Buying a house 2012

sarkozy

Could someone explain why it takes up to a week to have the last 4 months' bank statements printed off?

It really sucks that our lending institution has only asked for a raft of documentation the day we were to return contracts. It puts the whole timetable off and complicates matters enormously.

DavyD_83

sarkozy wrote: »

Could someone explain why it takes up to a week to have the last 4 months' bank statements printed off?

It really sucks that our lending institution has only asked for a raft of documentation the day we were to return contracts. It puts the whole timetable off and complicates matters enormously.

In my case it was sufficient for us to print off up to date statements from internet and then bring into my bank for 'verification. (they checked records against the system and signed and stamped, making them official bank documents). Mortgage was with Ulster, statements were from AIB.
This may be an option.
Although, I think i did read on here somewhere that one lender (can't remember which) said this was unacceptable.

Maybe contact the bank you are waiting for statements from and ask if there is any workaround like the one above available to you. Otherwise, looks like you just gotta wait it out - Banks have all the power unfortunately, things just take as long as they say they do

Funnyonion79

DavyD_83 wrote: »

sarkozy wrote: »

Could someone explain why it takes up to a week to have the last 4 months' bank statements printed off?

It really sucks that our lending institution has only asked for a raft of documentation the day we were to return contracts. It puts the whole timetable off and complicates matters enormously.

In my case it was sufficient for us to print off up to date statements from internet and then bring into my bank for 'verification. (they checked records against the system and signed and stamped, making them official bank documents). Mortgage was with Ulster, statements were from AIB.
This may be an option.
Although, I think i did read on here somewhere that one lender (can't remember which) said this was unacceptable.

Maybe contact the bank you are waiting for statements from and ask if there is any workaround like the one above available to you. Otherwise, looks like you just gotta wait it out - Banks have all the power unfortunately, things just take as long as they say they do

Yes it's very frustrating. BOI don't accept estatements even if they've been signed and stamped by the branch. We had to order statements from AIB and wait for them. They said it could be 7-10 working days cos they're printed off centrally bit we got them within 3/4 working days.

AIB also told us there would be a charge of €2.54 per statement page so we would've had to pay them €45 for the privilege, however luckily when we collected them, they forgot to charge us.

In other news, I'm having a nightmare with the vendors of my house and their never-ending negative equity saga. I'm so so afraid we're going to lose this house. I just dont know who's telling the truth, who's telling lies or who to believe any more. Stress levels at over 6 months pregnant are not good!!

heltipp

sarkozy wrote: »

Could someone explain why it takes up to a week to have the last 4 months' bank statements printed off?

It really sucks that our lending institution has only asked for a raft of documentation the day we were to return contracts. It puts the whole timetable off and complicates matters enormously.

how come you are being asked for bank statements now. I thought once you got loan offer etc that you wouldnt have to provide any more of this documents.

greenbicycle

heltipp wrote: »

how come you are being asked for bank statements now. I thought once you got loan offer etc that you wouldnt have to provide any more of this documents.

I am in the same position with boi, gave in the e statements as they were, then gave in stamped e statements, have had loan offer but with a condition of submitting original statements. It will just be a tick box exercise for the, when they get them as i assume they have done the other checks using the other batches of statements i gave in.


Ridiculously expensive to get them, i am really annoyed about having to pay for them. If i hadnt gone to just getting estatements alone i would be getting them free every month but now that i require a few i am paying huge amountd for them. Robbers!

Annoying that boi wont acccept the e statements though, specailly stamped ones!

villa1

Hi guys,

Im a long time thread follower, first time poster!

My OH and I placed a booking deposit on a house 8 weeks ago and havnt heard anything about my contracts since, every time I ring my solicitor he has no up to date information for me and always finishes with 'ill ring you'. Im getting frustrated now, the house is already vacant and our mortgage is in place and ready to go. I feel totally ignored and def not a priority, these people make you feel like they are doing you favour when you're paying for a service.

So from other peoples experience how long were you waiting for the contracts from the vendors solicitor?

sarkozy

heltipp wrote: »

how come you are being asked for bank statements now. I thought once you got loan offer etc that you wouldnt have to provide any more of this documents.

Nail. Head. The whole experience for us has been a nightmare. Yes, we should have been asked this and more (though nothing out of the ordinary) prior to receiving the loan offer, but, with our application, we've fallen through every crack imaginable.

I am in the same position with boi, gave in the e statements as they were, then gave in stamped e statements, have had loan offer but with a condition of submitting original statements. It will just be a tick box exercise for the, when they get them as i assume they have done the other checks using the other batches of statements i gave in.

We submitted original statements, as required, months ago, but with the utter slowness of the lending institution, we required more up-to-date statements, which had been, by then, issued electronically. So we lost yet more time due to delays not of our own making.

This is still hanging by a thread for us.

killers1

villa1 wrote: »

Hi guys,

Im a long time thread follower, first time poster!

