How long for bank to issue consent for sale?

The seller we were dealing with got greedy and decided he wanted more. We weren't paying what he wanted extra. Was annoyed for about 2 days, moved on and are moving into our new - and far better - house any day. Hope things work out for everyone.

facepockets

Just wondering how everyone is getting on with their consent letters? We got word 4th December the sellers bank agreed to sell the house we are sale agreed on and its now the 8th of January and the letter is sitting on someone's desk in the bank waiting to be signed!!! At least we know its coming.

HouseHunter13

also wondering how everyone got on...

(me) think 6-7 months without a sale, probably means I'm bollixed...

anybody hear of anyone waiting longer and getting the green light?

2013Lara

HouseHunter13 wrote: »

also wondering how everyone got on...

(me) think 6-7 months without a sale, probably means I'm bollixed...

anybody hear of anyone waiting longer and getting the green light?

Were waiting the same length of time. Valuer here week before Christmas from vendors bank. Vendors bank is EBS. Hoping for word over next week or two. Its a nightmare.

facepockets

Our solicitor contacted us today. They have received the consent letter!!! Waiting 18 weeks to the day and finally going to sign draft contracts early next week!

gaius c

Very very interesting thread. No wonder there's such a squeeze on properties that can be bought hassle-free.

is this username available

In our own case it took 5 months but was eventually granted by the bank. I can't remember exact details but there was a delay of several weeks between the bank agreeing to consent and the letter actually getting signed by someone.

It was all in vain though as once we got to contracts the vendors said house prices have gone up and they wanted an extra 50k. I didn't want to explain the difference between average and median to them so we pulled out.House is still on the market now at an increased asking price.

Ms2011

We're currently waiting for PTSB to issue our letter of consent. We went sale agreed & paid our deposit in November. Our house is a repossession so no seller as such but apparently the bank is waiting on tax clearance from the revenue before issuing the letter of consent. You would think they would have had all that sorted before putting the house up for sale.
Anyone been in this position, I've a feeling we're in for the long hall :rolleyes:

is this username available

Ms2011 wrote: »

We're currently waiting for PTSB to issue our letter of consent. We went sale agreed & paid our deposit in November. Our house is a repossession so no seller as such but apparently the bank is waiting on tax clearance from the revenue before issuing the letter of consent. You would think they would have had all that sorted before putting the house up for sale.
Anyone been in this position, I've a feeling we're in for the long hall :rolleyes:

November isn't that long considering nothing gets done for a few weeks over the holidays. Worth hanging in there but you could have another while to go.

What is the tax clearance required for do you know?

Ms2011

is this username available wrote: »

November isn't that long considering nothing gets done for a few weeks over the holidays. Worth hanging in there but you could have another while to go.

What is the tax clearance required for do you know?

I'm not sure what the tax clearance is for all I know is our case is with the bank's tax department as they are waiting on tax clearance from the revenue before they can issue the letter of consent.
Only found this out the other day, up to then I thought we were home & dry, wasn't expecting these road blocks!

Marcusm

If they repossessed and are now the endor in your contract, I suspect it's a foreign bank operating in Ireland through a branch. They would need CG50 clearance or else you/your solicitor would remit part of the price to Revenue in expectation if capital gains tax applying.

Ms2011

Marcusm wrote: »

If they repossessed and are now the endor in your contract, I suspect it's a foreign bank operating in Ireland through a branch. They would need CG50 clearance or else you/your solicitor would remit part of the price to Revenue in expectation if capital gains tax applying.

I'm not too sure of the ins & outs, all I've been told is that the bank/vendor is PTSB.
We're paying 6k over the asking price so hopefully it's all just a formality & we get the letter of consent.

bohsfan

Have just found myself in a similar situation. Had an offer accepted last week, contacted the EA to see what was happening and was told that he had requested consent for sale from the bank.

This is slightly frustrating as we weren't told from the outset that the bank was in control of the sale. The EA did hint that the seller had a portfolio and was selling this property to service the rest. I'm guessing some level of negative equity is at play here.

Hopefully a decision will come soon enough. In the meantime though we won't be putting down any deposit and will keep the search alive in case something else comes up.

2013Lara

bohsfan wrote: »

Have just found myself in a similar situation. Had an offer accepted last week, contacted the EA to see what was happening and was told that he had requested consent for sale from the bank.

This is slightly frustrating as we weren't told from the outset that the bank was in control of the sale. The EA did hint that the seller had a portfolio and was selling this property to service the rest. I'm guessing some level of negative equity is at play here.

Hopefully a decision will come soon enough. In the meantime though we won't be putting down any deposit and will keep the search alive in case something else comes up.

Have a look at the "Buying a house in negative equity" thread. Couple of pages down, can't link on my phone. I'm nearly 8 months waiting now and I'm not the only one. I'd most definitely keep looking.

gmisk

bohsfan wrote: »

Have just found myself in a similar situation. Had an offer accepted last week, contacted the EA to see what was happening and was told that he had requested consent for sale from the bank.

