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Buying a house 2012

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    #1262
    FixYa
    Registered Users Posts: 42 ✭FixYa


    That is actually true.
    It took BOI 1.5 weeks before they even looked into our request


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    #1263
    cassiedoll
    Closed Accounts Posts: 96 ✭✭cassiedoll


    i just can't believe it.....the solicitors on the other side were quick and efficient and everything was going so well and now i hit a wall with the BOI. It's so disheartening.

    What's annoying now is that you are no longer dealing with head office anymore, it's all done locally and the girl i had been dealing with says that anything i drop in ie bank statements etc. only gets sent up to head office every 2nd day. No sense of urgency at all

    i have told the bank i will arrange for a courier to collect my cheque, whatever needs to be done to get here for friday and just get the "backlog" story again...gggrrrr.


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    #1264
    dove2011
    Registered Users Posts: 338 ✭✭dove2011


    I believe me as a FTB is cursed- after lot of stress about management company- everything seems to come together towards the end of October, both myself and the vendor signed contracts and I requested to drawdown the mortgage the friday of the bank holiday, mortgage was due to lapse on the 29th October- so just been notified by AIB this morning that they never processed my drawdown due to a bank holiday- so my mortgage lapsed. It is my solicitors fault that he did not draw it down sooner. I will have to reapply- going with a variable rate but has anything else changed with the AIB requirements since April 2012. Also as I have signed contracts so just by chance i do not get the mortgage- what will happen to me. i am actually not shocked anymore cause everything that can go wrong has gone wrong but very annoyed with my solictor.


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    #1265
    efb
    Closed Accounts Posts: 35,514 ✭✭✭✭efb


    Guys you will get there. Don't get disheartened


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    #1266
    cassiedoll
    Closed Accounts Posts: 96 ✭✭cassiedoll


    @dove. On the slim chance that you don't get approval again with AIB, you can always try a different bank. If even at that stage you don't succeed with getting loan approval, you will need to take advice from your solicitors. if you are not apart of a large chain like me, you could approach the vendors and ask them if they are willing to hold out for another few weeks to see what your options are. If you withdraw from a contract signed by both parties, you are liable to lose your full deposit. but cross that bridge when you come to it. I wish you the very best of luck


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    #1267
    orlaanne
    Closed Accounts Posts: 110 ✭✭orlaanne


    eeek these stories of draw down delays have me scared. Rang my solicitor again this morning to check we are finally exchanged, she hadn't even opened the post yet but we are now FINALLY. Told her that there can't be any delays for the closing date in 2 weeks, our bed is being delivered 3 days after we get the keys!!


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    #1268
    dove2011
    Registered Users Posts: 338 ✭✭dove2011


    My solictor is claiming it is the banks fault- he is to get back to me. Joke I had to inform him of this error.


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    #1269
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    dove2011 wrote: »
    My solictor is claiming it is the banks fault- he is to get back to me. Joke I had to inform him of this error.

    You don't tell the bank when to issue your mortgage, your solicitor sends in a Cheque Requisition form with their bank details and the date funds are required. If your solicitor sent this in requesting monies on the 29th Oct and they never released them then they will stand over your loan offer and should issue the funds. If your solicitor did not send in the cheque req and you offer has expired it's at the discretion of the bank whether they allow funds to go or not but I have had cases where AIB allowed a few days grace after the 'expiry date'.


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    #1270
    dove2011
    Registered Users Posts: 338 ✭✭dove2011


    killers1 wrote: »
    You don't tell the bank when to issue your mortgage, your solicitor sends in a Cheque Requisition form with their bank details and the date funds are required. If your solicitor sent this in requesting monies on the 29th Oct and they never released them then they will stand over your loan offer and should issue the funds. If your solicitor did not send in the cheque req and you offer has expired it's at the discretion of the bank whether they allow funds to go or not but I have had cases where AIB allowed a few days grace after the 'expiry date'.

    I hope you are right Killers- waiting to hear back from my solicitor and I'll ask did he send in that form. The person who notified me was the mortgage advisor I was dealing with in AIB. She informed me that it just expires not taken into account the bank holiday, finger toes and all crossed!


