Buying a house 2012

chavezychavez

And another one in relation the above 2 stories, we put an offer in on a house in May, mortgage approved etc. But it appears that the management company that was initially setup for the common area (4 houses that share the same entrance road) was not kept going and is no longer trading.
Therefore, the county planning department have to give permission for the transfer of ownership of common area from the defunct management company to a new management company, which is to be setup between the 4existing house owners. Then, on the purchase of the house, we can replace the sellers name on the new management company.
So where a simple process of offering a price, giving booking deposit and buying a house was expected, we are now left in the below scenario and our solicitor doesn't realistically expect the sale to be done this side of Christmas (which means no Mortgage Interest Relief).

-- Get permission from Council to transfer dead Mgmt company to new one (apparently the longest part of the process)
-- Get 4 existing owners to agree (apparently all agreeable already) and sign up to new managment company.
-- Try and finalise sale and replace seller on management company with ourselves.

Mortgage offer expires in the first week of August and unless I hear from EA and solicitors involved regarding at least provisional dates on completion of steps above, I reckon we'll be pulling the deposit and looking elsewhere at that time.

You'd nearly wish DAFT would allow you to update house listings to reflect all this kind of crap and allow potential buyers avoid the same pain. Frustration I tells ya.

wildflower

hi all, just a quick update- put post on here a few weeks ago about a mortgage application. 3 weeks later and are pre approved from aib, just need the valuers report.
we had 8k in savings and getting 4k gift. i have salary of 40k with 10k per year guaranteed overtime. got 138k mortgage. i lived on my credit cards so thought that might go agaionst me but i always cleared them every month.
thanks to killers1 for advice and best of luck to everyone else applying.
the seller has all documents readly to go- just wondering how long should it take now?

killers1

wildflower wrote: »

hi all, just a quick update- put post on here a few weeks ago about a mortgage application. 3 weeks later and are pre approved from aib, just need the valuers report.
we had 8k in savings and getting 4k gift. i have salary of 40k with 10k per year guaranteed overtime. got 138k mortgage. i lived on my credit cards so thought that might go agaionst me but i always cleared them every month.
thanks to killers1 for advice and best of luck to everyone else applying.
the seller has all documents readly to go- just wondering how long should it take now?

Well done! It's good that the seller seems organised & once your solicitor receives the contracts and is happy with same they'll be able to give you a good indication of the time-frame involved. Any estimate here is a shot in the dark as there are so many variables to it (see posts above!!)

Felexicon

Got the surveyors report off him today. He said it was one of the shortest he'd ever written as the house was in perfect condition.
Valuation is being sent to the bank tomorrow aswell so just waiting for the legal eagles to get thier fingers out.

killers1

Felexicon wrote: »

Got the surveyors report off him today. He said it was one of the shortest he'd ever written as the house was in perfect condition.
Valuation is being sent to the bank tomorrow aswell so just waiting for the legal eagles to get thier fingers out.

I certainly don't see many surveys coming back with those results! Seems like you're well on track, just hope the contracts are all in order and then things should move along quickly for you.

acdublin

Hi all, a question if anyone can help - wife and I are giving some thought to buying our first house. It's complicated - job provides a house that we have to live in so it's essentially a buy to let property we're buying (but that we will one day either live in or sell to buy something to live in). My job is very secure but not that well paid. Wife is better paid but on short term contracts. Will a bank take into account the fact that the house will be rented for the entire course of the mortgage when deciding what, if any, mortgage we can have? Thanks, AC

dove2011

More drama with the purchasing of the house. Vendors solictor received the "incorrect" map yesterday after 7 weeks of waiting; it has now come to light that there is a problem with the map- that the vendors solictor has to contact the original solictor acting on the developer to sort out the map; the vendors solictor says it usually takes up to 3 months to get this sorted but she will have it sorted in 2 weeks- This house was built in 2006; cant understand why they didnt see this issue prior to sale agreed. Has anyone had this issue before?

nottoofussy

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?

Buying on your own is scary :eek:. I looked for a mortgage of €200k over 35 yrs(thats how long I could make the repayments for). I was shocked by the interest figure. I would pay over half of this loan on the interest(€115k)which would mean by the time I would own the house it would cost me roughly €320k.
As you only recieve 92% of the property's price for a mortgage, you have to have the other 8% on your own, plus €2k legal fees which on this loan works out to be €18k. Your repayments would have to be nothing less than €750 monthly plus life cover and house insurance. I hope this helps.

