Sale of repossessed property put on hold by AIB

Jomoin

Hi, any more updates on this? I think there are many people who are kept in darkness. So how can we react so that there wont be any such miseries in future.
Regards

Felixia

We are in the same situation with Bank of Ireland. We signed contracts for a house and these were sent to BOI's solicitors, only to be told three weeks later that the bank had put the sale on hold, giving the reason that the bank are under review for a number of properties and this was one of them. Still no word three weeks on.
I've also heard from an estate agent of another property in the area being taken off the market by the bank while they wait for the property prices to rise.

Would be very interested to hear about other people's experiences on how best to approach this and save someone all this hassle in the future.

TheDoc

Heldige wrote: »

Hi Ally,

Thanks. I still do not know why AIB has withdrawn the property I supposed to buy (and many hundreds more) from the market, but maybe
the AIB overcharged tracker interest rates could be the reason. I would love to know the truth!

That and I would imagine withdrawing to then relist at a higher price, or bundle off in a portfolio for better profits.

Obviously banks would prefer to sell in bulk rather then individually.

I'd be getting in touch with your local elected TD to raise this issue, seems to be commonplace with AIB especially. Abnormally delaying contracts and not being upfront who actually owns/manages the asset.

IF I'm not mistaken AIB are state owned essentially now, and there is enough TD's in the Dail now who are pushing to take state owned banks to task for their slack practice. Nothing grabs the headlines more then the banks withdrawing sales from families to have them sold off in bulk abroad.

Knowing three people who went through hoops buying a house that was owned by a bank, I probably wouldn't bother myself, or if I did I'd want transparency and clear timelines up front. Always surprised people let these things go on and on and on.

As in most cases, the people who have lost out here are those who were told sale agreed, and now are back into the market after the banks withdrew, looking at 50k+ on prices.

TheDoc

Felixia wrote: »

We are in the same situation with Bank of Ireland. We signed contracts for a house and these were sent to BOI's solicitors, only to be told three weeks later that the bank had put the sale on hold, giving the reason that the bank are under review for a number of properties and this was one of them. Still no word three weeks on.
I've also heard from an estate agent of another property in the area being taken off the market by the bank while they wait for the property prices to rise.

Would be very interested to hear about other people's experiences on how best to approach this and save someone all this hassle in the future.

I'm always puzzled by what exactly YOUR solicitor is doing in this instance. You have a contract signed, your sale agreed.

I'd be looking for some concrete timelines from the bank, advising that you will consider the contract null en void by X date if they do not proceed with the transfer of the asset, and at such time you will seek a full refund of your deposit and move on.

Really its confusing. I know buying a house here is absolutely amateur stuff in how long it takes, but most people have a solicitor. And for some reason just accept that these things take time, and in a case like this, that someone can just withdraw from a contract when they feel like.

Buyers solicitors need to start earning their keep.

If I signed a contract in my workplace for a vendor provision and they withdrew or put it on hold, I'd be ensuring they get some pretty strict demands on timescales, plus they would be liable for penalties.

While your hanging around there, prices are rising and your losing out on other properties you could be acquiring.

TheDoc

Jomoin wrote: »

Hi, any more updates on this? I think there are many people who are kept in darkness. So how can we react so that there wont be any such miseries in future.
Regards

Raise this with your local TD. The housing crisis is a readline issue with this current Dail. And with a minority government, opposition TD's are perfectly capable of getting legislation passed without Government approval.

Most of the big banks are state owned at this point with the state having a majority shareholding, and most of the bank CEO's get called into committees and put to task. Granted its been with kid gloves so far, this DAil will be much more visceral.

So I'd raise it with your local elected TD. They will have the means and the ways to make noise about it and find out the specifics. And if it turns out banks withdrawing sales to bundle them together to portfolio sales and transfers, it will be a pretty big deal and cause a pretty big stir.

And to be honest its the most likely thing. Banks hate selling assets like this individually, they much prefer bundling them and selling multiple ones. And they normally go abroad.

4ensic15

TheDoc wrote: »

I'm always puzzled by what exactly YOUR solicitor is doing in this instance. You have a contract signed, your sale agreed.

.

Until the other side sign a contract and return it there is no contract. Nothing a solicitor can do to force it along except make phone calls and write letters.

BoatMad

TheDoc wrote: »

I'm always puzzled by what exactly YOUR solicitor is doing in this instance. You have a contract signed, your sale agreed.

I'd be looking for some concrete timelines from the bank, advising that you will consider the contract null en void by X date if they do not proceed with the transfer of the asset, and at such time you will seek a full refund of your deposit and move on.

Really its confusing. I know buying a house here is absolutely amateur stuff in how long it takes, but most people have a solicitor. And for some reason just accept that these things take time, and in a case like this, that someone can just withdraw from a contract when they feel like.

Buyers solicitors need to start earning their keep.

If I signed a contract in my workplace for a vendor provision and they withdrew or put it on hold, I'd be ensuring they get some pretty strict demands on timescales, plus they would be liable for penalties.

While your hanging around there, prices are rising and your losing out on other properties you could be acquiring.

