How long for bank to issue consent for sale?

Denisoftus

After reading 100+ pages of threads related to this issue, I fear that we are just at the beginning of a journey (I though we are at the end), and I feel we will jump of the boat much earlier then even 3 months of waiting (which is very quick in this case), we just don't have that luxury, unless banks started to deal with that much faster in 2015. Lets see what happens, we still have time till end of this month. Fingers crossed.

JohnPSmith

Hi all, just trying to breathe new life into this thread. Have any of you got updates regarding your situations? I am in the process of buying an apartment. It went sale agreed on May 11th of this year and am still waiting. At first the EA was unaware it was a bank sale (his boss knew but he didn't) but he told me as soon as he found out. Unfortunately though, I then knew this was going to be a long process. Coming up to 7 months now and my patience is wearing thin. How long do people wait on average in relation to these types of deals? I spoke to the EA last week for an update (after no contact for a month) and he said he doesn't expect it to happen this side of Christmas and can't even guess when after Christmas - I'm hoping for February at this stage. Side note - the price we agreed on is the price the bank was looking for according to the EA so I'm hoping that benefits me somehow.

Fridayfun

JohnPSmith wrote: »

Hi all, just trying to breathe new life into this thread. Have any of you got updates regarding your situations? I am in the process of buying an apartment. It went sale agreed on May 11th of this year and am still waiting. At first the EA was unaware it was a bank sale (his boss knew but he didn't) but he told me as soon as he found out. Unfortunately though, I then knew this was going to be a long process. Coming up to 7 months now and my patience is wearing thin. How long do people wait on average in relation to these types of deals? I spoke to the EA last week for an update (after no contact for a month) and he said he doesn't expect it to happen this side of Christmas and can't even guess when after Christmas - I'm hoping for February at this stage. Side note - the price we agreed on is the price the bank was looking for according to the EA so I'm hoping that benefits me somehow.

In a similar situation ourselves. Sale agreed on the 18th September last. Afterwards found out from our solicitor that the banks have to consent to the sale. Sale agreed price is less that the house was advertised for but the house has been up for sale for a long time so hoping all will be okay. The wait is cruel. You would think banks would be delighted to get rid of it. Hope to hear something soon.

Fridayfun

Fridayfun wrote: »

In a similar situation ourselves. Sale agreed on the 18th September last. Afterwards found out from our solicitor that the banks have to consent to the sale. Sale agreed price is less that the house was advertised for but the house has been up for sale for a long time so hoping all will be okay. The wait is cruel. You would think banks would be delighted to get rid of it. Hope to hear something soon.

Our last house fell through too (no banks involved) so hoping the same thing doesn't happen here.

jayjay2010

Took me 16 weeks from sale agreed to keys in hand due to negative equity.

However I ran into many many problems -I had signed the contract BEFORE I was told of the negative equity. The EA failed to tell me and my solicitor also failed to tell me. My deposit was tied to that property and I couldn't pull out.

Luckily, the seller happened to be an investor and had another few properties that eventually covered the negative equity on the apartment that I was buying.

Just 2 weeks before I received the keys I was informed that the seller was terminally ill and that it was likely that he would pass away before the consent came through. It was a very difficult time but I literally was onto my solicitor 24/7 and I rang the EA every day and I was so anxious that I even rang the sellers solicitor looking for updates. I honestly do beleive that if it wasn't for my daily communication with all parties involved, I wouldn't have the keys yet.

Thank god is all I can say. And good luck to anybody else waiting on consent letters!

stablioboss

Just looking at this thread now. The Vendors bank is AIB

In the process of trying to purchase a property, sale agreed last January and contracts received in march.

I have started to hound my solicitor to get onto the vendors solicitor regarding this letter of consent from AIB. We received correspondence last week stating they are still considering the issue. I hear through the grapevine that AIB take a ridiculous amount of time.

Has anyone experience with AIB as the vendors bank? Has anyone tried to bypass the solicitors to have 'friends of freinds' etc working in the bank to try to establish if things can be speeded up?

am willing to wait, it is the not knowing is annoying.

Fridayfun

Hi there,

We had sale agreed in September. A few months later after hearing nothing our solicitor informed us the banks had to consent to the the sale on the vendors side. We waited until March. Still heard nothing. At this stage our solicitor recommended we give the banks a month to consent to the sale otherwise we were withdrawing the offer. I was reluctant at first but my other half thought it was the only way to get an answer so our solicitor wrote a letter giving a months deadline to agree. Luckily enough, the bank consented a few weeks later and we finally received the contracts. A few more delays along the way but the partially built house was ours on the 28th of May, 7 months wait after sale agreed. Currently putting the roof on the house and We are delighted as got it at a very good price. Best of luck with it all. Hope it all works out for you. Hang in there. Keep onto your solicitor and ask for there advice.

athtrasna

Fridayfun wrote: »

Hi there,

We had sale agreed in September. A few months later after hearing nothing our solicitor informed us the banks had to consent to the the sale on the vendors side. We waited until March. Still heard nothing. At this stage our solicitor recommended we give the banks a month to consent to the sale otherwise we were withdrawing the offer. I was reluctant at first but my other half thought it was the only way to get an answer so our solicitor wrote a letter giving a months deadline to agree. Luckily enough, the bank consented a few weeks later and we finally received the contracts. A few more delays along the way but the partially built house was ours on the 28th of May, 7 months wait after sale agreed. Currently putting the roof on the house and We are delighted as got it at a very good price. Best of luck with it all. Hope it all works out for you. Hang in there. Keep onto your solicitor and ask for there advice.

The post you are replying to is 3 years old!

Fridayfun

athtrasna wrote: »

The post you are replying to is 3 years old!

No it's not.. someone posted in the thread yesterday asking for advice and I replied to them!! see above

athtrasna

Fridayfun wrote: »

No it's not.. someone posted in the thread yesterday asking for advice and I replied to them!! see above

You replied to the OP which is three years old, look at your quote!

Fridayfun

athtrasna wrote: »

You replied to the OP which is three years old, look at your quote!

Well I posted right under Stableioboss who posted yesterday on this thread looking for a bit of advice. I posted right after that post. Let's hope it helps him/her. That's the main thing!!!!