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    #1271
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    dove2011 wrote: »
    I hope you are right Killers- waiting to hear back from my solicitor and I'll ask did he send in that form. The person who notified me was the mortgage advisor I was dealing with in AIB. She informed me that it just expires not taken into account the bank holiday, finger toes and all crossed!

    I'd be inclined to ask your mortgage advisor too whether the cheq req was received, what date were the funds requested for and were all drawdown conditions satisfied at that time. I'd be afraid your solicitor might just try to fob you off blaming the bank if they hadn't sent in the documentation in time.


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    #1272
    leahyl
    Registered Users Posts: 14,244 ✭✭✭✭leahyl


    Guys I went to the bank today re reapplying for mortgage and everything seemed ok except when they found out that the house I had made an offer on had been underpinned at the back of the house when they put on an extension so they wanted to know that that was the only reason that the the underpinning was done and that the underlying problem was fixed....so I had to ring agent anyway to find out what the story was re my offer and he said that there hadn't been any more offers since and that the sellers were conscious that MIR was ending (!!! Like they care!!) and wanted to sell asap and I asked him "well is my offer being considered" and he said that they were looking for the asking price (my offer was 5k less) so I put in a final offer of 172 and said that's as high as I can go and to get back to me by the end of the week..phew!!

    And the agent also said that the underpinning was only done because they were putting on an extension and that as far as he is aware there isn't a problem with it but of course I would be getting an engineers report myself to make sure but I just need to know verbally so I can get the mortgage approval again!!

    Let's hope they accept this offer!! Is it feasible to get this all done and dusted by Christmas??!!

    Also, can anyone recommend a structural engineer in Cork City that will do a detailed report at good price? Please PM me if you do!! Thanks!!


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    #1273
    FTB_2012
    Registered Users Posts: 3 ✭FTB_2012


    Currently buying a house in North Cork. Bit of a nightmare. Thought buying a first home was meant to be somewhat fun. Where to start...
    First went to view in April, asking price was €170k. Offer of €171k was accepted end of Apr, after bidding against fictitous other bidders i get the impression. Got messed around a bit by Estate Agent. House was advertised as coming "fully furnished". Previous owners live overseas. Went to borrow keys off EA one day during summer to measure a few bits - needs new fireplace, kitchen tiles etc. EA 'couldn't locate' keys!! Eventually she got on to someone on the phone & said someone would meet me at the house with the keys. Went to house, previous owners sister was at the house with a car trailer & was loading in dish washer & washing machine. She'd obviously been there earlier in the day or before that day, as everything was cleared out!
    No probs with bank surveyor. Got architect firm to do engineers report, that was fine except for the fact the vendors solicitor wouldnt issue a map for ages so he couldnt check boundary. It was end of Aug/start of Sept before he was issued with map. Everything ok with boundary.
    Estate isnt fully taken in-charge yet, but will be, so bank was ok with this. There's a way-leave over part of the end of my garden - it was for a sewer pipe, but the sewer pipe was put in elsewhere in the estate, so that's ok.
    Have had everything sorted with banks etc.
    I went on hols start of Sept. Was meant to be closing sale when i got back. Didnt happen. Was then told 10th Oct would be the closing. Went & set up life assurance & house insurance to be in effect from 10th Oct. 10th Oct came & went, nothing!
    New date of 25th Oct was set for closing. Was able to delay house insurance cover to kick in from 25th Oct. Life assurance was too much hassle to change, so i left it stand. Signed direct debit mandate for mortgage for 1st payment to be taken out one month from 25th Oct. 25th Oct came & haha, guess what, still nothing!
    Drew down mortgage & gave to my solicitor. My solicitor lodged it to vendors solicitor, but she wanted to wait 5 days for my solicitors cheque to clear...a bit of an insult to my solicitor...slightly suggesting he may not have the funds in his client account! The 5 days was up the start of last week.
    For the past few weeks, vendors solicitor not responding/returning to calls/e-mails from my solicitor. Any time he rings she's "at a meeting". She's delaying this whole process & not making my house purchasing experience very pleasant. I'm renting at the moment, first mortgage payment due 25th Nov, paying life & house insurance. I just want the keys & to get in.
    My solicitor is fuming over her, thinking of taking high court action against her coz he says what she's doing is totally illegal.
    HELP!!!
    Sorry for the rant!!!


