent but I'm open to correction on this.

One thing I do know is that the summer time is a disaster for getting things done with people away on leave. Especially if this needs a few levels of sign-off in the bank

Scortho

Mayo Gurl wrote: »

I have the EA tortured with calls and visits. Emails take 10 days to get an answer. I actually went into the office the other morning, child in tow and said that we are soon to be evicted from the property we are renting. Its crap having to be on the back of an EA that isn't employed by ourselves, I had thought we had all that left happily behind when we sold our last house. I have had no dealings with NE when we bought any other house, I know its the times we are in, but does anyone know if the banks refuse many offers?

It wouldn't be so much the bank refusing offers, it's what the current mortgage holder plans to do with the amount outstanding.
If the bank currently had possession of the property, the sale would go through much faster.

Scortho

Scortho wrote: »

It wouldn't be so much the bank refusing offers, it's what the current mortgage holder plans to do with the amount outstanding.
If the bank currently had possession of the property, the sale would go through much faster.

My stress levels are at an all time high, Scortho, and its not even my house :rolleyes: The house we are renting is up for sale and there are regular viewings. I'm just worried that things will fall through our side while the sale of this house goes through and we'll be living in cardboard boxes. 90% of our belongings have been stored away - I WANT MY STUFF!!!!!!!!!! Ugh, I hate living like this. We are NEVER moving again....

Scortho

Mayo Gurl wrote: »

My stress levels are at an all time high, Scortho, and its not even my house :rolleyes: The house we are renting is up for sale and there are regular viewings. I'm just worried that things will fall through our side while the sale of this house goes through and we'll be living in cardboard boxes. 90% of our belongings have been stored away - I WANT MY STUFF!!!!!!!!!! Ugh, I hate living like this. We are NEVER moving again....

I'd go to the ea and say look this is gone on too long.
If the banks don't make up there mind the offer is withdrawn in 2 weeks.
And withdraw it.

Is there alternative houses that you've saw/liked?
This is a serious problem with the current lack of repossessions.
If the house was repossessed, the bank wouldn't need to go to the owner, as they'd have full possession.

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Scortho wrote: »

I'd go to the ea and say look this is gone on too long.
If the banks don't make up there mind the offer is withdrawn in 2 weeks.

I could not be bothered dealing with EA in our case as I can't believe a word from his mouth. I also don't think EA has any influence when it comes to the bank.

Appreciate your point about putting them under pressure. Our solicitor has been asking for an update every week or so..

Scortho

is this username available wrote: »

I could not be bothered dealing with EA in our case as I can't believe a word from his mouth. I also don't think EA has any influence when it comes to the bank.

Appreciate your point about putting them under pressure. Our solicitor has been asking for an update every week or so..

It's the only thing that might get it moving.
The bank and seller have to come to an agreement on what happens with the outstanding portion of the debt, the threat of the bid being removed may speed up the banks decision.

We have looked at other houses, but none we like. We want to be in the countryside and in our area its all houses within the town that are for sale. Thats where we are at the moment, but the lack of privacy is getting to me. DH hasn't even assembled the trampoline here as apart from lack of space, I'd be concerned about the neighbours having to see bouncy children over the wall.

We have done loads of research, years in fact. The house is ready to walk into, ticks all the boxes, even a fusspot such as myself would have very little to do with it

2013Lara

Would the owners rent it to you while you wait? Were moving in to the house were buying next week, renting it while we wait on the sale to close. Main risk is that it will fall through but trying not to think about that! Were just signing a short term letting agreement and paying slightly less than market rate.

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2013Lara wrote: »

Would the owners rent it to you while you wait? Were moving in to the house were buying next week, renting it while we wait on the sale to close. Main risk is that it will fall through but trying not to think about that! Were just signing a short term letting agreement and paying slightly less than market rate.

