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How long does it take to get a letter of consent from the bank??

  • 01-08-2017 5:42pm
    #1
    Kittie123
    Registered Users, Registered Users 2 Posts: 14 ✭


    Hi all

    I'm hoping someone who has experienced this can lend some insight! I'm sale agreed on a house since April 11th and only found out from my solicitor that we need a letter of consent from the vendor's bank to confirm that they will remove the charge against the house once they receive our sale proceeds. As of today my solicitor, the vendor's solicitor and the estate agent can't get a response from the bank as to when the letter will issue.

    I'm going out of my mind here and I can't relax because I'm terrified of losing the house. If anyone has been through this I would love to hear how things work out in the end!

    Thanks a mil


Comments

  • #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,643 Mod ✭✭✭✭Graham


    Mod: OP, I've moved your post to the main Accommodation & Property forum where you may get more responses.


  • #3
    Askthe EA
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Askthe EA


    Hi Kittie,

    Ive been the EA in this kind of situation. infuriatingly, there is no easy answer. How long is a piece of string?

    Depends on level of debt owing, any arrears outstanding, level of engagement from borrower, banks case manager, banks solicitor etc etc etc.

    Its an absolute mess.

    Hope it works out for you.


  • #4
    Kittie123
    Registered Users, Registered Users 2 Posts: 14 ✭Kittie123


    Many thanks for your reply! And in your case did the sale go through eventually?


  • #5
    Askthe EA
    Registered Users, Registered Users 2 Posts: 724 ✭✭✭Askthe EA


    Kittie123 wrote: »
    Many thanks for your reply! And in your case did the sale go through eventually?

    Yes it did. After 8 months.


  • #6
    Kittie123
    Registered Users, Registered Users 2 Posts: 14 ✭Kittie123


    Wow that is a very long time, but gives me hope knowing at least it did go through in the end!


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  • #7
    busylady
    Registered Users, Registered Users 2 Posts: 82 ✭✭busylady


    These sales usually do work out, but it can take a few months at least. It is worth noting that it is only the Vendor and his solicitor that can deal with bank to request the letter and there is absolutely nothing that you or your solicitor can do to speed up the issue of the consent letter.


  • #8
    Kittie123
    Registered Users, Registered Users 2 Posts: 14 ✭Kittie123


    Thanks for your comment, good to hear that there's light at the end of the tunnel! The waiting is very tough though, getting more panicked as each week goes by but hopefully it'll issue before our mortgage offer expires!


  • #9
    Kittie123
    Registered Users, Registered Users 2 Posts: 14 ✭Kittie123


    Just thought I'd give an update incase anyone reading was wondering how long the consent letter can take, we received the letter today and we were waiting from April 11th for it! The bank was AIB.


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