Benefactors in line for a share of £800,000 from the sale of a Wolverhampton school are facing a longer wait than expected because of the credit crunch, an estate agent said today.

Agents handling the sale of St Jude’s Infant School have revealed they are no closer to finding a buyer after more than three months of it being on the market. The Newbridge school is being advertised as ideal for transforming into housing, subject to planning permission.

An ancient law means money from the deal will go to 40 relatives of Mary Stokes, who gave the land on which the school is built to the church 137 years ago.

First City, the property firm handling the sale, confirmed it has received a number of offers for the land since it went on the market in March, but the current economic climate has made it difficult to seal the deal.

Managing director Chris Bywater said it was still expected to become a residential site and until six months ago it would have been extremely attractive.