Buying a house 2012

Ionut

Hey... I have a quick question regarding the contracts that the solicitors receives from the auctioneer solicitors:
My solicitor received the contracts and loan offer documents, but when I have asked to get a copy of the contracts he said he will charge me 25Euro (+tax) if I want them, as he is not doing that on a normal basis and that he will review them with me when we meet...
Is that the normal flow? Am I not entitled to copies since I'm the owner of the contracts in the first place?

Thank U,
Ionut

mytho

Could anybody give me a rough estimate of how much i would be able to borrow, i just want to have an idea so i know what houses i will actually have a realistic chance of buying. My financial situation is as follows:

• Permanent Employment, Gross Salary 57k
• Possibility of 5k overtime a year
• Currently Saving 1100 a month
• Total Savings of 45k
• No loans/debts
• Currently paying 400 rent a month

Any help/advice would be greatly appreciated

brop

Just wondering if anyone can give me advice, I will be submitting our mortgage application at the beginning of August . Can I put an offer on a house before I get AIP?

killers1

brop wrote: »

Just wondering if anyone can give me advice, I will be submitting our mortgage application at the beginning of August . Can I put an offer on a house before I get AIP?

It happens very regularly...

killers1

mytho wrote: »

Could anybody give me a rough estimate of how much i would be able to borrow, i just want to have an idea so i know what houses i will actually have a realistic chance of buying. My financial situation is as follows:

• Permanent Employment, Gross Salary 57k
• Possibility of 5k overtime a year
• Currently Saving 1100 a month
• Total Savings of 45k
• No loans/debts
• Currently paying 400 rent a month

Any help/advice would be greatly appreciated

What age are you?

killers1

bananas1409 wrote: »

12 months ago - 8,500
6 months ago - 12,500
Now - 17,500
My shift premium and bonus is guaranteed.
The reason I save between 500 and 1000 is that some months I have bills like car insurance, tax etc that I use my savings for. Does that impact on my repayment capacity?

You are showing a repayment capacity of circa €833pm (average savings PM over the last 6 mths). This equates to a mortgage amount of circa €145k. Your salary would allow you to borrow substantially more if you were showing a higher repayment capacity. Up the savings amount for 6 mths and you'll get a higher figure if this amount isn't sufficient.

killers1

Ionut wrote: »

Hey... I have a quick question regarding the contracts that the solicitors receives from the auctioneer solicitors:
My solicitor received the contracts and loan offer documents, but when I have asked to get a copy of the contracts he said he will charge me 25Euro (+tax) if I want them, as he is not doing that on a normal basis and that he will review them with me when we meet...
Is that the normal flow? Am I not entitled to copies since I'm the owner of the contracts in the first place?

Thank U,
Ionut

Responded to your PM... solicitors tend to charge for photocopying etc and the contracts can be quite cumbersome. Tell your solicitor you're moving to a different practice and their attitude may change..

Roxee

Another question!


Has anyone ever heard of a buyer being refunded the cost of bank valuation due to a sale falling through (because seller pulls out).

I've heard that Halifax have recently started refunding this charge to mortgage customers whose sales fall through. Do any Irish banks I wonder?

I know there's no binding contract etc, so buyer has no obigation to refund seller. Nor does valuer, obviously. Still, would be bleedin nice if the seller did.......:rolleyes: Jaysus

killers1

Roxee wrote: »

Another question!


Has anyone ever heard of a buyer being refunded the cost of bank valuation due to a sale falling through (because seller pulls out).

I've heard that Halifax have recently started refunding this charge to mortgage customers whose sales fall through. Do any Irish banks I wonder?

I know there's no binding contract etc, so buyer has no obigation to refund seller. Nor does valuer, obviously. Still, would be bleedin nice if the seller did.......:rolleyes: Jaysus

Unfortunately not, and it's even worse when you've paid for a survey too and the sale falls through! If you go through a broker they generally have a good relationship with the Valuer & surveyors and should be able to get a discounted price on the inspections on the next property you find... if the first one fell through.

folan

Hi Guys

We made a bid during the week for a house, and havent heard anything (positive or negitive) back, and was wondering if theres any rule of thumb in contacting the negotiater/EA about it. I never said that the bid was only for a period of time?

Nouginougi

brop wrote: »

Just wondering if anyone can give me advice, I will be submitting our mortgage application at the beginning of August . Can I put an offer on a house before I get AIP?

