How long for bank to issue consent for sale?

is this username available · 01-09-2013 12:34PM #1

Hi,
Does anyone know how long it is currently taking for banks to issue a letter of consent for a house sale?

Sale agreed on a house for 3 months and the the vendors are having difficulty getting consent to sell from their bank. Currently nobody living in house and house is in negative equity, although I'm unsure of level involved. Bank is KBC.

At this stage we are considering cutting our losses and requesting our deposit back. Anyone else able to share their experience or advice in this situation?

Cheers

Lou1984 · 01-09-2013 02:06PM

Hi

i am in the very same situation as you, sale agreed 12 weeks and no progress. Our solicator is just after closing off a similar case that has being going on since December, so im afraid we could both be in for a long wait.

is this username available · 01-09-2013 02:11PM

That's a long wait!

I don't mind if it takes a while as we're not in any rush to move in. The lack of communication is the most frustrating part at the moment.

Lou1984 · 01-09-2013 02:15PM

I am the same myself and my boyfriend both still living at home, so there is no panic on us moving out. But it would be great to have a date in mind. Our sellers are in quite big negative equity and from what iv seen on here the banks are not really in any hurry to make their decisions.

01-09-2013 03:39PM

I could have written this OP! I have the exact same question. Almost word for word. We'll have to set up some kind of club

Like yourself, its the lack of communication thats really getting to me.

2013Lara · 01-09-2013 04:04PM

Another waiting on consent! What stage are you all at? Contracts exchanged or do we need to wait on consent before they can be exchanged? Serious lack of communication on their side as well.

Scortho · 01-09-2013 04:11PM

I'm going to take a guess that the banks head management need to make a decision on it.
As far as I know those meetings happen once a month, but they mightn't get through all houses in one meeting.
What holds it up the most however, is not the bank accepting your offer, it's the bank accepting your offer and the sellers offer for the neg. eq. Portion.

At the same time I'd be getting into the estate agent asking what the hell is going on and putting a time limit on the move.
This may put pressure on the banks to make up their mind, if they know that the sale of house x may fall through if a decision isn't made within the next month.

01-09-2013 04:23PM

Scortho wrote: »

I'm going to take a guess that the banks head management need to make a decision on it.
As far as I know those meetings happen once a month, but they mightn't get through all houses in one meeting.
What holds it up the most however, is not the bank accepting your offer, it's the bank accepting your offer and the sellers offer for the neg. eq. Portion.

At the same time I'd be getting into the estate agent asking what the hell is going on and putting a time limit on the move.
This may put pressure on the banks to make up their mind, if they know that the sale of house x may fall through if a decision isn't made within the next month.

I have the EA tortured with calls and visits. Emails take 10 days to get an answer. I actually went into the office the other morning, child in tow and said that we are soon to be evicted from the property we are renting. Its crap having to be on the back of an EA that isn't employed by ourselves, I had thought we had all that left happily behind when we sold our last house. I have had no dealings with NE when we bought any other house, I know its the times we are in, but does anyone know if the banks refuse many offers?

is this username available · 01-09-2013 04:25PM

2013Lara wrote: »

Contracts exchanged or do we need to wait on consent before they can be exchanged?

Need to wait on consent before exchanging contracts as far as I know. Solicitor can't issue without consent but I'm open to correction on this.

One thing I do know is that the summer time is a disaster for getting things done with people away on leave. Especially if this needs a few levels of sign-off in the bank

Scortho · 01-09-2013 04:30PM

Mayo Gurl wrote: »

I have the EA tortured with calls and visits. Emails take 10 days to get an answer. I actually went into the office the other morning, child in tow and said that we are soon to be evicted from the property we are renting. Its crap having to be on the back of an EA that isn't employed by ourselves, I had thought we had all that left happily behind when we sold our last house. I have had no dealings with NE when we bought any other house, I know its the times we are in, but does anyone know if the banks refuse many offers?

It wouldn't be so much the bank refusing offers, it's what the current mortgage holder plans to do with the amount outstanding.
If the bank currently had possession of the property, the sale would go through much faster.

01-09-2013 04:34PM

Scortho wrote: »

It wouldn't be so much the bank refusing offers, it's what the current mortgage holder plans to do with the amount outstanding.
If the bank currently had possession of the property, the sale would go through much faster.

