Buying a house 2012

Sonya.Max wrote: »

Hi!
Looking for some information about buying house with cash.
About a month ago myself and husband placed an offer on a house, which was accepted after 3 weeks. 2 weeks ago we paid deposit to EA and contacted solicitor, she took some info and said she will contact us when needed.
How long it usually takes to complete the sale?
I know a lot depends on solicitor..

Hi Sonya, if you are buying for cash i.e. without a mortgage, then the length of time it will take will depend solely on the solicitors. At this stage you will have given the EA your solicitors details. Your solicitor is now awaiting the contracts from the vendors solicitor. How long that will take will depend on how organised the seller is i.e. if they told their solicitor they were intending to sell the property the solicitor may have the Title Deeds from the owners Bank which will allow them to draw up contracts to send on to your solicitor. In a lot of cases it's not until the vendor accepts an offer that they tell their solicitor they are selling and at that stage the solicitor has to get a signed authority from their client to contact the owners lender to track down the title deeds... so depending on which scenario your seller is in this may take a few weeks or not. Then it will be a case of whether your solicitor is satisfied with the contracts once they receive them and if they have any queries to raise with the owners solicitor. It's only when your solicitor is happy with the contracts and title will they get you in to sign and a closing date is then agreed. Typical timeframe is 6-8 weeks but this can be done quicker or take an awful lot longer depending on the above.. I hope this helps but unfortunately it's a bit of a how long is a piece of string question and hard to put a definitive timeframe on it. When your solicitor receives the contracts it'll contain a provisional closing which is the timeframe the seller is hoping to work off and wants you to be in a position to close on that date. The closing date specified in the contracts is only for guideline purposes but should give you an indication of how quickly/slowly the vendor wants to move on this.

dove2011 wrote: »

Thank you so much for your insite Killer1 & MMC2010.
I applied to AIB last Monday but getting all the documentation it was signed off on wednesday, so Dublin should have it by Thursday. The mortgage coordinator informed me to call this Thursday..... I will take your advice Killer1 and inform the EA I was granted. If I want to provide a booking deposit; can I take monies out of the 8% I have saved??? Ya i will be going for a 32 year mortgage. I really can't see why AIB would turn me down as my credit history has been good but who knows.... Finger crossed and I will keep you informed. Yes very disappointed with my local broker... Killarney is not that big of a town so can't understand why they were so busy...

Yep, the booking deposit comes out of your 8%...Best of luck!

AquaDaisy wrote: »

Hi all you house buying geniuses

We are currently Sale agreed and have had both the structural survey and valuation survey done with, thankfully, no major issues.

There was one item on the Survey report however that I'm a bit confused about. The surveyor has recommended that the gas boiler is serviced 'prior to exchange of contracts'. Is the implication here that the vendor should service the boiler? If so, should they pay for it?? Presumably we cant arrange work on something that is not yet ours...

Anyone done this before or know what the normal course of action is?

Thanks a million in advance

That's a standard recommendation in all structural surveys. You can ask your solicitor to request a service history of the boiler from the vendors solicitor to ensure it was serviced regularly. Alternatively you can ask them to have it serviced prior to completing the purchase which they may or may not agree to and then you decide whether or not you proceed. As I said it's standard on all surveys so up to you how you proceed. Sometimes the seller will be willing to have it serviced other times they just say no and you do it after you move in. Not a deal breaker but you can arrange to access the property before you close to ensure it's working properly and bring someone with you to check the system.

It was the buyers bank process that took the bulk of the time in my case and don't forget the minute you sign, you have to wait a few weeks (which is agreed before signing) for the seller to move out.

MrThrifty wrote: »

Don't mean to gate-crashing but I'm buying a house myself at the mo and am wondering how long a mortgage typically takes to be drawn down in the case of AIB. Is it still 1 to 2 weeks or longer now perhaps because of extra checks etc?

Do you mean to get approval or when you have signed your letter of offer and all other documents have been submitted to the bank after the contracts are signed?

nemo32 wrote: »

Do you mean to get approval or when you have signed your letter of offer and all other documents have been submitted to the bank after the contracts are signed?

You beat me to it....

Hi Guys.

Looking for some advise as i am going out of my mind, 3 weeks ago i recieved full underwriters approval of a mortage application subject to satisfactory valuation. Needles to say 2 day later the seller removed the property from the market and decided to stay put.

I continued to look and found a new propery for less that i was approved for and pyut an offer in, went sale agreed and paid a deposit. When i notified the bank i was told i must re apply fro mortage. Can anyone let me know if this is the norm and what are the chances of being refuesed this time, nothing about my situation has change and if anything its a bit better what with 1 months extra saving going into my account.

Does underwriters approval of a mortage application subject to satisfactory valuation mean i will definatly be offered a mortage once the valuer is happy

Thanks

bambam26 wrote: »

Hi Guys.

