Sale Agreed - Bank not releasing deeds.

Audioh8

Hello all,

We have gone sale agreed since early December 22. There has been conflicting information from estate agent, stating deeds can’t be found, and then Vendor solicitor stating that vendor needs banks permission to release the deeds and authorise the sale.

Has anyone any experience with this and how big of a red flag is it? Finally, could I ask how to move forward, is it a case of wait and see or simply move on.

Thank you in advance.

Allinall

If there is more owed on the house than the sale price, then there is no way the bank will agree to the sale, other than having a guarantee that the sellers can make up the shortfall.

Your solicitor should have sussed this out much earlier in the process.

Kurooi

I had this happen where I was a seller, deeds are a messy business. I had to notify my solicitors months before any sale agreement to get the deeds (they request them off the bank, pay a fee, there is a few weeks of admin there) bank claimed to have a backlog so they said it may take 10 weeks + to get them out to the solicitors.

But my solicitor did not request them, they were the most incompetent bunch I ever met. They just didn't request the deeds. Then they continued to not do that blaming each other and got really vile about interns I just had to restart with new solicitors at that point. Once my now newly appointed solicitors got on the case they got it back running quickly. Then I talk to my bank and they tell me they don't have the deeds, my old old (10 years back) solicitor does. The old solicitors said they don't. maybe 2 weeks later I get a call bank says they found the deeds they (the bank) had them afterall. Good Lord.

long story short my house was in good order my solicitors were not and the bank still was taking their sweet time too, the whole journey took a little over 3 months.

What can you do... put pressure. If they sale agreed in December, many of their other bidders are gone, restarting the process is not ideal. Always be ready for disappoinment, and be ready to walk away.

Toots

Is the house in negative equity? We sold a property in negative equity last year and the bank wouldn't release the deeds until our solicitor sent them a confirmation that we had the funds available to make up any shortfall on the sale.

spaceHopper

Interest rates are rising and this is costing you money, tell the vendor to apply maximum pressure to their solicitor and the bank or you will have to lower your offer.