Buying a house 2012

Avengers

leahyl wrote: »

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!

Hi All,

This may sound like a Joke to most of you reading this post but it is true.

I am a First time buyer, Got Loan offer letter from BOI dated: 24th May 2012, I was under impression that the offer is valid for 3 months, only read the tiny bits(T&C) yesterday to find out that the offer letter must be signed & returned before 30 days.

From the last 45 days, I was busy making calls to EA,viewing houses, bidding e.t.c and completely forgot to read the offer letter twice.

The Offer letter has following Conditions Precedent...

1. last 6 months original bank statements - I have.
2. original salary certificate - I have.
3. original P60 for year 2011 - I have.
4. Evidence of savings of X amount - I have.
5. Name & Address of solicitor - I don't.
6. Valuation of the property - Obviously I dont.

I am really worried now. Could someone advise me on the below.. Killers1 could you please share your thoughts on what should I be doing next... reading the last few posts, I think Leahyl had gone thru the same set of conditions but managed to send the signed offer letter in time.

A. Do i need to make a new application and go thru the whole process over & again? OR would they still consider the existing lapsed offer letter.

B. Would the bank still approve the original amount they agreed ?

C. Is it mandatory to submit the solicitor details on the signed offer letter ?

D. How long is the actual offer really valid FROM the time I sign&submit the "Offer letter" to bank TILL I finalise the property and inform bank using solicitor ?

We(myself & wife) have taken Life policy from BOI, wife had finished the necessary health checks at clinic last month as recommended by them. We did not hear any confirmation of Life policy from bank since then.

I am going to speak to the mortgage advisor @ BOI on monday to know where i stand. I'd really appreciate some help from the forum memebers on my situation.

"This whole process surely taught me a lession.. I always thought getting mortgage is difficult, infact finalising the house price is even tougher & time consuming. Now I am back to square 1"

Thank you

leahyl

Avengers wrote: »

leahyl wrote: »

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!

Hi All,

This may sound like a Joke to most of you reading this post but it is true.

I am a First time buyer, Got Loan offer letter from BOI dated: 24th May 2012, I was under impression that the offer is valid for 3 months, only read the tiny bits(T&C) yesterday to find out that the offer letter must be signed & returned before 30 days.

From the last 45 days, I was busy making calls to EA,viewing houses, bidding e.t.c and completely forgot to read the offer letter twice.

The Offer letter has following Conditions Precedent...

1. last 6 months original bank statements - I have.
2. original salary certificate - I have.
3. original P60 for year 2011 - I have.
4. Evidence of savings of X amount - I have.
5. Name & Address of solicitor - I don't.
6. Valuation of the property - Obviously I dont.

I am really worried now. Could someone advise me on the below.. Killers1 could you please share your thoughts on what should I be doing next... reading the last few posts, I think Leahyl had gone thru the same set of conditions but managed to send the signed offer letter in time.

A. Do i need to make a new application and go thru the whole process over & again? OR would they still consider the existing lapsed offer letter.

B. Would the bank still approve the original amount they agreed ?

C. Is it mandatory to submit the solicitor details on the signed offer letter ?

D. How long is the actual offer really valid FROM the time I sign&submit the "Offer letter" to bank TILL I finalise the property and inform bank using solicitor ?

We(myself & wife) have taken Life policy from BOI, wife had finished the necessary health checks at clinic last month as recommended by them. We did not hear any confirmation of Life policy from bank since then.

I am going to speak to the mortgage advisor @ BOI on monday to know where i stand. I'd really appreciate some help from the forum memebers on my situation.