My OH and I placed a booking deposit on a house 8 weeks ago and havnt heard anything about my contracts since, every time I ring my solicitor he has no up to date information for me and always finishes with 'ill ring you'. Im getting frustrated now, the house is already vacant and our mortgage is in place and ready to go. I feel totally ignored and def not a priority, these people make you feel like they are doing you favour when you're paying for a service.

So from other peoples experience how long were you waiting for the contracts from the vendors solicitor?

You need to ring your solicitor ask have they even received an advice notice from the EA and if so tell ( don't ask!) them to contact the vendors solicitor to find out what the delay is, have they taken up the title deeds from the vendors bank and get a definitive timeframe of when contracts will be issued...

sarkozy

Also, I need to know: what is the procedure for transferring a gift (from a parent) for the purposes of a mortgage application? EFT into my account (the letter from my parents notifying this has been received long ago)? Or is it drawn directly from theirs? Bit confused here. Still, we have sufficient savings as it stands to meet the loan criterion about quantity of savings.

Funnyonion79

sarkozy wrote: »

Also, I need to know: what is the procedure for transferring a gift (from a parent) for the purposes of a mortgage application? EFT into my account (the letter from my parents notifying this has been received long ago)? Or is it drawn directly from theirs? Bit confused here. Still, we have sufficient savings as it stands to meet the loan criterion about quantity of savings.

Hi, I just got my parents to transfer the money into my bank account over the internet with the title "Mam's Gift". This was done before I submitted bank statements so they could see the money lodged into my account on the statement.

Felexicon

sarkozy wrote: »

Also, I need to know: what is the procedure for transferring a gift (from a parent) for the purposes of a mortgage application? EFT into my account (the letter from my parents notifying this has been received long ago)? Or is it drawn directly from theirs? Bit confused here. Still, we have sufficient savings as it stands to meet the loan criterion about quantity of savings.

We just lodged the money in our bank account.The bank asked for a signed statement by my partents declaring that they would not seek repayment of the money.

sarkozy

Also, what happens if, through no fault of our own, the closing date agreed in a contract is not met due to bank delays and, therefore, delays in issuing the loan cheque?

Funnyonion79

I could be wrong, but I think the closing date in the contract is the date both parties work towards to close the sale. However if it doesn't happen on that date, I don't think it's any big deal.....but maybe Killers can give you more info there.

Tentatively hoping that my vendor's negative equity drama is almost at a conclusion.....we'll find out next Wednesday. Keep your fingers crossed.

Felexicon

Contracts arrived with our solicitor today!!!!!!!! Please God they're all up to scratch.

heltipp

we are just waiting on the sellers to return signed contracts now, waiting two weeks not. there is four of them as they inherited the house or something but still wish they would hurry up. I wont be able to relax until my solicitor has received the money from the bank, thats the bit i keep worrying about as you never know with these banks what they might do.

def the most stressful time i have ever put down.

villa1

heltipp wrote: »

we are just waiting on the sellers to return signed contracts now, waiting two weeks not. there is four of them as they inherited the house or something but still wish they would hurry up. I wont be able to relax until my solicitor has received the money from the bank, thats the bit i keep worrying about as you never know with these banks what they might do.

def the most stressful time i have ever put down.

I know exactly how you feel, Im so afraid the bank could change their mind at any stage or that the vendors might pull out, I dont think I can relax until I have the keys in my hand! It got to the stage where I just rang the vendors solicitors who were able to update me on everything and we should have the contracts by Monday.

Starting to see the light at the end of the tunnel now, hopefully I wont ever go through it all again!!

killers1

Funnyonion79 wrote: »

I could be wrong, but I think the closing date in the contract is the date both parties work towards to close the sale. However if it doesn't happen on that date, I don't think it's any big deal.....but maybe Killers can give you more info there.

Tentatively hoping that my vendor's negative equity drama is almost at a conclusion.....we'll find out next Wednesday. Keep your fingers crossed.

The closing date in the contracts is for guideline purposes only and is not set in stone... It's quite usual for either the vendor or purchaser to push this date out for a variety of reasons and it's no issue

killers1

heltipp wrote: »

we are just waiting on the sellers to return signed contracts now, waiting two weeks not. there is four of them as they inherited the house or something but still wish they would hurry up. I wont be able to relax until my solicitor has received the money from the bank, thats the bit i keep worrying about as you never know with these banks what they might do.

def the most stressful time i have ever put down.

If you've complied with the conditions in the loan offer and drawdown before the expiry of the loan offer you have absolutely nothing to worry about as banks don't withdraw valid loan offers...

killers1

villa1 wrote: »

heltipp wrote: »

we are just waiting on the sellers to return signed contracts now, waiting two weeks not. there is four of them as they inherited the house or something but still wish they would hurry up. I wont be able to relax until my solicitor has received the money from the bank, thats the bit i keep worrying about as you never know with these banks what they might do.

def the most stressful time i have ever put down.

I know exactly how you feel, Im so afraid the bank could change their mind at any stage or that the vendors might pull out, I dont think I can relax until I have the keys in my hand! It got to the stage where I just rang the vendors solicitors who were able to update me on everything and we should have the contracts by Monday.

