Buying a house 2012

Roxee

Contracts signed - thank jaysus. Now we wait....

paddylonglegs

Roxee wrote: »

Contracts signed - thank jaysus. Now we wait....

Well done. does anyone know how long it takes generally from when contracts are signed to when you get the keys? We are close to signing contracts once a few quibbles are tied up.


Thanks

Felexicon

paddylonglegs wrote: »

Well done. does anyone know how long it takes generally from when contracts are signed to when you get the keys? We are close to signing contracts once a few quibbles are tied up.


Thanks

We signed contracts 2 weeks ago and there is a closing date of the 24th of this month. It just depends how long the vendors need to get out.

Roxee

paddylonglegs wrote: »

Well done. does anyone know how long it takes generally from when contracts are signed to when you get the keys? We are close to signing contracts once a few quibbles are tied up.


Thanks

Wish I knew - mine is a probate sale and the vendor is still waiting on something to come through in relation to that, so I've no closing date yet. No panic on me though, so I'm happy to wait.

folan

frebel wrote: »

Not so sure about this "Trust no agent approach" ...

Got into a bidding war over a house that would have come furnished and would have been the most literally turnkey property I have seen with everything I could have wanted - amazing light, room, flow from room to room etc

bidding led us from an initial offer of guide price - 25k to guide price + 18k. Thought had crossed my mind on more that one occasion that the EA was codding me but I had been very reserved in any dealings with him.

My last offer was 10k over my budget (but would have saved considerably on furniture and fittings as all the things I would like to add over the years were in situ already - wiring, ethernet, speakers etc)

I really loved the property but didn't want to be in a situation where I would have to take on tenants in the future..

Neither,did I want to walk away from a dream property thinking I could have offered/ done more

Now, I have no regrets as I went as far as I wanted to go

Think you need to find that balance between what you're comfortable paying for the next 30 years and getting the type of property that you want to spend the rest of your life in (whether you actually will or not)

Is it better to buy a house under budget that will never feel like home?

i understand entirely what you mean. What im saying though, is that i cant afford to go so high. especially when i dont feel a house is worth it. (by the way, it almost sounds like we were bidding on the same place if it wasnt for the fully furnished part. furnishings are already added into my budget though, and if there had been more than just the kitchen then i would have gone higher).

i agree, it wont be better to buy under budget if it will never feel like home.

Home is where i will make it. im picky because it will be my home. And hopefully my childrens home. And with that in mind, i dont want to pay over the odds for it. i want to be comfortable. i will not be bullied by other buyers or the removal of tax relief to change this.

As you have no regrets, neither do I, as I went as far as I was willing to go. Someone else was willing to go higher. And for that, I wish them all the best. But it wasnt for me. it wasnt that good a fit. i would have made it home, but would i regret the extra monthly payments of maybe 100 a month? very probably.

Marcusm

paddylonglegs wrote: »

Well done. does anyone know how long it takes generally from when contracts are signed to when you get the keys? We are close to signing contracts once a few quibbles are tied up.


Thanks

It depends on the circumstances although you should try and sort out a losing date before exchanging. On my last property purchase, the gaps was around 1 hour. Long enough to drive from one solicitors having signed o the other to collect the keys.

frebel

leahyl wrote: »

You're def right about there being loads of houses where a lot of people just don't want to live. I was born and raised in Cork City so I'm not moving out to Watergrasshill just cos there are good value houses there. I want to be near town but it's very hard to find a 3 bed semi in a good area in good condition for a reasonable price in today's market (in Cork I mean)

I'm starting to get worried now cos I'm looking at daft everyday and barely anything new is coming on the market :-(

Yeah, reckon the best/ only value in Cork city right now is in the burbs, north-side or fixer-uppers on the south-side

frebel

folan wrote: »

i understand entirely what you mean. What im saying though, is that i cant afford to go so high. especially when i dont feel a house is worth it. (by the way, it almost sounds like we were bidding on the same place if it wasnt for the fully furnished part. furnishings are already added into my budget though, and if there had been more than just the kitchen then i would have gone higher).

i agree, it wont be better to buy under budget if it will never feel like home.