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    #1274
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    FTB_2012 wrote: »
    Currently buying a house in North Cork. Bit of a nightmare. Thought buying a first home was meant to be somewhat fun. Where to start...
    First went to view in April, asking price was €170k. Offer of €171k was accepted end of Apr, after bidding against fictitous other bidders i get the impression. Got messed around a bit by Estate Agent. House was advertised as coming "fully furnished". Previous owners live overseas. Went to borrow keys off EA one day during summer to measure a few bits - needs new fireplace, kitchen tiles etc. EA 'couldn't locate' keys!! Eventually she got on to someone on the phone & said someone would meet me at the house with the keys. Went to house, previous owners sister was at the house with a car trailer & was loading in dish washer & washing machine. She'd obviously been there earlier in the day or before that day, as everything was cleared out!
    No probs with bank surveyor. Got architect firm to do engineers report, that was fine except for the fact the vendors solicitor wouldnt issue a map for ages so he couldnt check boundary. It was end of Aug/start of Sept before he was issued with map. Everything ok with boundary.
    Estate isnt fully taken in-charge yet, but will be, so bank was ok with this. There's a way-leave over part of the end of my garden - it was for a sewer pipe, but the sewer pipe was put in elsewhere in the estate, so that's ok.
    Have had everything sorted with banks etc.
    I went on hols start of Sept. Was meant to be closing sale when i got back. Didnt happen. Was then told 10th Oct would be the closing. Went & set up life assurance & house insurance to be in effect from 10th Oct. 10th Oct came & went, nothing!
    New date of 25th Oct was set for closing. Was able to delay house insurance cover to kick in from 25th Oct. Life assurance was too much hassle to change, so i left it stand. Signed direct debit mandate for mortgage for 1st payment to be taken out one month from 25th Oct. 25th Oct came & haha, guess what, still nothing!
    Drew down mortgage & gave to my solicitor. My solicitor lodged it to vendors solicitor, but she wanted to wait 5 days for my solicitors cheque to clear...a bit of an insult to my solicitor...slightly suggesting he may not have the funds in his client account! The 5 days was up the start of last week.
    For the past few weeks, vendors solicitor not responding/returning to calls/e-mails from my solicitor. Any time he rings she's "at a meeting". She's delaying this whole process & not making my house purchasing experience very pleasant. I'm renting at the moment, first mortgage payment due 25th Nov, paying life & house insurance. I just want the keys & to get in.
    My solicitor is fuming over her, thinking of taking high court action against her coz he says what she's doing is totally illegal.
    HELP!!!
    Sorry for the rant!!!

    Get your Solictor to serve a completion notice on the vendor. If the vendors solicitor wasn't willing to accept your solicitors cheque your solicitor should have cleared the mortgage monies through their own client account and issued bank draft to vendors solicitor on closing day in exchange for vacant possession.


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    #1275
    FTB_2012
    Registered Users Posts: 3 ✭FTB_2012


    killers1 wrote: »

    Get your Solictor to serve a completion notice on the vendor. If the vendors solicitor wasn't willing to accept your solicitors cheque your solicitor should have cleared the mortgage monies through their own client account and issued bank draft to vendors solicitor on closing day in exchange for vacant possession.

    Thank you Killers. Will give that a shot. Just really frustrated now. Was really hoping to be in before X-Mas...seen as i will be paying mortgage from end of month & i'm due to move out of my rented accommodation too.


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    #1276
    Ush1
    Registered Users Posts: 11,461 ✭✭✭✭Ush1


    Things moving along here.

    Bank have issued offer to solicitor. Solicitor is awaiting confirmation on the architects opinion from the vendors solicitors.

