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Buying a house 2012

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  • Registered Users Posts: 38 mikelovenotwar


    So the vendors side say they can't close before the end of the year. if we draw down our AIB mortgage in the next few days and subsequently complete the sale in the new year are we entitled to MIR???


  • Registered Users Posts: 1,875 ✭✭✭micar


    So the vendors side say they can't close before the end of the year. if we draw down our AIB mortgage in the next few days and subsequently complete the sale in the new year are we entitled to MIR???

    Provided the draw down chq has been cashed by your solicitors, then yes.
    Also, if sale complete in new year, the no property tax assuming you're a ftb.


  • Registered Users Posts: 350 ✭✭tommyh1977


    So the vendors side say they can't close before the end of the year. if we draw down our AIB mortgage in the next few days and subsequently complete the sale in the new year are we entitled to MIR???

    See my posts a few back, got this info direct from revenue. Again drawdown is not enough, sale has to be closed. There was no grey area with the revenue when I enquired, I even posed the question about being in funds and not closing till Jan. I was told the rules are very defined.


  • Registered Users Posts: 12 shannonside26


    It's been awhile since I last posted, everything is all go with the house last couple of weeks. I am in the process of buying from a receiver, the house was a shell when I put the deposit down and they were finishing it. Today the completed valuer's report was sent to the bank, they have got my home ins, I sent my life ins on Friday but they hadn't received it as of today. My sol has requested funds. The snag list has been handed over today. My question is have I a chance of making the MIR? And is there going to be any more forms for me to sign for the mortgage. The sol has requested the draw down of funds. My advice for anyone thinking of buying in 2013 as a ftb would be to go through a mortgage broker if you don't have any clue of the buying process. Even if its just for advice, my sol has been very good so far and has half acted as a mortgage broker. I have half forgot about Christmas with all the stuff going on with trying to sort things out with the house.


  • Registered Users Posts: 100 ✭✭irbx


    tommyh1977 wrote: »
    See my posts a few back, got this info direct from revenue. Again drawdown is not enough, sale has to be closed. There was no grey area with the revenue when I enquired, I even posed the question about being in funds and not closing till Jan. I was told the rules are very defined.

    Hi got our keys yesterday 2 months from when offer accepted to handing over the keys. I am right in thinking we Qualify for Interest relief even if we have not made our first payment yet


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  • Registered Users Posts: 1,443 ✭✭✭killers1


    irbx wrote: »

    Hi got our keys yesterday 2 months from when offer accepted to handing over the keys. I am right in thinking we Qualify for Interest relief even if we have not made our first payment yet

    Yes


  • Registered Users Posts: 1,443 ✭✭✭killers1


    It's been awhile since I last posted, everything is all go with the house last couple of weeks. I am in the process of buying from a receiver, the house was a shell when I put the deposit down and they were finishing it. Today the completed valuer's report was sent to the bank, they have got my home ins, I sent my life ins on Friday but they hadn't received it as of today. My sol has requested funds. The snag list has been handed over today. My question is have I a chance of making the MIR? And is there going to be any more forms for me to sign for the mortgage. The sol has requested the draw down of funds. My advice for anyone thinking of buying in 2013 as a ftb would be to go through a mortgage broker if you don't have any clue of the buying process. Even if its just for advice, my sol has been very good so far and has half acted as a mortgage broker. I have half forgot about Christmas with all the stuff going on with trying to sort things out with the house.

    There's every chance you'll close in time. You'll need to chase up the life policy today though as the bank won't issue the funds until they have it. Presuming they have your home ins & dd mandate & your solicitor has sent in their undertaking, loan offer acceptance & cheque req the funds will issue once the life policy is received and that condition satisfied. If they've lost your policy and it's a BOI mtg you'll need to get another original policy from the ins co. if its AIB a copy will suffice. Your solicitor can request the monies even though the snag hasn't been completed. Once the builder says the house is ready for reinspection of the snag items you should be letting your Solictor know the majority of items have been rectified and you are willing to close. As I said chase up the life policy as that will slow you down if lost... I have a case where snag was handed to builder on Monday and closing today so you've still enough time..


  • Registered Users Posts: 35 pranal


    Hi. we are in a difficult situation, we put an offer on a property in 1st week of november assuming we would get the MIR. As of today everything is in place(life cover, insurance,etc) except for the deeds from the seller.
    It was two week ago that the sellers bank found the deeds and supposed to send it to sellers sol,s. He still hasn't received the deeds from the bank.
    I am on to our sol every day to see if they received any deeds.
    Our sol is ringing the sellers solic every day to get an update.

    Cut the story short, Our mortgage is from BOI and the cut-off date from them to request the cheque is tomorrow(friday) will there be any possibility, we get MIR if the cheque is requested early next week?

    Both the sols are aware of the situation and want to close asap, but couldn't do anything until they receive the deeds.

    Do the contracts have to be signed before the cheque is been requested? or it has to be signed before the funds are drawn down?