Funnyonion79

Hi, just an update for you. After receiving loan approval in principal from BOI on 19th April and after putting our booking deposit down on the house we want to buy on 19th May, we have FINALLY received the official loan offer from BOI today - 8 weeks after putting down our booking deposit!!!

Cannot believe the length of time it has taken. Luckily the vendors were also delayed at their end, as the council had misplaced planning documents but they've sorted this now (coincidentally just today as well), so all contracts and the structural survey should be with our solicitor early next week.

The survey was grand, few minor things to note but absolutely nothing to delay the sale. Architect said he hasn't come across a house so well-maintained and structurally solid in a long time.

Assuming there's nothing out of the ordinary in the contracts Killers1 - would you have any idea of the timeframe from here? We away on holidays mid August - would it be too optimistic of me to hope that we could be in before then...?

Marcusm

heltipp wrote: »

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??

Is there some problem with the leasehold title? Why, if they had not started this process before now, would your solicitor not simply suggest that you start it post purchase? Seems a bizarre thing to start now to hold up a sale.

I am in the process of buying a leasehold property which is unregistered and know that my solicitor will need to apply for a first registration later. I may also choose to buiy the freehold at some later stage. Of course, it now transpires that the pre 63 declaration may have been undone by some unauthorised development in the 1980s. Personally don't want to have to do a retention application....

Roxee

Felexicon wrote: »

+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

Bit confused on the usefulness of a broker - the bank rings them and they ring you and repeat? The bank will usually lay out clearly what documentation you need from the outset, so I'm not sure why a broker needs to be paid to repeat this same info?

Genuinely don't mean to sound smug, just confused! I had a really straightforward time getting mortgage approval (granted it was handy coz it was with the bank I was already with so it saved hassle with statements) but still, they rang a few times with different queries about certain lodgements and I explained. Two min conversation each time. AIP came through about in about 2 weeks after I posted documents.

Is the broker perhaps more useful if you've a tricky credit history etc? Hmm...

killers1

Funnyonion79 wrote: »

Hi, just an update for you. After receiving loan approval in principal from BOI on 19th April and after putting our booking deposit down on the house we want to buy on 19th May, we have FINALLY received the official loan offer from BOI today - 8 weeks after putting down our booking deposit!!!

Cannot believe the length of time it has taken. Luckily the vendors were also delayed at their end, as the council had misplaced planning documents but they've sorted this now (coincidentally just today as well), so all contracts and the structural survey should be with our solicitor early next week.

The survey was grand, few minor things to note but absolutely nothing to delay the sale. Architect said he hasn't come across a house so well-maintained and structurally solid in a long time.

Assuming there's nothing out of the ordinary in the contracts Killers1 - would you have any idea of the timeframe from here? We away on holidays mid August - would it be too optimistic of me to hope that we could be in before then...?

Once contracts are received and in order next week you could still be in before your holidays. It will depend on whether your solicitor ha many queries on the contracts and there should be a guideline closing date mentioned in the contracts that will give you an indication of how quickly the vendor wants to move things along. If all your non-legal items are finalised soon with a willing vendor and 2 efficient solicitors there is no reason why you couldn't close before then. It's also possible for the solicitor to close the purchase while you're away if you make the necessary arrangements before you go..

killers1

Roxee wrote: »

Bit confused on the usefulness of a broker - the bank rings them and they ring you and repeat? The bank will usually lay out clearly what documentation you need from the outset, so I'm not sure why a broker needs to be paid to repeat this same info?

Genuinely don't mean to sound smug, just confused! I had a really straightforward time getting mortgage approval (granted it was handy coz it was with the bank I was already with so it saved hassle with statements) but still, they rang a few times with different queries about certain lodgements and I explained. Two min conversation each time. AIP came through about in about 2 weeks after I posted documents.

Is the broker perhaps more useful if you've a tricky credit history etc? Hmm...

Very harsh Roxee :mad: I think the major difference apparent from this thread is that applicants who deal directly with banks are the ones coming here looking for advice in relation to the process because they are completely in the dark! A good broker will educate & keep you informed every step of the way, any time of the day or night!! A good broker will get a marginal case over the line...

