Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Sale falling through?

Options
  • 03-02-2021 1:08am
    #1
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭


    “The purchasers’ solicitors rang just before lunchtime to advise they are encountering difficulty with drawdown of their clients’ loan funds.”

    So I’m selling a property I own to my long term tenants. At a bit below market value as they were good tenants I’m happy that they get to stay there.

    Signed contracts last week. Solicitor has 10% deposit. Signed final sworn declarations this morning. With closing and monies due to be transferred on Friday. Then got that text above from my solicitor this afternoon.

    I’ll await further information. It could be anything at all up to mortgage approval withdrawn and sale falls through.

    I don’t need money right now but will need it in a few months. If it falls through it will be a nightmare. I had issued notice prior to tenants agreeing to buy. That notice expires in 1 month. Wasn’t issue until now as they were buying the house.

    I can give them month or two grace but I do need to sell it. I never thought there would be an issue. I’m thinking about something that might not happen at this stage. It’s not knowing as I’ve been left with a very vague email.


Comments

  • Options
    #2
    Horusire
    Registered Users Posts: 158 ✭✭Horusire


    We had similar issues as the purchasers. Our bank were causing snags but it was mainly due to understaffing due to the pandemic. I wouldn't panic to much.

    Your a good person for selling it to tenants. Karma will look after you I hope


  • Options
    #3
    Wildly Boaring
    Registered Users Posts: 3,631 ✭✭✭Wildly Boaring


    I know 3 who bought / are buying now

    All 3 had trouble drawing down funds

    1. Both had covid. Life assurance / mortgage protection wanted cardiologists report from both and GP sign off from both. Took extra few weeks to sort

    2. Neither had covid. Man had a minor heart issue 10 years ago. Went to hospital with chest pains. Cleared up and never reoccurred. Noted on his medical history. He had to go to cardiologist and get sign off. Actually had to get a fairly rigorous test done. Funny enough this couple are very well off and this is to be a second home. No questions asked 5 years ago when getting previous mortgage protection. Then bank took at least 6 weeks to issue drawdown. They should have closed in october. Closed 2 week ago

    3. Neither had covid. One works for large employer and got TWSS (or whatever it was) last April. Took extra 6 weeks to sort


  • Options
    #4
    TattooedLady
    Registered Users Posts: 38 ✭TattooedLady


    Are either of them on any covid payment (PUP or EWSS)as that seems to be causing major problems with people trying to drawdown on mortgages.

    Other than that it could be just that they are waiting on house insurance or life insurance or something like that. Hopefully your solicitor will be able to clarify soon what exactly is the problem.


Advertisement