Waiting for Deeds from bank to buy house

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Kevino

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Hi, my first ever post on any forum. I am acting as trustee for my brother Paul who is on long term disability for many years. We are buying a small house from a bank(EBS) that was reposed by the same bank last year. The house is Sale Agreed with us and deposit paid in early march 2015. We are awaiting contracts from banks solicitors for 3 months now and bank solicitors say they are waiting on deeds from bank. Three months have passed since deposit paid. I was looking at land-registry information about this house and we see that there is a Mortgage recorded with bank. This is expected but there is also a judgement on the deeds from another bank(Bank of Scotland) for €14,000. The people buying our house have only until July 2nd on their loan approval. Is it normal for the deeds to be held up for so long. I have heard that there is some PANEL somewhere that has the deeds and have yet to make a decision. Surely a bank cannot put a house for sale with deeds in trouble. Help of any kind would be welcome.
 
Unfortunately it can take a long time to push through the purchase of a house in the possession of the bank. The bank should have the deeds so I'd imagine the sale is going through an internal bank approval process.

What has your solicitor said about the judgement on the house? Who will pay that?

Also it is worth being upfront with your purchasers and keeping them in the loop. It's highly likely that they will need an extension to their mortgage approval because of the timing - they should be applying for this now to make sure their approval doesn't expire.

I know from reading previous posts on here that bank sales are very drawn out but I hope that it all goes well for you.
 
Thanks Butter, appreciate that info and the good wishes.
Our solicitor is awaiting contracts before any decisions are made and these contracts will determine the position on the Judgments.
How can a person with 3 months loan approval time buy a house that takes 4 to 6 months to complete.? Ernst & Young are the company dealing with the repo. Do they sell the house on behave of bank. Would the hold up be in their hands.?
 
We had to apply for an extension to our loan offer when closing the sale took longer than expected. It was a simple enough request from our solicitor & the bank extended the approval from April 1st to May 31st. I'd imagine that banks will allow certain amount of leeway with this.

If it drags on too long though I could see them asking for new bank statements, salary certs etc to confirm finances remain as they were when the original approval was granted.
 
Yes the buyers of our house are looking to extend their present loan approval AGAIN, but they may not get this.
We may have to complete the sale my brothers Paul's house and move him into short term acommadation in the hope that the bank sale will complete and not fall through. Does anyone have any experience of a Bank repo sale not making it to completion and what is the longest time it has take to complte a bank repo sale. This would be our worry.
 
I've seen posts about this before - so hopefully someone with firsthand experience will comment.
Is this the only suitable house in the area? It's probably not what you want to hear but maybe you need to look at what else is available.
Bank sales can take a ridiculous amount of time.
 
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