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?

Circa €175k

Roxee

killers1 wrote: »

Very harsh Roxee :mad: I think the major difference apparent from this thread is that applicants who deal directly with banks are the ones coming here looking for advice in relation to the process because they are completely in the dark! A good broker will educate & keep you informed every step of the way, any time of the day or night!! A good broker will get a marginal case over the line...

With the greatest of respect Killers, I don't actually think it was harsh in the slightest - I was simply querying their use as I wasn't clear what they did that couldn't just be done via the banks own mortgage advisors?

I think it's quite valid to discuss the need or otherwise of employing a broker lest people reading be made to feel it's the only way of avoiding a total nightmare. It's not (I'm sure I don't have to tell you this) - it is actually possible that the bank mortgage advisors are helpful and available and forthcoming and that the whole thing can be fairly straightforward, as was my experience and that of several friends recently.

I was simply wondering what they do - a genuine question. I'm sure others are wondering too, and at least any replies will clarify it for everyone. So, win win.

killers1

Roxee wrote: »

With the greatest of respect Killers, I don't actually think it was harsh in the slightest - I was simply querying their use as I wasn't clear what they did that couldn't just be done via the banks own mortgage advisors?

I think it's quite valid to discuss the need or otherwise of employing a broker lest people reading be made to feel it's the only way of avoiding a total nightmare. It's not (I'm sure I don't have to tell you this) - it is actually possible that the bank mortgage advisors are helpful and available and forthcoming and that the whole thing can be fairly straightforward, as was my experience and that of several friends recently.

I was simply wondering what they do - a genuine question. I'm sure others are wondering too, and at least any replies will clarify it for everyone. So, win win.

I was only joking when I said it was harsh, you just had me questioning why I get out of bed in the mornings! You're right, there are some excellent Mortgage Advisors working in bank branches out there (where do you think Brokers come from?) and at the same time there are plenty of brokers that leave a lot to be desired. I would say in general a broker will be more experienced, more qualified and probably more in tune with a bank's credit policy than a branch advisor. I'd also say a broker will know how to present an application in it's best possible light to enhance your chances of approval. If (as in your case) the application is very straightforward, by all means it should not be a stressful or difficult process to go through directly with a bank. For more complicated applications a broker is a good option as they will be familiar with other banks criteria and how they are likely to view certain aspects of an application. Sometimes if you're dealing directly with a bank it can be difficult to speak to the same person twice, with a broker you have 1 point of contact. A broker can liase with your valuer, surveyor, estate agent & solicitor on a level that you just won't get from a bank official..A broker is generally more flexible in terms of being contactable out of hours or meeting clients at a location & time convenient to them....small things like that enhance a clients experience of the process. There's no right or wrong but if you can avail of the expertise and service at no cost to you then why not?

killers1

acdublin wrote: »

Hi all, a question if anyone can help - wife and I are giving some thought to buying our first house. It's complicated - job provides a house that we have to live in so it's essentially a buy to let property we're buying (but that we will one day either live in or sell to buy something to live in). My job is very secure but not that well paid. Wife is better paid but on short term contracts. Will a bank take into account the fact that the house will be rented for the entire course of the mortgage when deciding what, if any, mortgage we can have? Thanks, AC

You'll find it very difficult to borrow money for a buy to let property where you don't own your existing home.

Roxee

killers1 wrote: »

There's no right or wrong but if you can avail of the expertise and service at no cost to you then why not?

Oh, do buyers not pay brokers? Again, shows what I know!

Felexicon

Roxee wrote: »

Oh, do buyers not pay brokers? Again, shows what I know!

Yep. A free service. The main reason we chose to go with a broker is because myself and herself work Monday to Friday and aren't contactable by phone while in work(if banks used boards I would have been sorted). Our broker works around our shifts as opposed to the other way around. Also great to have someone who knows the whole process inside out, not just the bank side of things.
It's a personal decision, but I'd advise using a broker

heltipp

Marcusm wrote: »

Is there some problem with the leasehold title? Why, if they had not started this process before now, would your solicitor not simply suggest that you start it post purchase? Seems a bizarre thing to start now to hold up a sale.