    Starting life assurance policy and also the bank have said I will need home insurance in place before I movie in, is that correct?


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    #1277
    leahyl
    Registered Users Posts: 14,244 ✭✭✭✭leahyl


    Ush1 wrote: »
    .

    bank have said I will need home insurance in place before I movie in, is that correct?

    Yes I think that's correct Ush1 - you need to have your home insurance sorted before you move in


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    #1278
    folan
    Closed Accounts Posts: 2,630 ✭✭✭folan


    its correct. all insured and nowhere to go. same here


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    #1279
    orlaanne
    Closed Accounts Posts: 110 ✭✭orlaanne


    Anyone got a tip for home insurance? need to get it sorted fast and Chill have got the details wrong 3 times so we are canceling and going with someone who can do it properly and today.


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    #1280
    folan
    Closed Accounts Posts: 2,630 ✭✭✭folan


    orlaanne wrote: »
    Anyone got a tip for home insurance? need to get it sorted fast and Chill have got the details wrong 3 times so we are canceling and going with someone who can do it properly and today.

    we were told our house is on a flood plane.

    its not.

    insurance companies seem to be doing a bad job at the minute. Call around and get quotes, we also got wildly differing quotes.

    also, we went with Alianz in the end


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    #1281
    orlaanne
    Closed Accounts Posts: 110 ✭✭orlaanne


    I'm not even concerned about money anymore it's speed and getting the details right I'm concerned about. I've just noticed Chill only put my husband's name on the policy and not mine. It needs to be both right?


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    #1282
    folan
    Closed Accounts Posts: 2,630 ✭✭✭folan


    right, having a bit of stress at the min. the closing date is in a week, but afaik, no contracts have been signed. this is after 2-3 weeks of us getting them, and asking for the missing relevant documents, since which we have received notification of 1 of them arriving.

    our solicitor hasnt gotten back to us and seems to be in court every time we call. the only thing that I know of that is outstanding is something like a bond of indemnity for the upkeep of the estate (i have no idea of what this is, but the estate is clearly being looked after). Is it worth ignoring the legal notice of this?

    Updated: turns out it was stress over nothing and were just waiting on funds to be released etc now. but on track for move in.


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    #1283
    FTB_2012
    Registered Users Posts: 3 ✭FTB_2012


    folan wrote: »
    its correct. all insured and nowhere to go. same here

    I hear you!! All paid up insurance wise. Vendors solicitor in receipt of my mortgage monies for past 2 weeks & still no sign of a key >:-(


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    #1284
    CamillaRhodes
    Registered Users Posts: 505 ✭✭✭CamillaRhodes


    Hi all, long-time-lurker on this thread. We're trying to get our purchase of a 3 bed in Dublin 7 wrapped before xmas (MIR), so same pressures as many others here (we're also expecting our first child next week, just to make things even more fun!) So we want to get all the paperwork etc sorted as early as possible.

    I've a quick question on Life Insurance - does anyone know from whom / where I find out what are the requirements on Life Insurance / Income protection?

    Both my husband and I work for the same company, a large multi-national. We have some cover from our employers, which is 4 x annual salary (for Life Assurance), and top up to 2/3 of salary (when combined with social welfare) for income protection in case of long-term illness, but I only know this from an email from our HR department, i don't have a policy or anything. Do I need this? Who would I supply it to, the bank I guess? And any ideas whether this will be enough or if we'd need to take out additional Life Insurance / payment protection?

    House insurance, I assume, has to be set up seperately? Will shop around for sure, as advised above.


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    #1285
    gym bunny
    Registered Users Posts: 44 ✭gym bunny


    Hi longtime follower of this thread it has been so helpful to us and the advice givin is just so handy.we have just received our keys today and would t likeo say how our experience went,to be fair there was no major delays it was exactly 8 weeks since they accepted the offer to getting the keys which by reading this tread is fast compared to others my most frustrating point was the solicitor they are so slow and felt like I did half they work for them then the mortgage broker was a great help went out of there way to help us,so if any one has any questions fire away.....my one question is when do we go online to apply for MIR?


