Consent for Sale

on_my_oe

We are waiting for our vendor to receive consent for sale (despite being promised it was already granted/ on hand with their solicitor when we bid). We know that other attempted purchases on this property also fell through because there was a delay on consent being actually granted...

I know that the vendors bank can't engage with us as purchasers due to privacy rules, but could I drop the bank a letter saying if you haven't issued by x date, we will withdraw. I guess I feel like the "I tell my solicitor, my solicitor tells their solicitor, their solicitor tells the vendor, the vendor (maybe) tells their bank" whisper chain might be either very slow or very broken... I don't expect a reply from the vendors bank, I just hope it might motivate somewhere put down their cup of tea and do something constructive

Mr.McLovin

I doubt it, maybe enter a branch with a shotgun but the bank would still dither over an answer I reckon!

Trish56

The only people the bank will communicate with is the Vendor and in a lot of cases the vendor's may not be serious in selling only advertising the property for sale to keep the bank off their backs.

on_my_oe wrote: »

We are waiting for our vendor to receive consent for sale (despite being promised it was already granted/ on hand with their solicitor when we bid). We know that other attempted purchases on this property also fell through because there was a delay on consent being actually granted...

I know that the vendors bank can't engage with us as purchasers due to privacy rules, but could I drop the bank a letter saying if you haven't issued by x date, we will withdraw. I guess I feel like the "I tell my solicitor, my solicitor tells their solicitor, their solicitor tells the vendor, the vendor (maybe) tells their bank" whisper chain might be either very slow or very broken... I don't expect a reply from the vendors bank, I just hope it might motivate somewhere put down their cup of tea and do something constructive

miss no stars

The bank has independent estate agents overseeing their consensual sales. If the offer isn't deemed high enough (i.e. the full market value), they won't give consent. The notion that all these houses with "distressed" mortgages and repossessed houses can be gotten at a bargain is a fictitious one.

If the offer is high enough, the sale will go through but unfortunately it might take a couple of months for the big long chain to get to the bank, who then go to THEIR estate agents, who assess it, get back to the bank who then put things in motion.

on_my_oe

The vendors bank has had their valuers visit before Christmas (or so we have been told)

The offer is 9% above recent (last six months) sales data for similar properties, so we have been fair. I don't want to pick someone else's bones.

miss no stars

on_my_oe wrote: »

The vendors bank has had their valuers visit before Christmas (or so we have been told)

The offer is 9% above recent (last six months) sales data for similar properties, so we have been fair. I don't want to pick someone else's bones.

Ah I didn't mean to say that you were trying to pull a fast one or anything so I'm sorry if it came across like that, I was just saying there's an extra layer and I'm not just talking about their valuer. They have large estate agency firms on retainer who crunch the numbers as well as having their valuer. Can't say I blame them, either! But it does add more time to the process. If your offer is fair and the bank are already talking to the vendors (and there isn't a few hundred grand still to be made up or anything like that) then they have no reason not to (eventually) issue consent.