Looking for some advise as i am going out of my mind, 3 weeks ago i recieved full underwriters approval of a mortage application subject to satisfactory valuation. Needles to say 2 day later the seller removed the property from the market and decided to stay put.

I continued to look and found a new propery for less that i was approved for and pyut an offer in, went sale agreed and paid a deposit. When i notified the bank i was told i must re apply fro mortage. Can anyone let me know if this is the norm and what are the chances of being refuesed this time, nothing about my situation has change and if anything its a bit better what with 1 months extra saving going into my account.

Does underwriters approval of a mortage application subject to satisfactory valuation mean i will definatly be offered a mortage once the valuer is happy

Thanks

What bank is it? You won't need to apply again. You just submit the new valuation report & loan amount required and the loan offer will issue. You've been confused by someone somewhere along the line. An approval is valid for 3 months and if you have approval subject to valuation as the only condition this is as concrete an approval you can have prior to a loan offer. Just submit the valuation report to the bank, tell them how much you now need to borrow and an loan offer will issue.

nemo32 wrote: »

:-) I am learning from you killers!

Excellent! An apprentice!! You can take over from me....!:D

shannonside26 wrote: »

Just wondering could any one help, I am looking to get a mortgage for 88,000, I am a ftb and I am being gifted the deposit by my partner. Aib have said this is fine aslong as I provide them with a letter "non refundable etc" I am on 40k pa, have 4,000 savings but also 4,000 loan. I am saving/paying off loan 200 e a week. I didn't cancel loan off with my savings as I wanted them to see I was saving. I am working in Dublin but looking to buy in Galway, am waiting on transfer, rent in Dublin 160 p/m. Do I stand a chance of getting mortgage??

You've a good chance of getting approval if presented correctly to the bank. Your salary is sufficient to borrow that amount of money and you have a proven repayment capacity based on existing savings/rent & loan. The concern I would have (and this is where it needs to be presented correctly) is in relation to buying in Galway and working in Dublin, the chances of getting a transfer and also the gift from your partner... It may seem like swings and roundabouts to you but I would be inclined to use the gifted monies to repay the loan and then you are seen to be putting some of your own money towards the purchase with the balance coming by way of gift. AIB in particular not overly keen where applicant is making no contribution themselves to the purchase and are reliant on a gift for the full deposit.

shannonside26 wrote: »

Thanks killers1, ya the problem I have is transfer as I have applied but would not able to show anything to aib, it is a waiting game but I am confident I would have it in a couple of months. My employer will not give me anything in writing for aib. If I got mortgage I plan on staying with relatives in Dublin so wouldn't be paying any rent. My application is with aib since today so was told it would be 7-10 days, should I clear my loan with gift money now or wait until I hear? Thanks again.

If it's gone in already there's not much you can do about it now and no point in paying the loan off at this stage. Best of luck!

MrThrifty wrote: »

Thanks killers - but I'd heard before (back in the boom days!) that it took a week or two from the last piece of info submitted? I assumed it would be longer now if anything! Must go talking to bank...

If everything is in already including the cheque req there's no reason why your solicitor wouldn't have funds in 2 days. If the last piece of info was received today it would take 2 days for that to be scanned onto the system and then a further 2 days for the cheque to issue. Your solicitor can get an update from the completions dept for you..

bambam26 wrote: »

killers1 wrote: »

What bank is it? You won't need to apply again. You just submit the new valuation report & loan amount required and the loan offer will issue. You've been confused by someone somewhere along the line. An approval is valid for 3 months and if you have approval subject to valuation as the only condition this is as concrete an approval you can have prior to a loan offer. Just submit the valuation report to the bank, tell them how much you now need to borrow and an loan offer will issue.

Thanks Killer1

I am with Ulster Bank, they arrange the valuer and i have to fill in ,well sign a new application form and give most recent bank statment and the girl i am dealing with said it was a re application once thats approved they will sent out a valuer !!!!!! I never recieved an offical letter saying it was approved pending valuation report i just got an email from her stating this. I hoe it is a case that i have picked her up wrong and i dont have to completly re apply

Thanks for you help

If it's just another signature and one bank statement it is nowhere near having to completely apply again. It'll will just be referred back to the Underwriter to sign off on. You'll be fine...

bambam26 wrote: »

killers1 wrote: »

If it's just another signature and one bank statement it is nowhere near having to completely apply again. It'll will just be referred back to the Underwriter to sign off on. You'll be fine...

Thanks again Killer,

I am a FTB and a little clueless when it comes to banks and how they work

Don't worry, you'll be an expert by the end of it!! If you've any questions at any stage just ask. Best of luck!

nearing closing on house. it says on loan offer valid until july 2012. solicitor told me someone in AIB said 13th of May which will be too soon to close. Solicitor then called to confirm and was told by AIB it was firts week in June. How can they keep changing goalposts? Like they will expect me to honour the binding contract and yet they decide when the offer may or may not expire.

Does an offer reissue take long??