Home is where i will make it. im picky because it will be my home. And hopefully my childrens home. And with that in mind, i dont want to pay over the odds for it. i want to be comfortable. i will not be bullied by other buyers or the removal of tax relief to change this.

As you have no regrets, neither do I, as I went as far as I was willing to go. Someone else was willing to go higher. And for that, I wish them all the best. But it wasnt for me. it wasnt that good a fit. i would have made it home, but would i regret the extra monthly payments of maybe 100 a month? very probably.

Yeah, think we are more or less saying the same thing.... no regrets whether you take or leave a house...

Interesting about you saying the house was "not that good a fit"... Sometimes it takes me about 10 seconds after viewing a house before I know if a place doesn't 'fit'...big build up thinking about a place and viewing is pretty much over before it starts

Whole thing can be so disappointing ... viewing all these houses, losing out on the one house I do like, seeing great houses in places I don't want to live, years of renting/ saving, mortgage relief going next year...(woe is me and my middle class problems)

Realise a house is a long-term decision but I'm not going to get any readier to buy - maybe I'm thinking too short-term and of the mortgage relief going but can't see any more really nice houses coming on to market I'm looking for

brop

Went sale agreed on a house over a month ago and put in for loan offer straight away, we had AIP, just think its worth telling people that the banks have slowed up considerably on making decisions, it took almost a full month to get our loan offer that was from Aib. Can anybody recommend the average price for a structural survey?

Ritchi

brop wrote: »

Went sale agreed on a house over a month ago and put in for loan offer straight away, we had AIP, just think its worth telling people that the banks have slowed up considerably on making decisions, it took almost a full month to get our loan offer that was from Aib. Can anybody recommend the average price for a structural survey?

Just out of interest, how long did it take you to get AIP, and was it long ago(as in did they have to redo all your figures)?

_electrolyte

brop wrote: »

Went sale agreed on a house over a month ago and put in for loan offer straight away, we had AIP, just think its worth telling people that the banks have slowed up considerably on making decisions, it took almost a full month to get our loan offer that was from Aib. Can anybody recommend the average price for a structural survey?

I got a structural survey done for €250 (also quoted €275 by another surveyor). Very happy with the detail in the report. I can send you details if you PM me.

Don't forget you'll need about €120 - €150 for the bank valuation as well.

Also should say BOI got back to me within a week of mortgage app. AIB still processing as I have to send on original copies of statements, etc.

L1011

BOI gave me an offer letter within about 5 days of receiving my signature on the ICB search form - but have now taken 8 days so far to reprint it with the address of a near identical house, that they've valued, the other side of the town... Looking for the exact same sum for the exact same value at that.

brop

Ritchi wrote: »

brop wrote: »

Went sale agreed on a house over a month ago and put in for loan offer straight away, we had AIP, just think its worth telling people that the banks have slowed up considerably on making decisions, it took almost a full month to get our loan offer that was from Aib. Can anybody recommend the average price for a structural survey?

Just out of interest, how long did it take you to get AIP, and was it long ago(as in did they have to redo all your figures)?

Our broker had AIP in a matter of a few days for us, we applied for loan offer almost straight after the only difference was the hike in interest rates from wen we got AIP so that changed our figures slightly!

heltipp

we finally got word that bank are realising funds and they should be with my solcitor tomorrow.....

Just a word to those who are starting out, a lot of things can go wrong. we signed our contracts in July are its only now we are getting keys, about six weeks later. It took over two weeks for funds to issue, as bank had issues with signatures not looking the same, silly things.

Nearly there now thank god :-)

Killers... question for you. as well as purchase price for house of 90,000 we got an extra 25000 to do works to house from bank. so our mortgage is 90% of 115000. On the loan offer it said extra funds can be drawn on invoices and the balance of 10,000 to paid on a final valuation. Have you dealt with anything like this before, is there anything i need to watch out for or be worried about. We are using the one builder for everything so i am presuming its just a matter of giving him the invoices and hope they just pay them without any hassle. I have asked the guy in my branch but as usual he is kinda unsure of how it will work.