I did that But I did went to see a mortgage advisor before hand to check what was realistic mortgage-wize and paperwork involved. I knew what I could afford and started offering accordingly.

brop

Nouginougi wrote: »

brop wrote: »

Just wondering if anyone can give me advice, I will be submitting our mortgage application at the beginning of August . Can I put an offer on a house before I get AIP?

I did that But I did went to see a mortgage advisor before hand to check what was realistic mortgage-wize and paperwork involved. I knew what I could afford and started offering accordingly.

Oh that's good to know, we've seen a mortgage advisor and they seem quite confident we've a good chance at getting a certain amount, just waiting to save the final bit for the deposit this month and we will apply. There is a house we like that we don't want to miss out on. How long was it from your offer to putting down a deposit? Did u tell them you were waiting for AIP?

killers1

brop wrote: »

Nouginougi wrote: »

brop wrote: »

Just wondering if anyone can give me advice, I will be submitting our mortgage application at the beginning of August . Can I put an offer on a house before I get AIP?

I did that But I did went to see a mortgage advisor before hand to check what was realistic mortgage-wize and paperwork involved. I knew what I could afford and started offering accordingly.

Oh that's good to know, we've seen a mortgage advisor and they seem quite confident we've a good chance at getting a certain amount, just waiting to save the final bit for the deposit this month and we will apply. There is a house we like that we don't want to miss out on. How long was it from your offer to putting down a deposit? Did u tell them you were waiting for AIP?

Once your offer is accepted you pay a booking deposit usually circa €5k. It doesn't hinder your mortgage application if you've paid this prior to submitting your application to the bank. It would then be approx 1 month before you'd need to sign contracts and pay your contract deposit so you have that window to get your mortgage approved & loan offer issued and build up the rest of the monies needed for the deposit...

Felexicon

Offer has been accepted, getting the valuation done today. The nervous excitement is quite addictive.

All seems to be moving along fairly quickly as myself and the other half are FTB and the sellers have a house to move into once this sale goes through. Fingers crossed we don't hit any major issues along the way

bambam26

Guys just a heads up if your mortage is with UB , perhaps you will know this and it is me not paying attention but if you have to submit your home insurance policy before drawing down and you mortage application is a joint one make sure that the house insurance is in both parties names. I have been held up because on ours only my OH name is on the policy

mytho

killers1 wrote: »

What age are you?

30

bananas1409

killers1 wrote: »

You are showing a repayment capacity of circa €833pm (average savings PM over the last 6 mths). This equates to a mortgage amount of circa €145k. Your salary would allow you to borrow substantially more if you were showing a higher repayment capacity. Up the savings amount for 6 mths and you'll get a higher figure if this amount isn't sufficient.

Thanks killers1! I'll get the savings on track and try again in a few months time as I don't think the 145k will be enough. Just out of curiosity, if I was saving €1k a month for 6 months + and with my current salary, what do you think I could get?

Thanos

folan wrote: »

Hi Guys

We made a bid during the week for a house, and havent heard anything (positive or negitive) back, and was wondering if theres any rule of thumb in contacting the negotiater/EA about it. I never said that the bid was only for a period of time?

We (myself and the other half) put a bid in on a house a while back. heard nothing after 2 weeks, wife was getting nervous said we should ring, I said we should wait as they will ring once they have info, you don't want to look too keen about it. Another week passed and she pestered me into calling, he said they were still waiting to hear from the seller. Another week went by, she rang (against my wishes as now we look super keen) and was told they have one or two other offers in but were still waiting to get direction from the seller (it was actually 4 sellers, selling parents house). A few days later the bidding did start but at that stage I felt that we were looking too eager. In the end we did not get the house as there were 4 others going for it and it just got silly (you have to have you max and stick to it).

I would say it is ok to call once after say 2 - 3 weeks but any more then that makes you look too keen. So pick you time to call wisely!!

You could also add in a little white lie, like you are thinking of putting an offer in on another house and just want to check that this one is gone before you do so.
Might get them to move a bit quicker.

killers1

bananas1409 wrote: »

Thanks killers1! I'll get the savings on track and try again in a few months time as I don't think the 145k will be enough. Just out of curiosity, if I was saving €1k a month for 6 months + and with my current salary, what do you think I could get?

Your salary would allow you to borrow approx €215k if you could show a repayment capacity of approx €1,220pm. If you increase your savings to €1k pm you're looking at a figure of €180k...

killers1

mytho wrote: »

30

Your salary qualifies you to borrow approx €264k and you should get this full amount because the stressed mortgage repayments are around the same as your rent & savings contributions combined monthly...

mytho

killers1 wrote: »

Your salary qualifies you to borrow approx €264k and you should get this full amount because the stressed mortgage repayments are around the same as your rent & savings contributions combined monthly...