    Once the sols receive the deeds, can they request for cheque and the drafts of contract and signing of contracts done during the process?

    As most of you understand the frustration,when you are too close to make it and unable to do it.

    any advice would be appreciated
    Regards
    pranal


  • Registered Users Posts: 1,443 ✭✭✭killers1


    pranal wrote: »
    Hi. we are in a difficult situation, we put an offer on a property in 1st week of november assuming we would get the MIR. As of today everything is in place(life cover, insurance,etc) except for the deeds from the seller.
    It was two week ago that the sellers bank found the deeds and supposed to send it to sellers sol,s. He still hasn't received the deeds from the bank.
    I am on to our sol every day to see if they received any deeds.
    Our sol is ringing the sellers solic every day to get an update.

    Cut the story short, Our mortgage is from BOI and the cut-off date from them to request the cheque is tomorrow(friday) will there be any possibility, we get MIR if the cheque is requested early next week?

    Both the sols are aware of the situation and want to close asap, but couldn't do anything until they receive the deeds.

    Do the contracts have to be signed before the cheque is been requested? or it has to be signed before the funds are drawn down?

    Once the sols receive the deeds, can they request for cheque and the drafts of contract and signing of contracts done during the process?

    As most of you understand the frustration,when you are too close to make it and unable to do it.

    any advice would be appreciated
    Regards
    pranal

    Without the title deeds you have no contracts. Without the contracts your solicitor won't want to drawdown funds. The good thing for you is that you haven't signed contracts so are free to renegotiate the price downwards to make up for missing out on MIR. If the vendor has any sense they'll agree to a reduced price...


  • Registered Users Posts: 12 shannonside26


    Thanks killers, was onto bank today and today they told me not only do they not have life ins but that they don't have home ins....strange since they were able to tell me yesterday who I had my ins with anyway I have emailed them PDFs of the policy's and faxed them too. So fingers crossed they will go on their system tomorrow and will be on track for cheque to be issued next week.


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  • Registered Users Posts: 1,443 ✭✭✭killers1


    Thanks killers, was onto bank today and today they told me not only do they not have life ins but that they don't have home ins....strange since they were able to tell me yesterday who I had my ins with anyway I have emailed them PDFs of the policy's and faxed them too. So fingers crossed they will go on their system tomorrow and will be on track for cheque to be issued next week.

    If its an AIB mortgage and they are the only 2 items remaining and are in order your funds will issue early next week


  • Registered Users Posts: 22 karlosrush


    Thanks killers, was onto bank today and today they told me not only do they not have life ins but that they don't have home ins....strange since they were able to tell me yesterday who I had my ins with anyway I have emailed them PDFs of the policy's and faxed them too. So fingers crossed they will go on their system tomorrow and will be on track for cheque to be issued next week.

    My solicitor rang cheque issue yesterday and today and has been told that home ins is only in my name and they hadn't received our life ins.what is going on?both policies were done thru the bank(BOI) about 2 weeks ago!!!trying to call my mortgage advisor but he won't answer the phone!help


  • Registered Users Posts: 1,443 ✭✭✭killers1


    karlosrush wrote: »
    My solicitor rang cheque issue yesterday and today and has been told that home ins is only in my name and they hadn't received our life ins.what is going on?both policies were done thru the bank(BOI) about 2 weeks ago!!!trying to call my mortgage advisor but he won't answer the phone!help

    Did you complete the home ins proposal forms in your sole name? They'll insist the policy is in joint names. They should be able to activate life policy for you. If you can't get through to your advisor then I'd suggest calling in to the branch. You'll need to get these items sorted asap...


  • Registered Users Posts: 22 karlosrush


    We filled out every form in both our names..cheque has been requested so it's likely Monday that we'l get this sorted and be in a position to close.so frustrating.spoke to the EA and she has keys ready to go..I just don't understand how the bank can send me a letter saying every condition has been met then make a u-turn like this??


  • Registered Users Posts: 42 FixYa


    Finally after so many weeks of waiting and chasing going to EA to get my keys in half an hour.
    Last day of waiting was the longest one


  • Registered Users Posts: 685 ✭✭✭PaddyCar


    Bank of Ireland issuing cheque tomorrow or Wednesday. Is it too late for MIR?


  • Registered Users Posts: 1,231 ✭✭✭Galego


    PaddyCar wrote: »
    Bank of Ireland issuing cheque tomorrow or Wednesday. Is it too late for MIR?
    I think so. I was told by them that the deadline to cash the cheque was today. Anyway, give them a call and they will tell you. Good luck and let us know how you get on.


  • Closed Accounts Posts: 110 ✭✭orlaanne


    I think I made a mistake with Mortgage Interest Relief application, had anyone else submitted their claim yet? How long is the account number for AIB? I rang AIB and they told me a 12 digit number but my broker told me an 8 digit number that was on my loan offer AFTER I submitted the application! Help!