DrBass

BOI called me today and said they where sending out a letter of offer - as a FTB last week we were offered 4% VR, however I was told today that the VR was now 4.5% - Am i right in thinking that im not imagining the warning bells going off in my head

sparrowcar

Sale agreed last Friday and paid the booking deposit that day. Bank valuer coming out this week. Jeez it's nervous/stressfull times until you get the keys in your hand.

Fingers crossed there is no hitches.

killers1

DrBass wrote: »

BOI called me today and said they where sending out a letter of offer - as a FTB last week we were offered 4% VR, however I was told today that the VR was now 4.5% - Am i right in thinking that im not imagining the warning bells going off in my head

You're just unfortunate that the timing of your loan offer coincided with a rate increase

killers1

heltipp wrote: »

Killers... question for you. as well as purchase price for house of 90,000 we got an extra 25000 to do works to house from bank. so our mortgage is 90% of 115000. On the loan offer it said extra funds can be drawn on invoices and the balance of 10,000 to paid on a final valuation. Have you dealt with anything like this before, is there anything i need to watch out for or be worried about. We are using the one builder for everything so i am presuming its just a matter of giving him the invoices and hope they just pay them without any hassle. I have asked the guy in my branch but as usual he is kinda unsure of how it will work.

It's fairly straightforward. The bank will give you 90% of the contract price to buy the house initially. Then as the work is done the builder gives you the invoices and you pass them to the bank or your solicitor. Check with ulster bank whether they want your solicitor to request the additional funds each time. As soon as the work is completed the bank hold back €10k until the original Valuer has been back to the property to confirm the proposed works have been completed and the value on completion is the same as his original report. Just don't leave it too long to get the work done and you'll have no problems. Apply for your TRS on the full loan amount and not just the initial drawdown.

jill112

Hi! newbie here! V interesting thread!!!

Myself and OP are looking to buy next year, the property we are buying is €60K worth about €90,000, its a family property so we are getting a great deal!! We are currently paying €400 in rent per month and saving €750, he is working fulltime and is permanent and i am working part time, well 4 days a week! we are waiting a few months to try and build up some more savings and pay rent by DD as we were paying cash and we were told by a mortgage broker it would be better if paid by DD. No loans! i have savings of €15K but they are in a deposit a/c and not maturing until Dec 2013. My question is about credit rating!!! I received mine a few days back and was clear! partner is due his over the coming days and i dont think it is going to be good at all!! anyway after all that my question is how strict are they on credit rating???

Funnyonion79

Ok so finally, we should be closing tomorrow evening and getting the keys!!!!!

I'm still holding my breath though until I actually have those keys in my hand - after all the drama that has gone before.

We got our initial loan approval from BOI on 19th April.
We put down a booking deposit on the house we wanted on 19th May.
After lots of to-ing and fro-ing with BOI on up-to-date statements, queries on the info we initially submitted, we finally got our official loan offer on 11th July.
The vendors hadn't sorted their negative equity out so this delayed everything but contracts were signed by us on 17th August.
The loan cheque was issued by BOI last week and lodged yesterday (4th Sept) by our solicitor.
Due to close tomorrow - 6th September and will be moving in this Saturday!

Keep your fingers crossed - thanks to Killers for all your advice and help!

killers1

Funnyonion79 wrote: »

Ok so finally, we should be closing tomorrow evening and getting the keys!!!!!

I'm still holding my breath though until I actually have those keys in my hand - after all the drama that has gone before.

We got our initial loan approval from BOI on 19th April.
We put down a booking deposit on the house we wanted on 19th May.
After lots of to-ing and fro-ing with BOI on up-to-date statements, queries on the info we initially submitted, we finally got our official loan offer on 11th July.
The vendors hadn't sorted their negative equity out so this delayed everything but contracts were signed by us on 17th August.
The loan cheque was issued by BOI last week and lodged yesterday (4th Sept) by our solicitor.
Due to close tomorrow - 6th September and will be moving in this Saturday!