This is slightly frustrating as we weren't told from the outset that the bank was in control of the sale. The EA did hint that the seller had a portfolio and was selling this property to service the rest. I'm guessing some level of negative equity is at play here.

Hopefully a decision will come soon enough. In the meantime though we won't be putting down any deposit and will keep the search alive in case something else comes up.

My advice.....run for the hill...this is from personal experience....unless you are willing to wait for an indeterminable amount of time to close with no guarantee it ever will

YOUGHALARRA

Similar issue here. I had a bid accepted in October - the house is a voluntary surrender apparently and is being sold by PTSB. No contracts were forthcoming so I've been following up regularly. The explanation I've finally been given is that the bank is waiting for a tax clearance cert as the house was a section 23 property. When I pressed for an estimate on how long this could take, the auctioneer said he thinks it should be finished by May! - he's probably more frustrated than me and I don't think he has any idea how long it will take.
I can wait but I will look at other options in the meantime. It seems like a crazy way to do business. Given that the house was on the market for a year before my bid, you would imagine that these issues would have been sorted out by now.

Ms2011

Seems this tax clearance crap is a fairly common stumbling block :rolleyes::mad:

MouseTail

Ms2011 wrote: »

Seems this tax clearance crap is a fairly common stumbling block :rolleyes::mad:

surely its unlikely that someone in trouble would be able to furnish such a cert, what happens if they cant?

Ms2011

MouseTail wrote: »

surely its unlikely that someone in trouble would be able to furnish such a cert, what happens if they cant?

In my case the house is already repossessed, it's being sold on behalf of the bank.

richballs

Any body get sorted yet wit there houses im still waiting on consent

Ms2011

richballs wrote: »

Any body get sorted yet wit there houses im still waiting on consent

Nope, still waiting!!

facepockets

Ms2011 wrote: »

Nope, still waiting!!

Hey guys. We went sale agreed on 9 th of September. We didnt get word until end of December our consent letter was to be issued. Then on 9th of jan we followed up the letter. It had not been issued it was still sitting on someones desk. The whole process flew then because once letrer was issued it gave time frame of month to get everything sorted. We ended up having to get an extension by2 weeks from the sellers bank to have the whole sale done by 1st of march. We signed and got our keys on 26th of February. Delighted we held on for this house. We were a private sale without estate agents so we had to hound the solicitors and banks ourselves. The last 2 weeks following up to getting the keys were so stressful but it was worth it. Just keep hounding who ever you need to and fingers crossed you get the letter issued soon.

facepockets

facepockets wrote: »

Hey guys. We went sale agreed on 9 th of September. We didnt get word until end of December our consent letter was to be issued. Then on 9th of jan we followed up the letter. It had not been issued it was still sitting on someones desk. The whole process flew then because once letrer was issued it gave time frame of month to get everything sorted. We ended up having to get an extension by2 weeks from the sellers bank to have the whole sale done by 1st of march. We signed and got our keys on 26th of February. Delighted we held on for this house. We were a private sale without estate agents so we had to hound the solicitors and banks ourselves. The last 2 weeks following up to getting the keys were so stressful but it was worth it. Just keep hounding who ever you need to and fingers crossed you get the letter issued soon.

Also remember guys we bought a house from someone whos house was with the ibrc which technically is nama. It doesn't matter what bank you buy off the hold up for us was the bank lost the sellers documents and the person looking after his case left the ibrc so the sellers had to resubmit in all his paperwork in again. They then have to negotiate the balance oweing after the house was sold. The difference to be paid back be it wrote off or terms for the balance to be paid back drawn up. I dont think the banks are equipped with the staff to handle these sort of cases. We spoke to the seller and he told us he did not have a pleasant time trying to deal with the bank to sell the house.

on_my_oe

We bid in a property that supposedly already had the 'Consent to Sale' in place, as the previous purchase had reportedly fallen through after their mortgage offer had expired while waiting for the consent to be issued... We went 'Sale Agreed' and the consent disappeared 5 days later. Our mortgage approval expires at the end of May so we have decided if the consent hasn't appeared by the middle of May to cut our losses.

Denisoftus

Hey guys, just want to recover an old thread, how about those day in 2015, is it still taking same ridiculous amount of time? We are in the same situation and need to know our odds.

Cheers.

Ms2011

We went sale agreed Nov 2013 closed the sale April 2015!!
Well worth the wait though, no one can believe we got the house & land for the price we did

Denisoftus

Wow, Ms2011, this is definitely a winner, almost two years, we definitely not paying "unbelievable" price to wait that long .

Ms2011

We were in the lucky position that we already owned a home & were not in a hurry, we knew a house like we got in our price range would almost certainly not come up again anytime soon so we were prepared to wait. Thankfully it paid off in the end!

on_my_oe

Wow - I really admire your patience Ms2011!

Lucy B

We are in same situation. No way would or could we wait 2 years!!!!!

We are contacting solicitor and ea next week and are giving 2 weeks for deeds and letter of consent, otherwise we are going to pull out. Not worth this stress.

Shambles of a system. Really is.