sale agreed on negative equity house

miabee

Hi all,

Looking for some advice if anyone knows anything or has had similar experience.

I went sale agreed on a property and put a booking deposit down 5 weeks ago. I received a phone call today from my solicitor informing me that there is a delay on the contracts due to the house being in negative equity. We were never told this until today and as far as we knew it was supposed to be a quick sale as the house is currently empty as is the venders investment property.
We have been informed the hold up is due to their solicitor waiting on a declaration from ebs bank confirming there acceptance of the sale going through. Apparently they are not massively in negative equity.

Does anyone know how long it takes for this declaration from the bank. Also has anyone experience in this kind of situation.

I am getting nervous now and unsure whether to just walk away but am in love with the house :-( afraid the sale Will not go through now and don't want to waste anymore time if it Will end up not selling anyway.

Any opinions greatly appreciated..

nlgbbbblth

The bank will agree to the sale if they are satisfied that the sellers can deal with the shortfall over a specified period [i.e a new agreement to deal with the remainder]. Whoever manages the sellers account will need to get approval from their credit department to approve the sale. How long does it take? Not longer than 7/10 days from start to finish.

Ziycon

Took 9 months for the sale for me to go through due to an issue like this, that was 2 years ago so hopefully it's quicker now.