Sale Agreed - Drawdown

Eireog007

Registered User
Messages
61
So after sending in an initial offer on a property I spoke to our contact at KBC today where he confirmed that as of yesterday they have exhausted their exemptions for the year, as we were relying on the exemption for this purchase this has put a significant dampener on my day.

I have a couple of questions, the contact at KBC told us that they could approve us for a property now provided we don’t draw down the funds until 2020 so my first question is what the average time frame from sale agreed to draw down tends to be? I know this is a how long is a piece of string question so any help would be appreciated.

Also another random straw I’m clutching at is whether or not it’s feasible to go sale agreed with a drawdown date set as the 1st of January. Assuming the house won’t go sale agreed until the end of this month (educated guess based on the bidding processes we have been involved in to date).

Any advice would be appreciated, hell lie to me and at least cheer me up for the rest of the afternoon
 

HollowKnight

Frequent Poster
Messages
163
My own purchase from same agreed to draw down took 2 months. A friend's recently took 3.5 months. It really does vary a lot.
 

Nicetoknow

Registered User
Messages
24
I sold a house last year and agreed the close date for 12 weeks after Sale agreed. That date was agreed by solicitor when we were already into contract negotiation - it suited both parties. Once our buyer put the non refundable 10% down and signed contracts i (as seller) wasn't really worried buyer wouldnt close. They had a term in the contract to say that if bank revoked offer they didn't have to close (and could get deposit back), which I'm told is a standard clause inserted when buyer is drawing down a mortgage

I would still go for the property if I were you. You could also apply to another bank in mean time to see if you can get the exemption from them, just as a back up.

Best of luck.
 

Eireog007

Registered User
Messages
61
Thanks guys, that’s roughly what I was hoping to hear. If we get to sale agreed hopefully the vendor will be amenable.
 
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