killers1 Registered User
#271

BlueIsland said:
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??


AIB Loan offers - Acceptance needs to be signed and returned within 30 days of the offer date. Loan then needs to drawdown within 3 months of the offer letter. If both these dates pass you'll need an amended off which will take at least 1 week to issue and you may even need to submit some up to date underwriting documentation. What date is on your offer? The date the loan needs to be closed by is also on page 2 of your copy. It's usually the 30 days to return the signed acceptance that catches most people out..

ted1 Registered User
#272

Gally05 said:
great thread lads ,
currently in the middle of a sale myself (FTB)
i wish i had all this info 12months ago , maybe things would have moved quicker


I'm sure you saved a few thousand bny not buying then

bambam26 Registered User
#273

killers1 said:
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!


I spoke to the girl in the bank today (think she is fresh out of mortgage school and I doubt she finished top of the class) She confirmed that it is a new application. She is just waiting some of the forms from the original app to be put up on their system and attached to the new application ( I only signed that so I presume she is filling in the details ) and then it will be sent to the underwriter for them to make a decision. This could take a while as they are swamped with applications. But not to fret because I got passed a few weeks ago so the outcome SHOULD be the same
Has anyone come across this before?
Will they do another credit check as I heard this can take a few days to get from ICB
It is 2 weeks tomorrow that I gave the EA the deposit and the bank the signed form and new bank statement and I am panicking that A... I won’t get passed this time and B.. the seller will pull out due to lack of movement
Sorry for the long post but I am tearing my hair out at this stage and the info on her is 100 times better than what i get of the bank
thanks

killers1 Registered User
#274

bambam26 said:
I spoke to the girl in the bank today (think she is fresh out of mortgage school and I doubt she finished top of the class) She confirmed that it is a new application. She is just waiting some of the forms from the original app to be put up on their system and attached to the new application ( I only signed that so I presume she is filling in the details ) and then it will be sent to the underwriter for them to make a decision. This could take a while as they are swamped with applications. But not to fret because I got passed a few weeks ago so the outcome SHOULD be the same
Has anyone come across this before?
Will they do another credit check as I heard this can take a few days to get from ICB
It is 2 weeks tomorrow that I gave the EA the deposit and the bank the signed form and new bank statement and I am panicking that A... I won’t get passed this time and B.. the seller will pull out due to lack of movement
Sorry for the long post but I am tearing my hair out at this stage and the info on her is 100 times better than what i get of the bank
thanks


Stop stressing! They're calling it a 'new application' only because the property address has changed. Nearly all the info you submitted for the previous application will just be transferred to the 'new' reference no. and then it will be reviewed by the Underwriter. If there has been no changes in your circumstances since last application you'll be absolutely fine as there has been no change in UB's credit policy since then. Have you given the EA your solicitor details yet? Has the EA been on to you for an update? If not, that's fine. If he does contact you he'll probably just want to know when will the valuation be carried out. Just tell him you'll get on to the bank and check it out with them. Then call him back a day later and tell him the valuer will be in touch in the coming days. This will satisfy him and buy you some time. The ICB check takes about a half an hour to come through so that won't delay anything. It's literally just to queue to be looked at by the Underwriter that's holding you up but based on what you've said you'll be absolutely fine and approval will be a formality. 2 weeks isn't a long time in the house buying process so don't be worrying about the seller pulling out. Once they hear mention of a valuer being in touch there mind will be put at rest and they'll be more than happy...

bambam26 Registered User
#275

killers1 said:
Stop stressing! They're calling it a 'new application' only because the property address has changed. Nearly all the info you submitted for the previous application will just be transferred to the 'new' reference no. and then it will be reviewed by the Underwriter. If there has been no changes in your circumstances since last application you'll be absolutely fine as there has been no change in UB's credit policy since then. Have you given the EA your solicitor details yet? Has the EA been on to you for an update? If not, that's fine. If he does contact you he'll probably just want to know when will the valuation be carried out. Just tell him you'll get on to the bank and check it out with them. Then call him back a day later and tell him the valuer will be in touch in the coming days. This will satisfy him and buy you some time. The ICB check takes about a half an hour to come through so that won't delay anything. It's literally just to queue to be looked at by the Underwriter that's holding you up but based on what you've said you'll be absolutely fine and approval will be a formality. 2 weeks isn't a long time in the house buying process so don't be worrying about the seller pulling out. Once they hear mention of a valuer being in touch there mind will be put at rest and they'll be more than happy...


