Consent letter to sell

Discussion in 'Mortgage arrears & negative equity case studies' started by Aine Coff, Feb 22, 2017.

  1. Aine Coff

    Aine Coff New Member

    Posts:
    4
    I have a consent letter to sell a negative equity property for a specific amount. The consent letter states that The Full net sales proceeds to be lodged within 5 days. Does anyone know what Net Sales Proceeds means and do I need to agree this with the bank in advance (I have contacted the bank with messages and emails but they haven't replied). I'm assuming net sales means Sale Price less conveyancing/estate agents fees?

    Thanks in advance for any advice
     
  2. TLO

    TLO Frequent Poster

    Posts:
    128
    Hi Aine, yes, "Net Sales Proceeds" means the sale price less conveyancing fees, estate agents fees, and any other expenses required for the sale to complete. You should give a copy of this letter to your solicitor as s/he will need this whilst doing the conveyancing. Out of curiosity, did the bank say how the shortfall will be dealt with?
     
  3. Clonback

    Clonback Frequent Poster

    Posts:
    255
    Aine
    Could you say what bank is involved as my friend is finding it next to impossible to get the letter despite only 20k of negative equity.
     
  4. Aine Coff

    Aine Coff New Member

    Posts:
    4
    Thanks for the replies. The letter was sent to my solicitors who were unsure of what it meant too. Which has me a bit worried about the solicitor! The bank is Perm TSB and they expect the shortfall to be paid. Another days work.

    Thanks again..