Starting to see the light at the end of the tunnel now, hopefully I wont ever go through it all again!!

Don't be worrying about things you can't control like the vendor pulling out etc... Until such time as someone tells you the sale is not going to happen you have nothing to worry about. If you have a loan offer from the bank and conditions satisfied they don't 'change their minds'....

heltipp

killers1 wrote: »

Don't be worrying about things you can't control like the vendor pulling out etc... Until such time as someone tells you the sale is not going to happen you have nothing to worry about. If you have a loan offer from the bank and conditions satisfied they don't 'change their minds'....

thanks Killers and i know you are right but still can't belive i am actually getting my own home and until i get keys in my hand I will still imagine all the things that might go wrong. hopefully now it will only be another couple of weeks. praying that contracts come back signed next week and then at least we can drawdown mortgage. thanks for all the help and peace of mind

needahousenow!

we have finally chosen a house, put dwn deposit about 4 weeks ago, loan offer sent out to our solictor just yesterday , life insurance & house insurance all ready to roll......

i have one really important question,,,,,,, when should i expect to get my keys!! hahaha

We have the list of doc's ticked off and are meeting with our solictor tommorrow to present them. Valuer done and dusted, just waiting on surveyor to sent us the report for our own piece of mind.

have expressed to EA that were eager to have a 'quick sale' as FTB, can someone give me a best case, worst case sceneario here on whats next/time scale etc thanks a mil

xx

jay gatsby

Hey guys,

Wonderful thread here, thanks for all the info - just have a couple of questions myself if anyone has the time to take a look.

Myself and my girlfriend have been approved for 170,000 (letter of offer on way to solicitor) for renovations to a house (gift from my father).

1. Mortgage interest relief - if we make one drawdown in 2012 will we be entitled to mortgage interest relief on the entire amount for however long the relief lasts?

2. The house will be unoccupied and basically a building site during renovations - will we still require home insurance before first drawdown is made?

Thanks guys

killers1

jay gatsby wrote: »

Hey guys,

Wonderful thread here, thanks for all the info - just have a couple of questions myself if anyone has the time to take a look.

Myself and my girlfriend have been approved for 170,000 (letter of offer on way to solicitor) for renovations to a house (gift from my father).

1. Mortgage interest relief - if we make one drawdown in 2012 will we be entitled to mortgage interest relief on the entire amount for however long the relief lasts?

2. The house will be unoccupied and basically a building site during renovations - will we still require home insurance before first drawdown is made?

Thanks guys

Yes, you'll qualify for tax relief at source for as long as it lasts and you'll also need buildings insurance in the course of construction which is updated to a full home insurance policy when the property is completed.

killers1

needahousenow! wrote: »

we have finally chosen a house, put dwn deposit about 4 weeks ago, loan offer sent out to our solictor just yesterday , life insurance & house insurance all ready to roll......

i have one really important question,,,,,,, when should i expect to get my keys!! hahaha

We have the list of doc's ticked off and are meeting with our solictor tommorrow to present them. Valuer done and dusted, just waiting on surveyor to sent us the report for our own piece of mind.

have expressed to EA that were eager to have a 'quick sale' as FTB, can someone give me a best case, worst case sceneario here on whats next/time scale etc thanks a mil

xx

When your solicitor receives the contracts you'll have a better idea of the proposed closing date. With a willing vendor, purchaser and two efficient solicitors it can be done very quickly i.e a week or two... Worst case scenario the deal falls through for some reason (which I'm sure won't happen). Best of luck!

jay gatsby

killers1 wrote: »

Yes, you'll qualify for tax relief at source for as long as it lasts and you'll also need buildings insurance in the course of construction which is updated to a full home insurance policy when the property is completed.

Thanks Killers, much appreciated

ectoraige

We got word yesterday that our offer which was 87.5% of asking price was accepted! We're delighted, especially as we were willing to pay more for the property Of course now everybody is on holidays so will have to wait until Monday to get things rolling.

Felexicon

ectoraige wrote: »

We got word yesterday that our offer which was 87.5% of asking price was accepted! We're delighted, especially as we were willing to pay more for the property Of course now everybody is on holidays so will have to wait until Monday to get things rolling.

Congratulations!!!!!!! Best of luck with everything

Ferti

Hi all, did anybody buy house in Rathcoole from Peyton development or knows somebody who did?
Thanks

Reganovski

Is it normal for an estate agent to not accept a bid "Subject to a Structural Survey"?

We're thinking of bidding on a house but the EA said you must get a survey first. We've bid before on houses but always before getting a survey done.

It's a really old house that has been renovated in last few year so it'll have to be a thorough survey but that'll cost somewhere between €300-€500.
I am not going to fork out that sort of money without being certain I'm buying the house.

sarkozy

Silly question: what places has anyone bought big boxes and packing material for moving?

Last time, we had silly archive boxes for offices and they fell apart in seconds. I want proper removal man stuff.