Thanks for that Killers1, as you can probably guess i am a bit of a worrier

Felexicon Registered User
#276

Has anyone arranged a mortgage through Chrome capital before?

Myself and the other half are using them just wondering if they're any good

Iamhere Registered User
#277

We have recently went sale agreed and the valuation has just been done, i spoke to the valuer today and he said it was trying to get a ordnance survey map of the property and had contact the builders solicitor. Now i don't know too much about these maps, but i went on to osi.ie and the section of the estate where the house is located is under construction since 2010, i am now wondering if there is going to be a problem getting the map...

killers1 Registered User
#278

Iamhere said:
We have recently went sale agreed and the valuation has just been done, i spoke to the valuer today and he said it was trying to get a ordnance survey map of the property and had contact the builders solicitor. Now i don't know too much about these maps, but i went on to osi.ie and the section of the estate where the house is located is under construction since 2010, i am now wondering if there is going to be a problem getting the map...


Banks sometime look for the valuer to stamp & sign an ordnance survey map to show exactly where the property is located in relation to the main roads or nearest town. It's generally where the house has no number or is a one-off house. It doesn't matter if the property is still under construction (or not built) on the map in 2010 the valuer will just mark where the site is and confirm that's the property. The OS map will generally arrive in your solicitors with the contracts or you should get your solicitor to chase up the vendors solicitor to provide the map for the valuer. Won't be an issue for you...sometimes can just take a while to get a copy of the map..

Iamhere Registered User
#279

Thanks that makes sense, the valuer said that AIB have been sending back any valuation reports without a OS map recently...

killers1 Registered User
#280

Iamhere said:
Thanks that makes sense, the valuer said that AIB have been sending back any valuation reports without a OS map recently...


Yeah AIB can be a bit fussy about OS maps sometimes. Their rationale behind it is that if aliens came down from the moon and needed to find your house they would have a sufficient map on file to guide them there...

Verte11 Registered User
#281

Hey there. Does anyone know what 'closing' actually involves? Is this when you get your keys?

MrThrifty Registered User
#282

Verte11 said:
Hey there. Does anyone know what 'closing' actually involves? Is this when you get your keys?


Bingo... Think outstanding moneys are officially transferred too...

1 person has thanked this post
nemo32 Registered User
#283

MrThrifty said:
Bingo... Think outstanding moneys are officially transferred too...


Good Question, so who gives you the keys? EA?

killers1 Registered User
#284

'Closing' is where money is handed over to the vendors solicitor for vacant possession of the property in sale by getting the title deeds to the property and the keys.

You will either collect the keys from your solicitor or the EA, whatever arrangements have been made and whatever suits. You can check this with your solicitor the day before you close to find out where the keys will be available from..

1 person has thanked this post
aviendha Registered User
#285

So we've gotten offer letter, waiting on contracts and solicitor is doing the title and deeds checks for us... to find that while the text on the title is accurate regarding the property, the accompanying map is not corresponding to the text..
solicitor reckons that text will outrank map, but I'm a bit concerned.. he's advising us to go to barrister to get it sorted - anyone have any experience of problems with title?

also, the valuer rang us to get details of who the EA was and the appropriate contact for the property.. then asked how much had we paid. I was a bit put out by that as I don't believe that what we paid should influence what value the Valuer should put on property - surely they should do their own valuation independently of sales price, and then on our own head be it if the value is less than what was paid??

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