"This whole process surely taught me a lession.. I always thought getting mortgage is difficult, infact finalising the house price is even tougher & time consuming. Now I am back to square 1"

Thank you

Avengers, killers would probably be best placed to answer this but based on my experience- in the quote of mine that you quoted I said that The mortgage advisor rang me and said that all I needed to be doing now was looking for a property even though I thought you had to have the offer letter in within 30 days also and went to a lot of trouble to get it in! But since I haven't got an actual property yet I have a "dummy" property on the letter of offer so when I do find the suitable house I will get another letter of offer with the correct address if you get me?! So I would say don't worry too much, maybe ring them and ask them is it essential that you sign that letter of offer so that the offer won't lapse cos I don't think it is unless the house on the letter of offer is the actual house you are going with? I may be wrong but you should have 3 months alright to find a suitable property so don't worry. Ring the bank to put your mind at ease.

Killers might be able to add this in a more coherent manner!!

Avengers

Hi Leahyl,
Thanks for the reply, I also had a dummy house address on the Offer letter and i do remember that the lady from BOI told me(in May) not to worry about the dummy adress + I will have 3 months time. Looking at the Loan affter letter, on the "BORROWER'S ACCEPTANCE AND CONSENTS" section, it clearly says as...."Acceptance of this Offer Letter must reach the lender within 30 days of the date of this Offer Letter or the offer will lapse". I just hope BOI wont deny the existing approval just because I did't return the signed Loan Offer Letter.
Did you mention in one of your previous posts that bank has to re-do the whole process if buyer fails to sign the offer letter within 30 days ?
Also, may I ask if you have received any confirmation about the Life policy? if yes, howlong it took?

If anyone knows a good solicitor in dublin city centre area charging reasonable fees, Please do pass on the details.

Killers1 awaiting for your feedback
Thanks.

killers1

Avengers wrote: »

Hi All,

This may sound like a Joke to most of you reading this post but it is true.

I am a First time buyer, Got Loan offer letter from BOI dated: 24th May 2012, I was under impression that the offer is valid for 3 months, only read the tiny bits(T&C) yesterday to find out that the offer letter must be signed & returned before 30 days.

From the last 45 days, I was busy making calls to EA,viewing houses, bidding e.t.c and completely forgot to read the offer letter twice.

The Offer letter has following Conditions Precedent...

1. last 6 months original bank statements - I have.
2. original salary certificate - I have.
3. original P60 for year 2011 - I have.
4. Evidence of savings of X amount - I have.
5. Name & Address of solicitor - I don't.
6. Valuation of the property - Obviously I dont.

I am really worried now. Could someone advise me on the below.. Killers1 could you please share your thoughts on what should I be doing next... reading the last few posts, I think Leahyl had gone thru the same set of conditions but managed to send the signed offer letter in time.

A. Do i need to make a new application and go thru the whole process over & again? OR would they still consider the existing lapsed offer letter.

B. Would the bank still approve the original amount they agreed ?

C. Is it mandatory to submit the solicitor details on the signed offer letter ?

D. How long is the actual offer really valid FROM the time I sign&submit the "Offer letter" to bank TILL I finalise the property and inform bank using solicitor ?

We(myself & wife) have taken Life policy from BOI, wife had finished the necessary health checks at clinic last month as recommended by them. We did not hear any confirmation of Life policy from bank since then.

I am going to speak to the mortgage advisor @ BOI on monday to know where i stand. I'd really appreciate some help from the forum memebers on my situation.

"This whole process surely taught me a lession.. I always thought getting mortgage is difficult, infact finalising the house price is even tougher & time consuming. Now I am back to square 1"

