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Removal of Loan Approval Clause

  • 22-08-2018 3:10pm
    #1
    Mark1916
    Registered Users, Registered Users 2 Posts: 523 ✭✭✭


    Hi,
    Has anyone come across a vendors solicitor insisting on a loan approval clause being removed on a contract for sale? If so, did you proceed with the sale?
    We've come across that at the minute and it's very frustrating as they're buying a property and want the clause removed.
    Thanks.


Comments

  • #2
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Yes, we told the no as it was one more reason they could keep the deposit. This was three years back when the market was slightly less mad though.


  • #3
    spaceHopper
    Registered Users, Registered Users 2 Posts: 4,098 ✭✭✭spaceHopper


    Mark1916 wrote: »
    Hi,
    Has anyone come across a vendors solicitor insisting on a loan approval clause being removed on a contract for sale? If so, did you proceed with the sale?
    We've come across that at the minute and it's very frustrating as they're buying a property and want the clause removed.
    Thanks.

    Tell them that no or you all sign and close on the same day i.e no deposit is handed over you close the sale that's it. Oddly enough the old ladies we bought our house from wanted that way they were buying off a relative down the country and were afraid of being left homeless. Our solicitor is a family friend so we went along with it. Worked out in the end.

    In the back ground go off now and get everything sorted, get life cover now that way when you go through the more detailed medical questions you have time to sort it if anything comes up. Life cover is one thing which will get a loan refused.


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