Thanks for your help killers1

debbiermcd

Hi,

We agreed on a sale price and now having received our surveyors report we're both very concerned about the property. There are a large number of issues in relation to the house that we couldn't possibly have seen at a normal viewing.

As we can't meet with our solicitor until Wednesday I'm wondering if it's normal to try renegotiate with seller if defects are found?

To give an idea there are issues with drains (surveyor couldn't find them externally re extension!), heating & electrics - both of which were advertised as new but done cheaply and are unsafe. Also there's a shed advertised but it's got to come down and the walls are lined with foam backed wallpaper, even behind boiler/tank - lethal in a fire.

Currently the house is rented out and tenants are out end July so we'd initially looked at a date of closing in August.

Worst case we can walk away down the cost of solicitor and surveyor, not the ideal though as location is right for schools/work, etc and few properties in our price range have come on the market recently.

Any advice would be very welcome.

Thanks, D

sillyruby

debbiermcd wrote: »

Hi,

We agreed on a sale price and now having received our surveyors report we're both very concerned about the property. There are a large number of issues in relation to the house that we couldn't possibly have seen at a normal viewing.

As we can't meet with our solicitor until Wednesday I'm wondering if it's normal to try renegotiate with seller if defects are found?

To give an idea there are issues with drains (surveyor couldn't find them externally re extension!), heating & electrics - both of which were advertised as new but done cheaply and are unsafe. Also there's a shed advertised but it's got to come down and the walls are lined with foam backed wallpaper, even behind boiler/tank - lethal in a fire.

Currently the house is rented out and tenants are out end July so we'd initially looked at a date of closing in August.

Worst case we can walk away down the cost of solicitor and surveyor, not the ideal though as location is right for schools/work, etc and few properties in our price range have come on the market recently.

Any advice would be very welcome.

Thanks, D

You definitely have ground for renegotiation on the price but approach seller and see if they would be willing to do some of the work first. Be aware the bank may withhold some of the mortgage due to these issues until a certificate of compliance is presented. (if you dont have the funds to make up the money you wont be able to get the mortgage!)

Tofu

leahyl wrote: »

Oh damn so I need to pay for a couple of measly bank statements!! Ah well - I'll
Hold off sending the e-statements then.

So do I need to provide statements from my savings accounts also as well as my current acc? Otherwise they won't be able to see that my savings were built up over time....oh jeez this is headwrecking!! I moved money around recently too cos one of my accounts matured so trying to find the statement that shows that I moved it to my current account! Ok ....breathe! The letter of offer is the most important thing I guess - get that in so the offer won't lapse!

Hi
You need to start sending in all the documentation. I applied for mortgage approval about 6-8 weeks ago with AIB. Looking to borrow less than 1.5 times my salary. 25% deposit. They came back to me 4 times looking for more documentation. Ended up going round & round in circles - looking for same info but in a different format. Had to go back 10 years! I'm telling you my head is completely wrecked!!! You have to deal with so many different people, none of them seem to know what they're at and they NEVER return your phone calls. Hopefully I might finally get approved this week but I'm not holding my breath. So frustrating :mad:

leahyl

Tofu wrote: »

Hi
You need to start sending in all the documentation. I applied for mortgage approval about 6-8 weeks ago with AIB. Looking to borrow less than 1.5 times my salary. 25% deposit. They came back to me 4 times looking for more documentation. Ended up going round & round in circles - looking for same info but in a different format. Had to go back 10 years! I'm telling you my head is completely wrecked!!! You have to deal with so many different people, none of them seem to know what they're at and they NEVER return your phone calls. Hopefully I might finally get approved this week but I'm not holding my breath. So frustrating :mad:

Thanks:) It's ok though, BOI have been ok to deal with I must say. I sent off a good bit of the documentation last week (by registered post so I'd get it in within the 30 days) and then the mortgage advisor rang me a few hours later (coincidentally!) and said that I have the mortgage approval and that all I need to be worrying about now is finding a property - she did say though that once I find one that I would have to provide more up to date payslips, statements etc because by the time I actually find a house it could be 2/3 months down the line and the payslips/statements I provided originally won't be valid:rolleyes: Ah well - that's the way it is nowadays - banks being extra careful! No harm!