Thank you

Hi Avengers,

First off, you have nothing to worry about by not sending back the signed document within 30 days. What you have is an Approval In Principle as opposed to a 'Loan Offer' which is a legal document issued by the bank to your solicitor only when you have submitted a valuation report for the property you are buying and have satisfied all the approval in principle conditions and they are happy with same. What you need to do is send the bank statements, salary cert & evidence of savings in to the bank in order that they can be reviewed by the Underwriter. This will mean that your approval is only subject to finding a suitable property and giving them your solicitors details both of which wouldn't be reason to withdraw your approval whereas discrepancies in the other documentation could do. The banks don't want their Underwriters to be assessing the same application on a monthly basis so your AIP will be valid for 3 months. If you don't find a suitable property during this period your approval in principle will expire and you may have to submit some up to date documentation like bank statements, payslips etc to have the approval reinstated. So long as there has been no change in your circumstances i.e. salary level has not decreased & you have continued to show the same level of repayment capacity (continue savings as you are now) and there is no change in the bank's credit policy then having the approval reinstated is a given. BOI just confuse the issue by calling their AIP an 'Offer Letter' when in fact it isn't one in the true sense of the words. You will not have to go through the whole process again and just send in those documents now together with the signed letter (date it within the 30 days and tell them you forgot to post it!) You don't need to give them your solicitors details until you have a property found and are looking for the bank to issue to real 'Loan Offer & Loan Pack to your solicitor. It's disgraceful that they haven't kept you informed on the life cover and you should ask them tomorrow has the proposal been accepted. Overall you have nothing to be worried about in relation to your approval and once the documents you have to send in agree with what they have already seen & been told your approval is a formality & you can concentrate on finding a house! I hope this clarifies...

Avengers

Hi Killers1, Thanks alot for your reply.

I Just hope BOI will accept my signed Offer letter(AIP) tomorrow.

Just to get some extra information on the time scales, my AIP will be expiring on 24th Aug(3 months), letz say if i finalise the property by end of July, then I am left with 3 weeks, would the bank still accept this and wait till the whole process is over which i believe usually takes minimum 7 weeks ?

If not, should i ask them to extend the validity for a few more weeks.

Thank you.

killers1

Avengers wrote: »

Hi Killers1, Thanks alot for your reply.

I Just hope BOI will accept my signed Offer letter(AIP) tomorrow.

Just to get some extra information on the time scales, my AIP will be expiring on 24th Aug(3 months), letz say if i finalise the property by end of July, then I am left with 3 weeks, would the bank still accept this and wait till the whole process is over which i believe usually takes minimum 7 weeks ?

If not, should i ask them to extend the validity for a few more weeks.

Thank you.

Hi Avengers
No problem at all, the 3 month aip timeframe is for you to locate a suitable property and have a loan offer issued to your solicitor. It doesn't mean the loan has to have drawn down within 3 months. So, in your case you have till 24th Aug to have an offer accepted, a valuation carried out and the bank to issue the loan pack to your solicitor... You'll then have a further 3/6 months to close the purchase..

breeno

Hi guys,
Myself and my girlfriend have been mortgage approved and looked at a house recently which we're considering. The query I have is that the house is on sale due to the death of the owner and is being sold by the family. The EA said probate has been fully sorted but having dealt with a family estate that dragged on a bit in the past I'm a little nervous about it. It wouldn't be like an Ea to exaggerate! Is there anything in particular we should ask or look for? I'm worried about it dragging on for ages and losing out on mortgage interest relief at the end of the year.

Hopefully the fact that nobody is living there at the moment might mean a quicker closing date if all goes to plan?

Any help is much appreciated.
Thanks.

killers1

breeno wrote: »

Hi guys,
Myself and my girlfriend have been mortgage approved and looked at a house recently which we're considering. The query I have is that the house is on sale due to the death of the owner and is being sold by the family. The EA said probate has been fully sorted but having dealt with a family estate that dragged on a bit in the past I'm a little nervous about it. It wouldn't be like an Ea to exaggerate! Is there anything in particular we should ask or look for? I'm worried about it dragging on for ages and losing out on mortgage interest relief at the end of the year.

Hopefully the fact that nobody is living there at the moment might mean a quicker closing date if all goes to plan?

Any help is much appreciated.
Thanks.

When your solicitor receives the sale notice from the EA ask them to call the Vendors solicitor for a definitive timeframe on when contracts will be issued. This will give you a good indication of how organised they are in relation to the sale..

Avengers

Thanks Killers1,

I went to the bank today and my mortgage adviser said the same thing as you did, no need to sign the AIP and nothing to worry about 1 month lapse.