Keep your fingers crossed - thanks to Killers for all your advice and help!

No problem at all! Best of luck with your closing & the move!!

heltipp

killers1 wrote: »

It's fairly straightforward. The bank will give you 90% of the contract price to buy the house initially. Then as the work is done the builder gives you the invoices and you pass them to the bank or your solicitor. Check with ulster bank whether they want your solicitor to request the additional funds each time. As soon as the work is completed the bank hold back €10k until the original Valuer has been back to the property to confirm the proposed works have been completed and the value on completion is the same as his original report. Just don't leave it too long to get the work done and you'll have no problems. Apply for your TRS on the full loan amount and not just the initial drawdown.

Great thanks a million, just wanted to make sure. We are starting work next week so time shouldnt be a problem. Thank you so much for all your help on this tread its been great and really helped keep me calm. Thanks again.

efb

Love this thread- contract received so sol is just looking for the usual paperwork off vendors

killers1

heltipp wrote: »

killers1 wrote: »

It's fairly straightforward. The bank will give you 90% of the contract price to buy the house initially. Then as the work is done the builder gives you the invoices and you pass them to the bank or your solicitor. Check with ulster bank whether they want your solicitor to request the additional funds each time. As soon as the work is completed the bank hold back €10k until the original Valuer has been back to the property to confirm the proposed works have been completed and the value on completion is the same as his original report. Just don't leave it too long to get the work done and you'll have no problems. Apply for your TRS on the full loan amount and not just the initial drawdown.

Great thanks a million, just wanted to make sure. We are starting work next week so time shouldnt be a problem. Thank you so much for all your help on this tread its been great and really helped keep me calm. Thanks again.

No problem at all! Best of luck with your renovations and the move!!

smurfette2212

Newbie here (been lurking on these pages picking up very useful information, but now have a question of my own!)

We are hoping to buy a house, and have pre-approval already. We made an offer which was accepted by the vendor, and was then accepted today by the vendor's bank. The vendor's solicitor is in the process of writing up contracts too.

Since we have never done this before, I'm now at a bit of a loss. The lovely woman in the bank said that as soon as we had an offer accepted, to get back to them. However, since I have no clue how long the vendor's solicitor could take, I don't want to be too eager! I'm just not sure at all what order we need to do things in. Plus, I know we'll have to get the property assessment thingy (the proper name has escaped me), but if the whole thing could still take an age, I presume there is no point to do that yet either.

Sorry that this is a bit rambling, but this process feels like it has been going on for an age, and now that it finally seems like thing might be moving in the right direction, I feel completely lost.

I'd really appreciate any advice!

Roxee

Smurfette - next up you need two things - bank valuation and a structural survey for your own benefit.

Get a list of registered valuers from the bank, pick one near you, and put them in contact with the estate agent to arrange a time to visit and value/assess property.

Then similarly, find a strutural engineer who will assess property for you and produce a report indicating problem areas. You might want to ask for reduction in price based on this report.


Other bits to come later but those are the things to get cracking on asap

killers1

smurfette2212 wrote: »

Newbie here (been lurking on these pages picking up very useful information, but now have a question of my own!)

We are hoping to buy a house, and have pre-approval already. We made an offer which was accepted by the vendor, and was then accepted today by the vendor's bank. The vendor's solicitor is in the process of writing up contracts too.

Since we have never done this before, I'm now at a bit of a loss. The lovely woman in the bank said that as soon as we had an offer accepted, to get back to them. However, since I have no clue how long the vendor's solicitor could take, I don't want to be too eager! I'm just not sure at all what order we need to do things in. Plus, I know we'll have to get the property assessment thingy (the proper name has escaped me), but if the whole thing could still take an age, I presume there is no point to do that yet either.

Sorry that this is a bit rambling, but this process feels like it has been going on for an age, and now that it finally seems like thing might be moving in the right direction, I feel completely lost.

I'd really appreciate any advice!

