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How long should it take solicitors to review Loan Offer?

  • 14-08-2023 2:26pm
    #1
    NiamhNaughton
    Registered Users, Registered Users 2 Posts: 4 ✭


    Hey guys, just curious how long it took people to progress from Loan Offer to contracts/signing?

    We are sale agreed since May so this is an incredibly long process for us. Issues with the house having a granny flat set us back significantly.

    Finally have Loan Offer since the Friday before the August Bank Holiday weekend. Sent to us and legal pack to our solicitor. Not getting any info from the solicitors side, had to call and make sure they actually got it.

    We're just curious on a ballpark of how long we might have left of waiting. We're so ready to be out of our rented accommodation, so feels like we've been in limbo for a long time 😅



Comments

  • #2
    EchoEmber
    Registered Users, Registered Users 2 Posts: 37 ✭EchoEmber


    We are hoping to close by end of this week and it took us 2 months to get here. The loan offer for us was issued almost a week after we went sale agreed. We then had to do the structural survey and valuation after that. Followed by our solicitor following up with them on queries regarding deeds etc..



  • #3
    MrsBean
    Registered Users, Registered Users 2 Posts: 312 ✭✭MrsBean


    Unfortunately I think the answer is 'how long is a piece of string'.

    There was an article on RTE website today about delays in conveyancing at the moment. It stated average time to complete sale is about 16 weeks.

    If I knew it was definitely going to be around 16 weeks I'd be a lot calmer but it's the not knowing that is stressful as our lease is up soon.

    It certainly seems a painfully slow process from a buyers perspective. We have a similar timeline to you, sale agreed in May, loan offer end of July. No idea where we stand for the next few months as planning issues still to be worked out.

    Communication from the vendors solicitor is atrocious, and now they are insisting on only communicating via post. Weeks go by with nothing at all. Our solicitor's comms are very good with swift replies to any queries but it would seem not all solicitors are created equal!

    Someone on another thread also mentioned that August tends to slow down too as solicitors take leave.

    Best of luck and keep the faith!



  • #4
    EchoEmber
    Registered Users, Registered Users 2 Posts: 37 ✭EchoEmber



    https://www.boards.ie/discussion/2058309272/how-long-should-it-take-solicitors-to-review-loan-offer

    Why did it take so long from the time of sale agreed to loan offering being sent out to your solicitor ? I just went back over the exact days and it was actually sent to our solicitor within 13 days of us updating BOI mortgage hub page that we had gone sale agreed. But 4 months seems way too long for loan offer to be sent out, was the deeds were you had issues with regarding the granny flats ?



  • #5
    southofthelee
    Registered Users, Registered Users 2 Posts: 36 ✭southofthelee


    https://www.boards.ie/discussion/2058309272/how-long-should-it-take-solicitors-to-review-loan-offer

    August is holiday time for solicitors, legal secretaries, and admin.

    Your loan offer is on a desk.

    I've seen loan offers reviewed and counter-signed in 20 minutes.

    They are typically standard documents. (and before anyone jumps in - I am referring to the Mortgage Loan Offer - not deeds or anything relating conveyancing)



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