Big relief

Cheers.

breeno

killers1 wrote: »

When your solicitor receives the sale notice from the EA ask them to call the Vendors solicitor for a definitive timeframe on when contracts will be issued. This will give you a good indication of how organised they are in relation to the sale..

Thanks for the advice. So you wouldn't be against buying a probate house then? First time at this as you might have guessed!

killers1

breeno wrote: »

killers1 wrote: »

When your solicitor receives the sale notice from the EA ask them to call the Vendors solicitor for a definitive timeframe on when contracts will be issued. This will give you a good indication of how organised they are in relation to the sale..

Thanks for the advice. So you wouldn't be against buying a probate house then? First time at this as you might have guessed!

No reason at all not to proceed with the house at this stage.. The main thing is that probate has been completed and contracts are in order. If that's the case it's no different to any other sale..

killers1

Avengers wrote: »

Thanks Killers1,

I went to the bank today and my mortgage adviser said the same thing as you did, no need to sign the AIP and nothing to worry about 1 month lapse.

Big relief

Cheers.

No problem at all, best of luck with the house hunting!

leahyl

killers1 wrote: »

No problem at all, best of luck with the house hunting!

Killers, the house that I put in an offer on is a house that's been sold by the family of the deceased. I'm not sure I understand what you mean by probate? IF my offer was to be accepted (and that's a very big IF!) is there something about buying probate houses that I need to know?? Thanks

quarryman

About to go sale agreed on a property.

As a FTB can someone describe the next steps?

Pay deposit/valuer/engineer/contracts/solicitor?

I know all the above are involved, just not sure what order

Verte11

quarryman wrote: »

About to go sale agreed on a property.

As a FTB can someone describe the next steps?

Pay deposit/valuer/engineer/contracts/solicitor?

I know all the above are involved, just not sure what order

I think the first thing that happened was the Estate Agent asked for my solicitors name and for the 5K deposit to be transferred in the Estate Agent's account. Then I organised a surveyor to go out. Then the bank organised their valuer to go out. After all is in order with the valuation and survey your solicitor will draw up contracts and liaise with your bank for cheque issue etc. Various parties along the way will explain the next steps. But now be ready to give your solicitors name and transfer the booking deposit to your Estate Agent.Hope it all goes good

heltipp

solicitor sending off documents to bank to drawdown mortgage. is there any reason for bank to ask for more bank statements etc at this stage??

anyone who has drawndown mortgage how long does it take and anyone have any hassle with it??

sarkozy

Verte11 wrote: »

I think the first thing that happened was the Estate Agent asked for my solicitors name and for the 5K deposit to be transferred in the Estate Agent's account. Then I organised a surveyor to go out. Then the bank organised their valuer to go out. After all is in order with the valuation and survey your solicitor will draw up contracts and liaise with your bank for cheque issue etc. Various parties along the way will explain the next steps. But now be ready to give your solicitors name and transfer the booking deposit to your Estate Agent.Hope it all goes good

You forget the time it takes to get Life Assurance. Particularly important to mention for FTBs (like myself). It can take AGES. Ideally, an application goes in as soon as you know how much you're going to borrow (whether you sign and return the bank's Offer Letter or not). Also, depending on the house's vintage, you may also want to get cracking on house insurance quotes.

killers1

heltipp wrote: »

solicitor sending off documents to bank to drawdown mortgage. is there any reason for bank to ask for more bank statements etc at this stage??

anyone who has drawndown mortgage how long does it take and anyone have any hassle with it??

There'll be no further required for bank statements etc as your file has passed from the Underwriting Dept to the Cheque Issue Dept once your loan offer has issued. Once the last piece of documentation is received it goes into a cheque issue queue where all documentation is checked off again and the funds released. This process is typically 48 hours in all banks. The bank send the funds out on the date requested as per your solicitors cheque requisition. The problems that can crop up at this stage are some errors in the solicitors documentation or the other documentation submitted for closing i.e. life cover, DD mandate, home ins, ID & Address Verification. That's why it's important to ensure the 'Advisor' checks all these items thoroughly to ensure the correct documentation to satisfy each condition has been sent in.

