Sale Agreed....since end of February

gmisk

Sale agreed since the end of February...still sale agreed....

Huge delays as owner is in negotiations with his bank (AIB) for a deal on his negative equity.....and apparently vendors solicitor finding it hard to contact owner as he was in the Australian outback (thats a new one eh?).

My solicitor says she is doing everything she can, the EA appears to be doing everything he can as well (check in with him every few weeks).

Not sure if there is anything I can do, any advise much appreciated.

Would setting a time limit push things on?
I really dont want to lose this house, I like the area and a house a few doors up went for a lot more money recently....

pippip

Me and the wife have been sale agreed since the week before xmas. It has been so drawn out. As with you a number of the delays was not being able to contact the seller (although he was at least in the country)

Unfortunately there is literally nothing that can be done. We got as far as having all contracts signed and then ran into the trouble of the tenant (rented house) not moving out. Legally all we could do was issue a 28day completion notice but all this does is allow you to get your deposit back and leave. You dont have to pull out after the 28days but it gives you the option and was literally the only legal threat we could use.

I read a few cases of people putting financial penalties into contracts before they were signed but really what seller in their right mind would agree to sign to that if they don't have to.

We think ours is just about to be sorted out but all you can do is hang in there and keep calling your solicitor. It is really a case of being patient but letting everyone know your still waiting.

Best of luck.

gmisk

Since christmas! wow.

There are no tennants in the house currently (there havent been since the end of last year).

I will just keep biding my time I guess at this stage, although I think mortgage offer will only run for 3 more months...not sure what the deal is with that (Its with AIB as well).

Good luck with your purchase and thanks for the advice!

pippip

Have you signed the contracts and handed over the deposit? The completion notice can only be issued once this is done as its based on 28 days from the agreed "getting the keys" day.

As for the mortgage offer. We have everything finalised and signed off with the underwriters in BOI and when I asked them they said the cheque was ready for whenever we needed it and there was no deadline. Thinking back I think the deadline on the offer is only the initial letter, if you signed it and began sending everything in I don't think it matters how long it all takes. Again AIB may be different.

Sounds like a messy situation for you. Best of luck and hope it all works out for you.

gmisk

Booking deposit of 5k is all I have paid, no contracts yet at all.

Hopefully AIB are the same as BOI I might just give them a call next week to check in with them.

MammaMurphy

We had the same situation, sale agreed at the beginning on May and the same situation with the vendor, he was waiting for a personal loan to cover his negative equity.

We were on the very of a breakdown and were ringing EA, our solicitor etc and his solr was so laid back and wasnt returning calls or letters to our solicitor.

We finally decided that we would give an extra week bringing him up to next friday and this morning we got confirmation that he was approved for his personal loan and that we should be closing the week after the August Bank holiday.

We know how you feel but hang on in there and things will work themselves out, just make sure you contact your bank if you need an extension on your mortgage approval and let them know the situation so that they can extended your loan offer to a certain date so you are not worrying about that.

Hope things work out for you.

gmisk

Just to update!
I got an email from my solicitor on Friday.
Some movement on the vendor side (Solicitor on their side has copy title documentation and contracts ready to go!)
Apparently contracts will be with my solicitor in 2/3 weeks (one final matter has to be finalised with the vendors bank).

Any idea when I would be likely to be in the new house?
2 months sound realistic?
(I would need to give a months notice in my current apartment)

dove2011

hi all
I purchased a house last year; it was a very long and frustrating time and as I am concerned 2012 never happened for me; BUT it is all worth it in the end.

1st week of April- put booking deposit down
1st week of May- contracts arrived at solictors
Then issues with property management accounts; management company was struck off; so need to be reinstated etc.
Was pulling out of the sale 1st October but miraculously few things were sorted out in a matter of weeks.
Signed contracts end of October- had my little gaff on 28th November- so 4 weeks from signing contracts.
But make sure that your solicitor is completely happy with the contract before signing.


Best of luck to everyone purchasing their new house; I was at breaking point but when close the door and sit back with a glass of wine in hand it was all worth it.

gmisk

Thanks for that.
Thankfully shouldnt be any issues with management company as it is a house.
Solicitor said 6 weeks was realistic.

dove2011

Every private estate has to have a management company in place unless the house you are purchasing is a stand alone property.

gmisk

Its a turn of the century terraced house, not in a gated estate etc

L1011

dove2011 wrote: »

Every private estate has to have a management company in place unless the house you are purchasing is a stand alone property.

No, no they don't.

dove2011

MYOB wrote: »

No, no they don't.

I was lead to believe any new property has to have a management company unless the county council has taken over!

miss no stars

dove2011 wrote: »

I was lead to believe any new property has to have a management company unless the county council has taken over!

That's very different to what you said earlier.


On a tangent, the whole management company thing is just downright weird. WTF are local councils for if not maintaining infrastructure, services and environment?!

L1011

dove2011 wrote: »

I was lead to believe any new property has to have a management company unless the county council has taken over!

That's not what you implied - and its also not the case.

Some councils put it in as a planning requirement - strong emphasis on some.