There is no contract , sale agreed means nothing. Happened to me too. Bid place , sale agreed , KBS withdrew house from market. Still unoccupied 18 months later

saabsaab

Similar situation, sale agreed last September 15, negative equity but told that there was no trouble with release letter from the bank, EBS (I'm told) still waiting on bank release letter after many calls etc.. ,All other aspects cleared. Probably foolish waiting any longer as bank will want more as prices have risen since.

TheDoc

BoatMad wrote: »

There is no contract , sale agreed means nothing. Happened to me too. Bid place , sale agreed , KBS withdrew house from market. Still unoccupied 18 months later

Poster I was quoting mentioned they had signed contracts. I'm assuming they are contracts that were drawn up by the bank and sent for review and signature. ?

4ensic15

TheDoc wrote: »

Poster I was quoting mentioned they had signed contracts. I'm assuming they are contracts that were drawn up by the bank and sent for review and signature. ?

Wrong. The contracts are sent by the bank, purchaser signs and returns. No contract until the bank signs.

Dubdad25

Hi guys. In a very similar situation. Been waiting since January which is not as long as most on here but we have just signed contracts yesterday. The house has been without electricity for approx 2 years and when I phoned ESB they said reconnection could take 12 weeks. That's in other 3 months even before we get the keys. Lots of work needs doing on the property. Replumbing etc. And costs of reconnection of approx 2000. Anyone know if this can be done faster? I mean all the electrical equipment is still there but realise it needs Certs etc. Any info appreciated. Thanks. I feel everyone's pain on here too.

Ms2011

Dubdad25 wrote: »

Hi guys. In a very similar situation. Been waiting since January which is not as long as most on here but we have just signed contracts yesterday. The house has been without electricity for approx 2 years and when I phoned ESB they said reconnection could take 12 weeks. That's in other 3 months even before we get the keys. Lots of work needs doing on the property. Replumbing etc. And costs of reconnection of approx 2000. Anyone know if this can be done faster? I mean all the electrical equipment is still there but realise it needs Certs etc. Any info appreciated. Thanks. I feel everyone's pain on here too.

The house I bought had been unoccupied for 5 years. I was quoted all those crazy prices to get the electrity turned back on but in the end it only cost €75 to get an electrician to provide us with a cert & €100 for the ESB to reconnect the electricity.

Marcusm

Talk to your solicitors; a recent Court of Appeal case has thrown doubt on the ability/jurisdiction of the Circuit Court to deal with repossessions (suggesting they need to be dealt with in the High Court). Accordingly, in many cases, the banks are on notice that they may not have lawfully responses see the property and may not be able to sell it. As most "repossessions" are actually voluntary hand acme rather than actual court orders, this might only impact a small number of sales.

newman10

Marcusm wrote: »

Talk to your solicitors; a recent Court of Appeal case has thrown doubt on the ability/jurisdiction of the Circuit Court to deal with repossessions (suggesting they need to be dealt with in the High Court). Accordingly, in many cases, the banks are on notice that they may not have lawfully responses see the property and may not be able to sell it. As most "repossessions" are actually voluntary hand acme rather than actual court orders, this might only impact a small number of sales.

Link here

http://www.independent.ie/irish-news/courts/seizure-of-11000-homes-hit-by-ruling-34921527.html

Frreedd

Same situation here. I had been renting a property for years which was repossessed by AIB in March 2015. I managed to go sale agreed in November 2015. January 2016 I was contacted by my solicitor to sign the contracts and was informed that the sale should close February 2016. Weeks and months went by. AIB going through "internal reviews". Been dealing with too many parties to really understand anything. EBS, AIB, solicitors, people appointed by god knows who... Contacted lawyers, a few solicitors, financial ombudsman. All saying the same thing, nothing can be done as the vendor have not signed the contracts and therefore have no obligation. March 2017, 2 years after it all started, well over a year after I signed the contracts, I am still a tenant of the property. I come home from a horrible day at work to find a note advising me I am being evicted and the locks would be changed. I am left distressed, annoyed, lost for word. I would strongly advise against being a repossessed property.

I wonder if anyone had any luck contacting their local TD?

4ensic15

Frreedd wrote: »

Same situation here. I had been renting a property for years which was repossessed by AIB in March 2015. I managed to go sale agreed in November 2015. January 2016 I was contacted by my solicitor to sign the contracts and was informed that the sale should close February 2016. Weeks and months went by. AIB going through "internal reviews". Been dealing with too many parties to really understand anything. EBS, AIB, solicitors, people appointed by god knows who... Contacted lawyers, a few solicitors, financial ombudsman. All saying the same thing, nothing can be done as the vendor have not signed the contracts and therefore have no obligation. March 2017, 2 years after it all started, well over a year after I signed the contracts, I am still a tenant of the property. I come home from a horrible day at work to find a note advising me I am being evicted and the locks would be changed. I am left distressed, annoyed, lost for word. I would strongly advise against being a repossessed property.

I wonder if anyone had any luck contacting their local TD?

Complain to the RTb about an invalid notice of termination.