My stress levels are at an all time high, Scortho, and its not even my house :rolleyes: The house we are renting is up for sale and there are regular viewings. I'm just worried that things will fall through our side while the sale of this house goes through and we'll be living in cardboard boxes. 90% of our belongings have been stored away - I WANT MY STUFF!!!!!!!!!! Ugh, I hate living like this. We are NEVER moving again....

Scortho · 01-09-2013 04:38PM

Mayo Gurl wrote: »

My stress levels are at an all time high, Scortho, and its not even my house :rolleyes: The house we are renting is up for sale and there are regular viewings. I'm just worried that things will fall through our side while the sale of this house goes through and we'll be living in cardboard boxes. 90% of our belongings have been stored away - I WANT MY STUFF!!!!!!!!!! Ugh, I hate living like this. We are NEVER moving again....

I'd go to the ea and say look this is gone on too long.
If the banks don't make up there mind the offer is withdrawn in 2 weeks.
And withdraw it.

Is there alternative houses that you've saw/liked?
This is a serious problem with the current lack of repossessions.
If the house was repossessed, the bank wouldn't need to go to the owner, as they'd have full possession.

is this username available · 01-09-2013 04:45PM

Scortho wrote: »

I'd go to the ea and say look this is gone on too long.
If the banks don't make up there mind the offer is withdrawn in 2 weeks.

I could not be bothered dealing with EA in our case as I can't believe a word from his mouth. I also don't think EA has any influence when it comes to the bank.

Appreciate your point about putting them under pressure. Our solicitor has been asking for an update every week or so..

Scortho · 01-09-2013 04:48PM

is this username available wrote: »

I could not be bothered dealing with EA in our case as I can't believe a word from his mouth. I also don't think EA has any influence when it comes to the bank.

Appreciate your point about putting them under pressure. Our solicitor has been asking for an update every week or so..

It's the only thing that might get it moving.
The bank and seller have to come to an agreement on what happens with the outstanding portion of the debt, the threat of the bid being removed may speed up the banks decision.

01-09-2013 04:49PM

We have looked at other houses, but none we like. We want to be in the countryside and in our area its all houses within the town that are for sale. Thats where we are at the moment, but the lack of privacy is getting to me. DH hasn't even assembled the trampoline here as apart from lack of space, I'd be concerned about the neighbours having to see bouncy children over the wall.

We have done loads of research, years in fact. The house is ready to walk into, ticks all the boxes, even a fusspot such as myself would have very little to do with it

2013Lara · 01-09-2013 04:52PM

Would the owners rent it to you while you wait? Were moving in to the house were buying next week, renting it while we wait on the sale to close. Main risk is that it will fall through but trying not to think about that! Were just signing a short term letting agreement and paying slightly less than market rate.

is this username available · 01-09-2013 04:58PM

2013Lara wrote: »

Would the owners rent it to you while you wait? Were moving in to the house were buying next week, renting it while we wait on the sale to close. Main risk is that it will fall through but trying not to think about that! Were just signing a short term letting agreement and paying slightly less than market rate.

Not sure I'd be keen on this but it does make sense if you have to rent anyway. It will make things very tricky if the sale does fall through would be my only concern. Anyone needing to sell in a chain is rightly screwed if the banks are dragging things out like this..

01-09-2013 05:16PM

is this username available apologies for hijacking. Its great to find like-minded people, DH is very relaxed about it all. I don't think I would rent it Lara, it would be twice as awful if we were in it and semi-settled hopeful that the sale would go well and for it to all go belly-up. I'm just no good at this patience game - and did I tell ye I want my stuff, lol.

facepockets · 22-10-2013 06:20PM

Hi. I am in a similar situation. Buying a house off someone who owes money to the IBRC. We are waiting a month for the letter of consent to be issued. Thankfully our landlord has been very accommodating with us and will let us stay in the property until we have closing dates.

Has anyone who is on this post got past the IBCR Consent letter stage and moved to draft contracts?

Be interesting to know as lack of communication is driving me up the walls!

Lou1984 · 22-10-2013 06:40PM

Hi all.

