sellers bank hasn't given consent to sell house

delmonte4

I went sale agreed on a house in Dublin in December but so far have not been able to sign for it as the sellers bank have not given consent to sell it. My understanding through my solicitor is that the seller is selling at least one other property and is probably in negative equity. They have not refused to give consent but nobody in the bank will make a decision on it. Is there anything I can do? I tried ringing the estate agent to find out what the story was but she just rang me back saying if I wanted to pull out she would send me out a cheque for the deposit and sell the house for 20 grand more trying to panic me and telling me to be patient. I'm priced out at the current house market prices and if I don't get this house I'm snookered. Am I mad to think this will go through?

endacl

That reads more like an 'advice' thing, than a 'discussion' thing...

If I were you, I'd talk to a solicitor. Not an anonymous online forum.

delmonte4

I was hoping someone who has gone through the same thing may be in a position to give an account of their experience and offer some advice. I have consulted a solicitor. You kind of need one when buying a property.

endacl

http://www.boards.ie/vbulletin/forumdisplay.php?f=38

No Pants

I'd set a deadline for a decision.

Pat Mustard

If the seller has a mortgage on his house, then he may not sell the house without the permission of the bank, unless he is prepared to discharge the entire amount owed on foot of that mortgage. I'm guessing that the price which had been agreed here is insufficient to discharge all sums due, and that bank consent is required as a result.

Banks can be very slow moving in these circumstances. There is very little that anybody can do to light a fire under bank staff in these circumstances. When they are moving exceptionally slowly, it can be hard to know whether they are incompetent or indecisive or both. It's hard to know whether this is caused by bureaucracy or complacency or fear of making mistakes.

The bank can't deal with anyone except the seller or his solicitor. I don't see what anyone else could do to expedite the situation.

Maybe worth considering bidding on another house, if matters drag on.

EDIT: reread OP and saw that it went sale agreed in December. If I was the buyer, I'd be long gone.

SeanSouth

The seller doesnt actually have to wait for the banks consent to sell. If the bank is dragging its heels, the seller can apply to the court for an order to have the house sold under s.94 of the land reform and conveyancing act 2009. In my view that's the only way to proceed at the moment as the banks appear to be in an elongated state of paralysis

Pat Mustard

Hadn't thought of that. Do you have a link to caselaw to support an argument that an application by a mortgagor for an order for the sale of a mortgaged property would succeed, in circumstances such as these?