Not sure I'd be keen on this but it does make sense if you have to rent anyway. It will make things very tricky if the sale does fall through would be my only concern. Anyone needing to sell in a chain is rightly screwed if the banks are dragging things out like this..

is this username available apologies for hijacking. Its great to find like-minded people, DH is very relaxed about it all. I don't think I would rent it Lara, it would be twice as awful if we were in it and semi-settled hopeful that the sale would go well and for it to all go belly-up. I'm just no good at this patience game - and did I tell ye I want my stuff, lol.

facepockets

Hi. I am in a similar situation. Buying a house off someone who owes money to the IBRC. We are waiting a month for the letter of consent to be issued. Thankfully our landlord has been very accommodating with us and will let us stay in the property until we have closing dates.

Has anyone who is on this post got past the IBCR Consent letter stage and moved to draft contracts?

Be interesting to know as lack of communication is driving me up the walls!

Lou1984

Hi all.

Finally got official word that bank have released the deeds off the house to be sold. Contracts being signed next week fingers crossed. everything should be done and dusted in 5-6 weeks . Finally there is light at the end of the tunnel, well fingers crossed anyway. After 17 weeks of waiting!!!!!

is this username available

Good news here also, we got consent through from KBC. Be warned for anyone in a similar situation it took 4 months to get this far. We're lucky that we have a good landlord. Hopefully we'll get in by Christmas.

No wonder the property market is a screwed up as it is!

Lou1984

Yes 4months is exactly what it has taken to get to this stage aswell, was really hoping to be in by xmas aswell.

facepockets

hey! we have just heard word that the sellers bank is sending out a valuer to the property. This must mean the consent letter will be issued soon doesnt it??!!! anyone waiting long for consent letter to be issued after sellers valuer views the property?

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facepockets wrote: »

hey! we have just heard word that the sellers bank is sending out a valuer to the property. This must mean the consent letter will be issued soon doesnt it??!!! anyone waiting long for consent letter to be issued after sellers valuer views the property?

Didn't get any sight of the process when we went through it. The bank may have sent a valuer but we certainly weren't told. Sorry I can't be of help.

I did get a feeling that everything was very slow..

Lou1984

Hi Facepockets, we were informed that a valuer was going to see the house about 6 weeks ago but only got the consent the week before last, so it wont be straight away well thats from my experience anyway.

richballs

in a similer situation myself we went sale agreed on our dream home in march, we then signed the first contract and gave the 2nd deposit in june, the bank kbc have yet to release the consent to sell the house and we have been left waiting since, nightmare of a situation but am reluctant to walk away from the house. has anybody got any updates on there situations, advice on this would be greatly appreciated.

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richballs wrote: »

in a similer situation myself we went sale agreed on our dream home in march, we then signed the first contract and gave the 2nd deposit in june, the bank kbc have yet to release the consent to sell the house and we have been left waiting since, nightmare of a situation but am reluctant to walk away from the house. has anybody got any updates on there situations, advice on this would be greatly appreciated.

We were also waiting on KBC and it took nearly 5 months from when we went sale agreed. House had been on the market for a long time before before this but I don't believe bank had been involved up to this point.

richballs

does anyone know if consent gets refused much from banks, my situation has gone on so long now that i am begining to worry, i am prepared to wait as long as needed but would love to know for sure, been waiting since june.

facepockets

got to say all this waiting around zaps the fun out of buying your first home!It will be worth it in the end. At least we wont forget this experience in a hurry. Hoping to hear something next week. The seller solicitors seems to be on the ball. They sent draft contracts to our solicitor and copy of planning for extensions etc so hopefully we will have word soon on signing dates.

Have you had any word back richballs on your house?

richballs

yes we got word on fri the bank declined the sale the done two more valuations and they came back 50k more than we paying for the house so were back to square one! but i have to say its a relief hope you guys have more luck with your sales are solictor said this is not un common with the propertys starting to rise so there telling the sellers to rent them out and coming back in 6 months to repose the propertys
back to house hunting again!!!! ggggrrrrrrr

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Sorry to hear that richballs, starting the house hunt again sucks.