I am in the process of buying a leasehold property which is unregistered and know that my solicitor will need to apply for a first registration later. I may also choose to buiy the freehold at some later stage. Of course, it now transpires that the pre 63 declaration may have been undone by some unauthorised development in the 1980s. Personally don't want to have to do a retention application....

the leasehold only had 53 years left on it and banks only accept 70 years or more. i myself cant undetstand why the sellers are only doing it now they didnt seem to have anu intention of it until we insisted on it. my bank wont let me draiiwdown the money otherwise.

debbiermcd

Thanks Killers1, have just made an appointment with estate agent again as there are 2 deal-breakers on the list so fingers crossed it goes well

killers1

debbiermcd wrote: »

Thanks Killers1, have just made an appointment with estate agent again as there are 2 deal-breakers on the list so fingers crossed it goes well

Best of luck!

aviendha

Roxee, I'm one of those hapless FTB who went to the bank naively thinking the mortgage advisor there would be the best to deal with... now that I'm almost closed, I really wish I'd gone through a broker, as our contact in BOI was so difficult as to make us almost switch banks half way through the process...
at one stage, when our given advisor was on holidays and we had dropped in to try to get an update on our status, we were looked after by another, who went through the file to find lots of missing documentation, and more unnecessary documents irrelevant to the application, but had been requested by our advisor.

we had to chase daily ourselves to get updates on where we were, and each time, it appeared our advisor was just a messenger, with another pedantic question from the underwriters about our application that really should've been screened and spotted by our advisor in advance

so really, there certainly is a role for mortgage brokers to avoid all that grief that we had !

Funnyonion79

killers1 wrote: »

Once contracts are received and in order next week you could still be in before your holidays. It will depend on whether your solicitor ha many queries on the contracts and there should be a guideline closing date mentioned in the contracts that will give you an indication of how quickly the vendor wants to move things along. If all your non-legal items are finalised soon with a willing vendor and 2 efficient solicitors there is no reason why you couldn't close before then. It's also possible for the solicitor to close the purchase while you're away if you make the necessary arrangements before you go..

Great thanks Killers1. Our broker is away on hols til next week - otherwise I would've asked him. Met the solicitor yesterday and he said pretty much what you said. Think the vendors are looking to move this along quickly as well so hopefully we can work towards a closing date within the next 4 weeks. Thanks again.

killers1

Funnyonion79 wrote: »

Great thanks Killers1. Our broker is away on hols til next week - otherwise I would've asked him. Met the solicitor yesterday and he said pretty much what you said. Think the vendors are looking to move this along quickly as well so hopefully we can work towards a closing date within the next 4 weeks. Thanks again.

If contracts are in order and all parties want to move it along quickly there's no reason why it can't be done within 2 weeks and certainly within 4. Brokers aren't allowed take holidays!;) If there's a phone signal we're working....

sarkozy

aviendha wrote: »

Roxee, I'm one of those hapless FTB who went to the bank naively thinking the mortgage advisor there would be the best to deal with... now that I'm almost closed, I really wish I'd gone through a broker, as our contact in BOI was so difficult as to make us almost switch banks half way through the process...
at one stage, when our given advisor was on holidays and we had dropped in to try to get an update on our status, we were looked after by another, who went through the file to find lots of missing documentation, and more unnecessary documents irrelevant to the application, but had been requested by our advisor.

we had to chase daily ourselves to get updates on where we were, and each time, it appeared our advisor was just a messenger, with another pedantic question from the underwriters about our application that really should've been screened and spotted by our advisor in advance

so really, there certainly is a role for mortgage brokers to avoid all that grief that we had !

This has also been my experience. Nearly there, we hope!

Tofu

I wish I'd got the advice about a mortgage broker before I started this process!. Thought I'd encountered stressful situations in my life / work before but this tops all!!!!

killers1

Tofu wrote: »

I wish I'd got the advice about a mortgage broker before I started this process!. Thought I'd encountered stressful situations in my life / work before but this tops all!!!!

If you need any advice here just ask!!

Sunny Dayz

Does anyone know can you apply to two banks for mortgages, get approval in principle from both and then decide which one you want to go with re best rates, service etc...??

killers1

Sunny Dayz wrote: »

Does anyone know can you apply to two banks for mortgages, get approval in principle from both and then decide which one you want to go with re best rates, service etc...??

Absolutely, you can even get two loan offers from different banks and then decide. Don't base your decision on service, you're simply buying money, buy it at the cheapest price possible.