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    #1286
    leahyl
    Registered Users Posts: 14,244 ✭✭✭✭leahyl


    gym bunny wrote: »
    Hi longtime follower of this thread it has been so helpful to us and the advice givin is just so handy.we have just received our keys today and would t likeo say how our experience went,to be fair there was no major delays it was exactly 8 weeks since they accepted the offer to getting the keys which by reading this tread is fast compared to others my most frustrating point was the solicitor they are so slow and felt like I did half they work for them then the mortgage broker was a great help went out of there way to help us,so if any one has any questions fire away.....my one question is when do we go online to apply for MIR?

    Omg best of luck!:) I am waiting on a response from the EA to my offer - told him to get back to me by Friday with a yes or a no!

    I'm not hopeful that it's gonna be done and dusted before MIR ends thoug:( Fingers crossed.


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    #1287
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,696 Mod ✭✭✭✭L1011


    CamillaRhodes wrote: »
    Hi all, long-time-lurker on this thread. We're trying to get our purchase of a 3 bed in Dublin 7 wrapped before xmas (MIR), so same pressures as many others here (we're also expecting our first child next week, just to make things even more fun!) So we want to get all the paperwork etc sorted as early as possible.

    I've a quick question on Life Insurance - does anyone know from whom / where I find out what are the requirements on Life Insurance / Income protection?

    Both my husband and I work for the same company, a large multi-national. We have some cover from our employers, which is 4 x annual salary (for Life Assurance), and top up to 2/3 of salary (when combined with social welfare) for income protection in case of long-term illness, but I only know this from an email from our HR department, i don't have a policy or anything. Do I need this? Who would I supply it to, the bank I guess? And any ideas whether this will be enough or if we'd need to take out additional Life Insurance / payment protection?

    House insurance, I assume, has to be set up seperately? Will shop around for sure, as advised above.

    Unless its an assignable policy, BOI at least won't take it. I have a fairly hefty death in service benefit that would almost cover the mortgage in one go but because it cannot be assigned to anyone other than my estate in general I had to get coverage for the full value.

    Also, you may move job before the mortgage term is up.


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    #1288
    CamillaRhodes
    Registered Users Posts: 505 ✭✭✭CamillaRhodes


    MYOB wrote: »
    Unless its an assignable policy, BOI at least won't take it. I have a fairly hefty death in service benefit that would almost cover the mortgage in one go but because it cannot be assigned to anyone other than my estate in general I had to get coverage for the full value.

    Also, you may move job before the mortgage term is up.

    Thx MYOB, good to know; I guess I should check with AIB (my mortgage provider)?

    My "death in service" benefit would similarly cover pretty much the whole mortgage (assuming it's not taxed? no idea about that sorta thing) but you're right, it's dependent on me being with the company still.

    What do you (or anyone else) think about Payment / Income protection? Do I need this?


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    #1289
    orlaanne
    Closed Accounts Posts: 110 ✭✭orlaanne


    folan wrote: »
    we were told our house is on a flood plane.

    its not.

    insurance companies seem to be doing a bad job at the minute. Call around and get quotes, we also got wildly differing quotes.

    also, we went with Alianz in the end

    I just purchased from them too. Indemnity document coming by email tomorrow and then that's the last thing sorted for the bank. Phew.


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    #1290
    CamillaRhodes
    Registered Users Posts: 505 ✭✭✭CamillaRhodes


    Guys, sorry to ask a dumb question, but you need the house insurance indemnity document supplied by the insurance company (as orlaanne is waiting for) before you can draw down the mortgage, yeah?

    (Am trying to anticipate everything I may need to do in advance to do them asap!)


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    #1291
    reflog rehtona
    Registered Users Posts: 42 ✭reflog rehtona


    Hi there.

    I'm looking for some stats based on the property price register. i.e. is there anything out there which shows the change in the SALE prices in south dublin between 2010 and 2012? Don't really fancy plugging all the property price register figures into excel!


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