  • Closed Accounts Posts: 110 ✭✭orlaanne


    ok nevermind I think both numbers actually work. AIB were insistent I use the 12 digit number but my broker said her clients always use the 8 digit one, I'd say as long as AIB have some way to track down the account details it's grand since I used the 8 digit one to track down the account in the first place!


  • Registered Users Posts: 282 ✭✭EAFC_rdfl


    Thanks to all who post in this thread with advice and who answered my questions. We got our keys on Friday and are getting used to our new house now, exciting times!


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  • Registered Users Posts: 22 karlosrush


    Getting our keys 2mro! Just thought I'd post a timeline of our purchase...
    15th nov - sale agreed

    19th nov -paid booking deposit

    22th nov- met with mortgage advisor

    28th nov-mortgage approved in principal

    29th nov-mortgage protection sorted

    30th nov-valuation report done

    3rd dec- fire protection sorted

    7th dec- signed contracts

    17th dec-paid solicitors fees and stamp duty.


  • Registered Users Posts: 1,892 ✭✭✭Citizenpain


    karlosrush wrote: »
    Getting our keys 2mro! Just thought I'd post a timeline of our purchase...
    15th nov - sale agreed

    19th nov -paid booking deposit

    22th nov- met with mortgage advisor

    28th nov-mortgage approved in principal

    29th nov-mortgage protection sorted

    30th nov-valuation report done

    3rd dec- fire protection sorted

    7th dec- signed contracts

    17th dec-paid solicitors fees and stamp duty.

    Paid booking deposit the same day as you - were sale agreed on the 17th

    Closing this thursday ; fingers crossed


  • Registered Users Posts: 22 karlosrush


    Paid booking deposit the same day as you - were sale agreed on the 17th

    Closing this thursday ; fingers crossed

    Fair play!hope it all goes according to plan for you.


  • Registered Users Posts: 22 karlosrush


    Does anyone know who I get the ber cert from?from the EA or from my solicitor ?also can anyone tell me is it ok for the EA to verify gas/electricity readings or will the suppliers of each send somebody out?


  • Registered Users Posts: 12,372 ✭✭✭✭TheDriver


    its usually the last owner and yourself do the readings together?


  • Registered Users Posts: 1,443 ✭✭✭killers1


    orlaanne wrote: »
    ok nevermind I think both numbers actually work. AIB were insistent I use the 12 digit number but my broker said her clients always use the 8 digit one, I'd say as long as AIB have some way to track down the account details it's grand since I used the 8 digit one to track down the account in the first place!

    I always recommend using the 12 digit one for AIB as they only set up the 'live' account the day the funds issue and the 12 digit number is the correct a/c no. The a/c no on the loan offer is only a ref no for that stage but they should be able to find it and apply it to the correct a/c


  • Registered Users Posts: 1,443 ✭✭✭killers1


    karlosrush wrote: »
    Does anyone know who I get the ber cert from?from the EA or from my solicitor ?also can anyone tell me is it ok for the EA to verify gas/electricity readings or will the suppliers of each send somebody out?

    It's the vendors responsibility to provide a BER cert and it is either sent with the contracts from the vendors solicitor or forwarded on to your solicitor from the vendors solicitor once the report has been completed.

    On the day you get your keys take the relevant meter readings and phone them in to the utilities companies...


  • Closed Accounts Posts: 110 ✭✭orlaanne


    killers1 wrote: »
    I always recommend using the 12 digit one for AIB as they only set up the 'live' account the day the funds issue and the 12 digit number is the correct a/c no. The a/c no on the loan offer is only a ref no for that stage but they should be able to find it and apply it to the correct a/c

    Cheers killers1, always on the ball!


  • Registered Users Posts: 35 SuzieQCork


    So our solicitor got the contracts friday and it turns out they sent down the wrong documents. They sent the stuff for the site next door which is also a NAMa sale. The solicitor also dropped the bomb friday morning that he has no insurance and we need to get a new solicitor.
    So Friday afternoon got a new solicitor, collected contracts etc from the old solicitor and drove them to the new one(to save time). Rang the bank who are issuing a new loan pack to the new solicitor and new solicitor rang the Vendors Solicitor in Dublin advised them of their mistake and was told they would send down the correct stuff. This is a disaster. So close like!! What are the chances we will still be able to get the MIR?


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  • Registered Users Posts: 1,443 ✭✭✭killers1


    SuzieQCork wrote: »
    So our solicitor got the contracts friday and it turns out they sent down the wrong documents. They sent the stuff for the site next door which is also a NAMa sale. The solicitor also dropped the bomb friday morning that he has no insurance and we need to get a new solicitor.
    So Friday afternoon got a new solicitor, collected contracts etc from the old solicitor and drove them to the new one(to save time). Rang the bank who are issuing a new loan pack to the new solicitor and new solicitor rang the Vendors Solicitor in Dublin advised them of their mistake and was told they would send down the correct stuff. This is a disaster. So close like!! What are the chances we will still be able to get the MIR?

    What bank are you getting your mortgage from?


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