Time frame for closing bank sale

simpson80

Hi guys

I'm quite aware every case is different but I am just wondering if any of you have bought a house off the bank and in what time frame. We are sale agreed on a property since the 1st of October. Deposits paid surveys done and everything in order. As it is a bank sale my solicitor has told me to expect a "slow transaction" and can give me no indication until contracts are received.

Any advice or shared experiences would be greatly appreciated.

MouseTail

Have a look at the negative equity thread here. If its a clean bank sale, ie the bank has already taken repossession it could be up to 6 months or so. Its much messier if the bank hasn't taken repossession.

simpson80

thanks for the reply. I looked through that thread and that's what made me worried!! was expecting 6 months and I checked out before paying deposit that it was a clean sale and the ea said it was directly from the bank

Hannibal Smith

It shouldn't take 6 months if the bank has taken possession. The only delay in getting your contracts could be simply down to volume in the solicitors office. If the property is in receivership or is in possession of the bank the solicitor for the bank will have the deeds already. What ever paper work needed such as court orders, deeds of surrender and deeds of appointment are already in place. The banks want their money as quickly as possible and the thing im finding of late is that the only things holding up transactions are stuff like getting NPPR receipts and LPT ID numbers.

TheDriver

In mu experience, EAs always tell you it will be a clean sale. Believe nothing unfortunately...

macnug

Bought a house through nama, took ten months, never again.

simpson80

thanks for the replies. Yeah I am weary of the ea already as he doesn't seem very likable or helpful but hopefully he was telling the truth and things move swiftly