BornToKill

Tofu wrote: »

Hi
You need to start sending in all the documentation. I applied for mortgage approval about 6-8 weeks ago with AIB. Looking to borrow less than 1.5 times my salary. 25% deposit. They came back to me 4 times looking for more documentation. Ended up going round & round in circles - looking for same info but in a different format. Had to go back 10 years! I'm telling you my head is completely wrecked!!! You have to deal with so many different people, none of them seem to know what they're at and they NEVER return your phone calls. Hopefully I might finally get approved this week but I'm not holding my breath. So frustrating :mad:

Can I recommend that anyone applying should consider using a mortgage broker? I bought recently and the broker was worth their weight in gold. Told me exactly how much I would get approval for and what I would need to provide by way of documentation. Once I found the right house, it was exactly seven weeks from making an offer to moving in. There were no delays or multiple points of contact with the bank as the broker dealt with that.

killers1

debbiermcd wrote: »

Hi,

We agreed on a sale price and now having received our surveyors report we're both very concerned about the property. There are a large number of issues in relation to the house that we couldn't possibly have seen at a normal viewing.

As we can't meet with our solicitor until Wednesday I'm wondering if it's normal to try renegotiate with seller if defects are found?

To give an idea there are issues with drains (surveyor couldn't find them externally re extension!), heating & electrics - both of which were advertised as new but done cheaply and are unsafe. Also there's a shed advertised but it's got to come down and the walls are lined with foam backed wallpaper, even behind boiler/tank - lethal in a fire.

Currently the house is rented out and tenants are out end July so we'd initially looked at a date of closing in August.

Worst case we can walk away down the cost of solicitor and surveyor, not the ideal though as location is right for schools/work, etc and few properties in our price range have come on the market recently.

Any advice would be very welcome.

Thanks, D

First thing you should do is have a detailed conversation with your surveyor. Find out if any of the items listed in the survey should be deal breakers. If not, then get them to give you an approx cost of correcting all the issues listed. I would then suggest you send a copy of the list & costings to the EA to refer to the vendor to see if they are willing to fix any of the issues raised or willing to renegotiate the price. You may be lucky and have a vendor willing to renegotiate or correct some/all of the issues raised or they may take the view that you are buying the house 'as is' in which case it'll be up to you whether you proceed or not. See how you get on going down the EA route before you start getting your solicitor involved.

Felexicon

BornToKill wrote: »

Can I recommend that anyone applying should consider using a mortgage broker? I bought recently and the broker was worth their weight in gold. Told me exactly how much I would get approval for and what I would need to provide by way of documentation. Once I found the right house, it was exactly seven weeks from making an offer to moving in. There were no delays or multiple points of contact with the bank as the broker dealt with that.

+1 for this. Our broker is a gem. Usually get an email or 2 a week letting us know what's going on or if the bank needs anything else.
Takes alot of the hassle off our shoulders and allows us enjoy the process.
We're all set to rock now. Meeting the surveyor tomorrow to run through his report. Was talking to him the day he was doing it and he said there was a few bits but nothing major, so should be sound

dove2011

Hi all
Haven't been on this for a while- just providing you with an up date to my sale.
Viewed a house in April and house went sale agreed the 5th May- happy days!!!
Since then I have had the structural survey completed and contracts forward to me. Our solictor requested an up to date folio file plan from vendor's solicors on 22nd May- we are still waiting for it.
Also the common areas were never transferred to the Management Company; and the devloper has gone into receivership; I am awaiting on a letter from the receiver informing when the transfer of the common areas are to take place.
These are basic issues when purchasing a house in these times but taken up to 7 weeks to sort out- is a complete joke and a nightmare. I stupidly moved out of my rented accommodation 4 weeks ago and are back with my parents; I travel 70 miles return daily to work and it is seriously taken its toll on me.
My hands are tied and I have 4 week left till my mortgage lapse. Its quiet infuriating- doesnt really encourage anyone to purchase a property.

heltipp

after reading the above post, thought i would share my nightmare also. I really thought the mortgage was going to be the hardest part. We received mortgage approval back in early June but all has gone wrong since then. My solicitor has contracts and everything ready to go but we can't sign them as the selllers are only now buying the freehold interest in the property and my solictor wants this to be completed before i sign (just in case). however they only lodged all the necessary documents in the land registry in the last few weeks and apartently this process can take years to complete :mad:. the sellers were under the impression i would complete sale on the pretext that this registration process will happen but my solicitor is insisting that we wait and she has requested them to contact land registry to hurry process along.

anyone else know of this situation or been in this situation, is there any chance of land registry helping us out and completing this registration or am i fooling myself!! should i just move on and try find another property, which i really dont want to do. I am at a total loss.



on another note, we have paid over our deposit etc and have the stamp duty and legal fees cover, do we need to keep saving or can we cut back our savings now at this stage??