If you’re experiencing delays with property settlement financing, here’s what steps you can take:
We have recently sold our property (as moved to Tassie to enjoy the cooler weather and more relaxed lifestyle) and the buyer requested an extended period until the contract went unconditional (21 business days instead of the usual 10). We agreed and it took the buyer around 18-20 business days to obtain finance. This is about double what existed pre-COVID.
The buyer also requested an extra long contract (2 months) as a result but when finance approval was received from HSBC he was keen to settle as soon as possible to which we agreed providing all parties (inc. convenyancers) could meet the early settling date. Settling ended up being just under 40 days which was a win for us and for the buyer (as the buyer was keen to move into their new home).