7 weeks sale agreed, no progress

Lucy B

We are sale agreed 7 weeks on a neg equity house. We have everything sorted our end, formal loan offer, life insurance etc but it is a disaster from the other end. The bank have agreed to our offer, the vendor went about things in the right manner as in we knew it was neg equity from the get go, we were assured by ea that it would be a straight forward sale, taking 6 to 8 weeks.

We have begun ringing our solicitor and ea weekly over the last 3 weeks trying to push things along. Our solicitor had got word 2 weeks ago from the vendors solicitor, that she had been in contact with ebs, and they said that they would be releasing the deeds, but, well, they didn't did they.

We are starting to worry now. This is the last thing we need. Does it sound bad? Would you be getting worried? Should we be relentless in annoying solicitor and estate agent? We don't want to lose the house as houses don't really come up in our area that often. (Rural area). Should we put a date on things and inform ea of it?

Thanks

CaoimheSquee

Is it in receivership? Those sales can take months and months and months!
Its down to the bank I am afraid.

maynooth_rules

If its a bank sale then you just need to be patient. Sounds like you were very well planned and have everything in place. We got a bank sale (EBS) a few months back. Took about 7-8 weeks from sale agreed to keys in our hands. Our solicitor and the estate agent both said it was the quickest bank sale they have dealt with, mainly because of how organised we were ( we had everything in place ready to go)

Lucy B

Thanks. It's not a bank sale, the owner is in negative equity. Just fed up waiting at this stage. Wish if it was done. There is nothing more that we can do. Wish if there was.

juke

It can take weeks and weeks for the banks to agree the sale price.

However even once that's agreed, the vendor's solicitor usually has to agree all deductions with the bank (eg legal fees, estate agents fees, service charges, local property tax).

You'll have to be patient

Lucy B

Yes, it took weeks alright for the bank to agree the price. The ea read the email to us confirming that the bank had agreed. But we still do not have the letter of consent or deeds. These are the 2 things our solicitor is requesting. Really hope the end is in sight soon. We are starting to keep an eye out on other properties at this stage.

CaoimheSquee

Even normal sales the average is 6-8 weeks (and that would be swift!). If this is a bank sale then it is going to take much longer.
Your solicitor just needs to put the pressure on, there is not much more that can be done I am afraid.
Definitely good idea to start looking elsewhere too but I hope this works out for you!

The_Conductor

Lucy- the seller's solicitor also needs to agree his/her fees with the bank- it is not a straightforward transaction there either. EBS have a monthly meeting where they discuss these things- so if they agree a price etc- then the solicitor has to get all the paper work into them- for the next meeting in 4-5 weeks hence.......

Even with cash sales- 6-8 weeks would be optimistic- you've thrown a neg equity sale into the equation.

To put things into perspective- my father-in-law has been sale agreed on his new property- for over 5 months now- and has been trying to move in for the last 6-8 weeks, but keeps getting delayed by the builder. Its looking increasingly likely that after almost 6 months- my father-in-law- a cash buyer- is probably going to have to walk, and find another property (something a 78 year old doesn't need).

Going into this transaction thinking you were going to get everything done and dusted in 6-8 weeks- was hopelessly optimistic. It might work for some people- but for the vast majority of sales,its a non-runner.

jayjay2010

Hi OP, I'm 14 weeks sale agreed in exact same situation. Told 2 weeks ago that the vendor has received verbal consent but waiting for letter confirming same. I don't trust anyone anymore in this situation and I have started to look elsewhere. Told it would DEFINITELY close by end of May, then end of June and now end of July. Approval from bank expires soon so I am looking elsewhere

Lucy B

Thanks, hope you get sorted soon. It really is so stressful and wish that there was something that could be done. We are hoping that a similar house could be coming up soon and if it does we will try bidding on that. It isn't negative equity. We know the sellers. Friends of friends of friends.
Feel angry as this house was advertised as being for sale, they accepted our offer, it all took time as each bid had to go to bank and we were very dubious about going sale agreed on this house due to negative equity situation, however we were promised by estate agent that it would be straight sale, no complications. And here we are 7 weeks later without any progress.

I am never buying another house. Ever!!!

My friend was in a similar situation recently. It smelled wrong to him from the beginning... no communication from the vendor who should have been going frantic at the idea of the sale not proceeding etc; My friend seemed to be the only person trying to close the sale. His solicitor assured him that everything was perfectly normal but in hindsight was doing nothing to put pressure on (unless you call 'leaving messages' to be pressure). Anyway after 14 weeks of wasted time the vendor announced that he wasnt proceeding - no excuses given. The lesson being that if it smells wrong to you, it might very well be. Many solicitors do not have normal concepts of time or business expectations.

The_Conductor

Aka the vendor put the property on the market- to satisfy their bank- but had no intention of selling- regardless- and was simply a time waster. Unfortunately- its quite a common phenomenon- and is both costly and a complete and utter waste of time for prospective purchasers.

In cases like this- you need to ensure the solicitor is following up on things- leaving messages is a complete cop-out. It was different when people were actually motivated to sell- the reverse is now often the case- there is an active motivation not to sell- but to go through the motions........