JenJo1030

Hi everyone,

Im new to boards.ie and a first time buyer! Really glad I found this thread, so much valuable info on it! Myself and my partner applied to AIB and were refused . After being told by a few people that AIB are refusing a lot of applications we then decided to try Bank of Ireland and put our application in today. Has anyone gotten approval from them recently after being refused by another bank?

killers1

JenJo1030 wrote: »

Hi everyone,

Im new to boards.ie and a first time buyer! Really glad I found this thread, so much valuable info on it! Myself and my partner applied to AIB and were refused . After being told by a few people that AIB are refusing a lot of applications we then decided to try Bank of Ireland and put our application in today. Has anyone gotten approval from them recently after being refused by another bank?

Why were you refused?

Verte11

sarkozy wrote: »

You forget the time it takes to get Life Assurance. Particularly important to mention for FTBs (like myself). It can take AGES. Ideally, an application goes in as soon as you know how much you're going to borrow (whether you sign and return the bank's Offer Letter or not). Also, depending on the house's vintage, you may also want to get cracking on house insurance quotes.

Oh cheers yeah totally forgot about Life Assurance and House Insurance. I got my Life Insurance sorted before all of the above and had it on stand by. All I had to do was give the guy my closing date when the time came and he issued the policy to the bank. He advised me to get it sorted in advance so for other first time buyers like us this might be an idea.

JenJo1030

killers1 wrote: »

Why were you refused?

We originally approached a friend in Aib to get some advice on mortgages, not actually intending to apply as I'm currently unemployed (was let go while I was pregnant and baby is only 3 months) and we knew full well we wouldn't be approved for a mortgage of 135k on one income of only 25k. She said that it would definitely be worth applying now so we could take advantage of the mortgage interest relief due to finish at the end of the year and because I'd seen a house that I liked, if we could get a guarantor then we would stand a good chance of being approved now rather than waiting so my dad volunteered and we applied. They came back and said him acting as the second applicant instead of me with a view to us reapplying in 3 years without him to remove him from the mortgage would get us approved, my dad wanted to go ahead with it so we did, waited 3 weeks for a response and they said no again. So we decided to approach bank of Ireland to see how they reacted to the guarantor idea and the mortgage advisor recommended we apply due to the fact that our savings being so strong, proven rental repayment capacity for the last couple of years of 1000pm, a guarantor and my partners job permanency. I'm under no illusions that getting approved will be easy and that it's a strange situation but we figured all they can say is no and we at least we'd have no regrets about not applying. So I was just wondering if BOI are easier to get approval with than AIB?

quarryman

Is it true that a mortgage refusal will result in damage to your credit rating?

JenJo1030

quarryman wrote: »

Is it true that a mortgage refusal will result in damage to your credit rating?

I was told that it wouldn't go on our credit report as I was worried about that before we applied.

heltipp

killers1 wrote: »

There'll be no further required for bank statements etc as your file has passed from the Underwriting Dept to the Cheque Issue Dept once your loan offer has issued. Once the last piece of documentation is received it goes into a cheque issue queue where all documentation is checked off again and the funds released. This process is typically 48 hours in all banks. The bank send the funds out on the date requested as per your solicitors cheque requisition. The problems that can crop up at this stage are some errors in the solicitors documentation or the other documentation submitted for closing i.e. life cover, DD mandate, home ins, ID & Address Verification. That's why it's important to ensure the 'Advisor' checks all these items thoroughly to ensure the correct documentation to satisfy each condition has been sent in.

Thats Killers, thats a great help. We finally got the problems with the title sorted today, after a lot of work from me!! So now i am heading to solicitors to sign contracts and all documents for bank etc and i have home insurance and life insurance sorted so we should be good to go and i am hoping money will be drawdown next week at some stage. my solicitor is very on the ball and will send off all documents straight away so delay wont be with her. I was just worried that when she sends it all off they decide to start asking for bank statements etc again, you just never know with these banks.