Finally got official word that bank have released the deeds off the house to be sold. Contracts being signed next week fingers crossed. everything should be done and dusted in 5-6 weeks . Finally there is light at the end of the tunnel, well fingers crossed anyway. After 17 weeks of waiting!!!!!

is this username available · 22-10-2013 07:12PM

Good news here also, we got consent through from KBC. Be warned for anyone in a similar situation it took 4 months to get this far. We're lucky that we have a good landlord. Hopefully we'll get in by Christmas.

No wonder the property market is a screwed up as it is!

Lou1984 · 22-10-2013 07:23PM

Yes 4months is exactly what it has taken to get to this stage aswell, was really hoping to be in by xmas aswell.

facepockets · 28-10-2013 04:23PM

hey! we have just heard word that the sellers bank is sending out a valuer to the property. This must mean the consent letter will be issued soon doesnt it??!!! anyone waiting long for consent letter to be issued after sellers valuer views the property?

is this username available · 29-10-2013 12:35AM

facepockets wrote: »

hey! we have just heard word that the sellers bank is sending out a valuer to the property. This must mean the consent letter will be issued soon doesnt it??!!! anyone waiting long for consent letter to be issued after sellers valuer views the property?

Didn't get any sight of the process when we went through it. The bank may have sent a valuer but we certainly weren't told. Sorry I can't be of help.

I did get a feeling that everything was very slow..

Lou1984 · 29-10-2013 06:47PM

Hi Facepockets, we were informed that a valuer was going to see the house about 6 weeks ago but only got the consent the week before last, so it wont be straight away well thats from my experience anyway.

richballs · 29-10-2013 07:51PM

in a similer situation myself we went sale agreed on our dream home in march, we then signed the first contract and gave the 2nd deposit in june, the bank kbc have yet to release the consent to sell the house and we have been left waiting since, nightmare of a situation but am reluctant to walk away from the house. has anybody got any updates on there situations, advice on this would be greatly appreciated.

is this username available · 29-10-2013 07:58PM

richballs wrote: »

in a similer situation myself we went sale agreed on our dream home in march, we then signed the first contract and gave the 2nd deposit in june, the bank kbc have yet to release the consent to sell the house and we have been left waiting since, nightmare of a situation but am reluctant to walk away from the house. has anybody got any updates on there situations, advice on this would be greatly appreciated.

We were also waiting on KBC and it took nearly 5 months from when we went sale agreed. House had been on the market for a long time before before this but I don't believe bank had been involved up to this point.

richballs · 29-10-2013 09:20PM

does anyone know if consent gets refused much from banks, my situation has gone on so long now that i am begining to worry, i am prepared to wait as long as needed but would love to know for sure, been waiting since june.

facepockets · 09-11-2013 06:30PM

got to say all this waiting around zaps the fun out of buying your first home!It will be worth it in the end. At least we wont forget this experience in a hurry. Hoping to hear something next week. The seller solicitors seems to be on the ball. They sent draft contracts to our solicitor and copy of planning for extensions etc so hopefully we will have word soon on signing dates.

Have you had any word back richballs on your house?

richballs · 09-11-2013 08:23PM

yes we got word on fri the bank declined the sale the done two more valuations and they came back 50k more than we paying for the house so were back to square one! but i have to say its a relief hope you guys have more luck with your sales are solictor said this is not un common with the propertys starting to rise so there telling the sellers to rent them out and coming back in 6 months to repose the propertys
back to house hunting again!!!! ggggrrrrrrr

is this username available · 09-11-2013 09:15PM

Sorry to hear that richballs, starting the house hunt again sucks.

11-11-2013 05:50PM

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 · 08-01-2014 06:45PM

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 · 09-01-2014 11:36AM

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 · 09-01-2014 01:05PM

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 · 09-01-2014 05:26PM

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 · 10-01-2014 03:43PM

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

is this username available · 10-01-2014 09:14PM

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 · 10-01-2014 09:36PM

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 · 10-01-2014 09:58PM

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 · 11-01-2014 12:55PM

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 · 11-01-2014 02:45PM

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 · 11-01-2014 07:08PM

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 · 03-02-2014 01:28PM

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 · 03-02-2014 05:54PM

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 · 03-02-2014 06:51PM

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 · 03-02-2014 09:13PM

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 · 03-02-2014 11:04PM

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

MouseTail · 03-02-2014 11:19PM

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 · 04-02-2014 08:29AM

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 · 05-05-2014 06:18AM

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

How long for bank to issue consent for sale?

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