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Buying a house in Negative Equity

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  • 18-01-2018 1:09pm
    #1
    TattooedLady
    Registered Users Posts: 38 ✭


    Hi guys,

    So myself and my husband went sale agreed on a house at the end of November last year; we were told by the estate agent that we should be completed in 2 or 3 months.

    I’ve been onto our solicitor a few times and he has sent out papers for the sale of our house before Christmas but hadn’t heard from the solicitors of the people we are buying from.

    Today I was onto our solicitor again only to be told that the house we are buying is in Negative Equity and that whilst the sale covers nearly all of the debt they are waiting on the bank to approve it, how long can this take?

    Also found out that the people buying our house are waiting on a loan to be approved as they had a loan on another house but need a new one now. Our estate agent told us the buyers for our house were cash buyers so I’m obviously annoyed at this too.


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    #2
    Gemmy46gemmy
    Registered Users Posts: 4 ✭Gemmy46gemmy


    In the exact same position! Went sale agreed 2 days before Xmas 2017. Vendors met with bank to get letter of consent on Jan 26th. They originally had letter and it expired after 6 months. Going on 4 weeks now and still no sign. Have been told another 2 weeks last Thursday after being initially told 2 weeks. That came and went. Driving me mad now and seriously thinking of pulling the plug on the whole lot. Im hoping that in 2018 this process of getting the letter from the bank has improved slightly!


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    #3
    Salthillprom
    Registered Users Posts: 439 ✭✭Salthillprom


    Gemmy46gemmy wrote: »
    In the exact same position! Went sale agreed 2 days before Xmas 2017. Vendors met with bank to get letter of consent on Jan 26th. They originally had letter and it expired after 6 months. Going on 4 weeks now and still no sign. Have been told another 2 weeks last Thursday after being initially told 2 weeks. That came and went. Driving me mad now and seriously thinking of pulling the plug on the whole lot. Im hoping that in 2018 this process of getting the letter from the bank has improved slightly!

    I went through this process as a seller in neg equity. It’s a waiting game with the bank. Can take a while. Seller can put pressure on bank but that’s about it. The banks are slow


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    #4
    Gemmy46gemmy
    Registered Users Posts: 4 ✭Gemmy46gemmy


    A while as in a few weeks or a few months? How long ago did you go through this?


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    #5
    Salthillprom
    Registered Users Posts: 439 ✭✭Salthillprom


    Gemmy46gemmy wrote: »
    A while as in a few weeks or a few months? How long ago did you go through this?


    A couple of months. That would be standard for this process. Ask your solicitor to put pressure on vendor’s solicitor. Vendors can contact mortgage section of their own bank and get it moved on if possible. However, there are standard procedures with the bank that can take time and that’s outside of the vendor’s control. Don’t worry, if the bank are willing to allow them to sell then it’ll happen.


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    #6
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    My Ma went through this, waited a year of hearing it will be sorted soon. Then the bank decided they would get more if they put it back up for sale so they did.


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