Mortgage is with Ulster Bank so hope there is no delay drawing down money. Please god we will have keys to house soon, its been a very long process and very stressful.

Verte11

heltipp wrote: »

Thats Killers, thats a great help. We finally got the problems with the title sorted today, after a lot of work from me!! So now i am heading to solicitors to sign contracts and all documents for bank etc and i have home insurance and life insurance sorted so we should be good to go and i am hoping money will be drawdown next week at some stage. my solicitor is very on the ball and will send off all documents straight away so delay wont be with her. I was just worried that when she sends it all off they decide to start asking for bank statements etc again, you just never know with these banks.

Mortgage is with Ulster Bank so hope there is no delay drawing down money. Please god we will have keys to house soon, its been a very long process and very stressful.

Best of luck with it .It is such a stressful time but well worth it when you get the keys:)

Funnyonion79

Hi, just a quick update: our solicitor is just waiting to receive to certs of compliance from the vendors in relation to an extension on the house and then we can go and sign the contracts with a view to closing on 16th August. Yay!!

I just have to finalise the house insurance which will be done tomorrow and once again I'm just amazed at how the banks are still trying to rip people off.

We had to PAY for a valuation to be done on the house - this was at BOI's request - just to prove that the house exists and is what we've said it is - and all over the valuation it stated that the valuer was not an architect so couldn't be held accountable if certain things weren't picked up.

We paid again for a proper structural survey to be done by a qualified architect who valued the rebuild costs of this house at 190k. However when it comes to getting buildings insurance, we have to use the bank valuer's estimates rebuild costs, which he has put down as €250k!!! He's not even qualified, yet we have to use his figure or the bank will delay everything and cause untold hassle!!!

I know this is all common procedure but t beggars belief that WE have to pay for some Joe Soap from the bank, to tell us everything we already know about the house we want to buy and then pay EXTRA in an insurance premium on exaggerated rebuild costs - all on the say-so of an unqualified person. Sorry - rant over!!

Btw - to the first time buyer - AIB refused us a mortgage whereas BOI said yes. Their reason was that they wanted us to sell our existing property and then take out a new mortgage, however BOI have agreed to give us a mortgage on another property, whilst keeping our existing property to rent out.

aviendha

Funnyonion79 wrote: »

I just have to finalise the house insurance which will be done tomorrow and once again I'm just amazed at how the banks are still trying to rip people off.

We had to PAY for a valuation to be done on the house - this was at BOI's request - just to prove that the house exists and is what we've said it is - and all over the valuation it stated that the valuer was not an architect so couldn't be held accountable if certain things weren't picked up.

We paid again for a proper structural survey to be done by a qualified architect who valued the rebuild costs of this house at 190k. However when it comes to getting buildings insurance, we have to use the bank valuer's estimates rebuild costs, which he has put down as €250k!!! He's not even qualified, yet we have to use his figure or the bank will delay everything and cause untold hassle!!!

I know this is all common procedure but t beggars belief that WE have to pay for some Joe Soap from the bank, to tell us everything we already know about the house we want to buy and then pay EXTRA in an insurance premium on exaggerated rebuild costs - all on the say-so of an unqualified person. Sorry - rant over!!

I feel your pain - as part of the bank valuers panel, our valuer decided to value our rebuild at 93% of our purchase price. When we challenged him on this (as BOI had pointed out that our buildings insurance rebuild value did not match that of the valuer) the valuer first off tried to tell us that he was including the value of the land in the rebuild value. Then as we explained that no, if the house burned down in the morning, the land would not need to be rebuilt, he finally relented and reissued the valuation report with an amended rebuild value to that we had recommended (DH is a structural engineer so was able to justify his valuation).
Unbelieveable that these people are those recommended by the bank :rolleyes:

After going sale agreed and paying booking deposit way back in April, we are finally closing in Monday, 23rd July... fingers crossed!!