If the vendors solicitor is drawing up contracts and they have received approval from their bank to sell the property things can probably move quite quickly if all parties want them to. I don't understand how you don't want to appear 'too eager' in going back to the bank when you have already agreed the purchase price for the property? The next steps are as follows;

1. Give the bank the property address and arrange for a Bank's Panel Valuer to carry out the inspection on behalf of the bank.
2. Comply with any conditions noted on your Approval In Principle required for the loan offer (the 'lovely' lady in the bank will talk you through these)
Decide on the banks product/rate & term you want to borrow over and these details will be printed on the loan offer which is sent to your solicitor to allow you to sign contracts.
3. Get your life cover underwritten, accepted and ready to be put into force in due course. This should be accepted prior to signing contracts because in the event you can't get life cover on medical grounds the bank would be within their rights to withdraw your loan offer.
4. Organise a structural survey of the property

Once you have tended to the above the loan offer will be issued to your solicitor. You are then in a position to sign the contracts once you are satisfied with the results of the structural survey. At that stage organise the home ins having the property insured for the amount specified by the Valuer in their report for the bank. You then sign a DD Mandate for the bank (or can do this well beforehand). Once a closing date has been agreed activate your life cover and home ins prior to this and send to the bank. These will be all the closing conditions complied with unless there are any specified in your loan offer outside of the norm. Your solicitor sends the signed loan offer acceptance, their undertaking & cheque request to the bank and asks for funds to be credited to their account the day before closing. On the closing date your solicitor exchanges the funds for vacant possession of the property and you get your keys....

smurfette2212

killers1 wrote: »

If the vendors solicitor is drawing up contracts and they have received approval from their bank to sell the property things can probably move quite quickly if all parties want them to. I don't understand how you don't want to appear 'too eager' in going back to the bank when you have already agreed the purchase price for the property? The next steps are as follows;

1. Give the bank the property address and arrange for a Bank's Panel Valuer to carry out the inspection on behalf of the bank.
2. Comply with any conditions noted on your Approval In Principle required for the loan offer (the 'lovely' lady in the bank will talk you through these)
Decide on the banks product/rate & term you want to borrow over and these details will be printed on the loan offer which is sent to your solicitor to allow you to sign contracts.
3. Get your life cover underwritten, accepted and ready to be put into force in due course. This should be accepted prior to signing contracts because in the event you can't get life cover on medical grounds the bank would be within their rights to withdraw your loan offer.
4. Organise a structural survey of the property

Once you have tended to the above the loan offer will be issued to your solicitor. You are then in a position to sign the contracts once you are satisfied with the results of the structural survey. At that stage organise the home ins having the property insured for the amount specified by the Valuer in their report for the bank. You then sign a DD Mandate for the bank (or can do this well beforehand). Once a closing date has been agreed activate your life cover and home ins prior to this and send to the bank. These will be all the closing conditions complied with unless there are any specified in your loan offer outside of the norm. Your solicitor sends the signed loan offer acceptance, their undertaking & cheque request to the bank and asks for funds to be credited to their account the day before closing. On the closing date your solicitor exchanges the funds for vacant possession of the property and you get your keys....

Wow! Thanks so much - that makes it all seem so straightforward. Sorry, "too eager" was a bad choice of phrase. I think I really meant that I didn't want to rush to the bank if there are things we need to sort out beforehand.

smurfette2212

Roxee wrote: »

Smurfette - next up you need two things - bank valuation and a structural survey for your own benefit.

Get a list of registered valuers from the bank, pick one near you, and put them in contact with the estate agent to arrange a time to visit and value/assess property.

Then similarly, find a strutural engineer who will assess property for you and produce a report indicating problem areas. You might want to ask for reduction in price based on this report.


Other bits to come later but those are the things to get cracking on asap

Great - thanks! I can collect a copy of the bank's approved list tomorrow,
so then can get started with that!

dublin8681

Quick question ..... I am planning on buying a new build.... have been told obviously need the valuation done and the snag list would anyone recommend getting a structural survey done aswell or is it needed considering the other two are been done?