Funnyonion79

aviendha wrote: »

Funnyonion79 wrote: »

I just have to finalise the house insurance which will be done tomorrow and once again I'm just amazed at how the banks are still trying to rip people off.

We had to PAY for a valuation to be done on the house - this was at BOI's request - just to prove that the house exists and is what we've said it is - and all over the valuation it stated that the valuer was not an architect so couldn't be held accountable if certain things weren't picked up.

We paid again for a proper structural survey to be done by a qualified architect who valued the rebuild costs of this house at 190k. However when it comes to getting buildings insurance, we have to use the bank valuer's estimates rebuild costs, which he has put down as €250k!!! He's not even qualified, yet we have to use his figure or the bank will delay everything and cause untold hassle!!!

I know this is all common procedure but t beggars belief that WE have to pay for some Joe Soap from the bank, to tell us everything we already know about the house we want to buy and then pay EXTRA in an insurance premium on exaggerated rebuild costs - all on the say-so of an unqualified person. Sorry - rant over!!

I feel your pain - as part of the bank valuers panel, our valuer decided to value our rebuild at 93% of our purchase price. When we challenged him on this (as BOI had pointed out that our buildings insurance rebuild value did not match that of the valuer) the valuer first off tried to tell us that he was including the value of the land in the rebuild value. Then as we explained that no, if the house burned down in the morning, the land would not need to be rebuilt, he finally relented and reissued the valuation report with an amended rebuild value to that we had recommended (DH is a structural engineer so was able to justify his valuation).
Unbelieveable that these people are those recommended by the bank :rolleyes:

After going sale agreed and paying booking deposit way back in April, we are finally closing in Monday, 23rd July... fingers crossed!!

Great stuff aviendha! I know exactly. We could very easily challenge the valuer's report as well but I can't be arsed with all the delays again. Have a lot going on so need to get into the house sooner rather than later so I'll suck it up for the year and then change it at next year's quote.

Best of luck with the move

Funnyonion79

Funnyonion79 wrote: »

aviendha wrote: »

Funnyonion79 wrote: »

I just have to finalise the house insurance which will be done tomorrow and once again I'm just amazed at how the banks are still trying to rip people off.

We had to PAY for a valuation to be done on the house - this was at BOI's request - just to prove that the house exists and is what we've said it is - and all over the valuation it stated that the valuer was not an architect so couldn't be held accountable if certain things weren't picked up.

We paid again for a proper structural survey to be done by a qualified architect who valued the rebuild costs of this house at 190k. However when it comes to getting buildings insurance, we have to use the bank valuer's estimates rebuild costs, which he has put down as €250k!!! He's not even qualified, yet we have to use his figure or the bank will delay everything and cause untold hassle!!!

I know this is all common procedure but t beggars belief that WE have to pay for some Joe Soap from the bank, to tell us everything we already know about the house we want to buy and then pay EXTRA in an insurance premium on exaggerated rebuild costs - all on the say-so of an unqualified person. Sorry - rant over!!

I feel your pain - as part of the bank valuers panel, our valuer decided to value our rebuild at 93% of our purchase price. When we challenged him on this (as BOI had pointed out that our buildings insurance rebuild value did not match that of the valuer) the valuer first off tried to tell us that he was including the value of the land in the rebuild value. Then as we explained that no, if the house burned down in the morning, the land would not need to be rebuilt, he finally relented and reissued the valuation report with an amended rebuild value to that we had recommended (DH is a structural engineer so was able to justify his valuation).
Unbelieveable that these people are those recommended by the bank :rolleyes:

After going sale agreed and paying booking deposit way back in April, we are finally closing in Monday, 23rd July... fingers crossed!!

Great stuff aviendha! I know exactly. We could very easily challenge the valuer's report as well but I can't be arsed with all the delays again. Have a lot going on so need to get into the house sooner rather than later so I'll suck it up for the year and then change it at next year's quote.

Best of luck with the move

Our rebuild valuation- according to the bank's guy - is actually 20k OVER the price that we're paying for the house.

Unbelievable!!