Buying a house 2012

Verte11

That sounds like a reasonable plan. Thanks. So are you a mortgage broker then? You know your stuff

killers1

Verte11 wrote: »

That sounds like a reasonable plan. Thanks. So are you a mortgage broker then? You know your stuff

Thanks, I am indeed. People often debate should they go directly to the Bank's or use a broker... I'd like to think that I've answered that question. It's better to have someone fighting your corner who knows the process inside out when it comes to negotiating with the banks.

Verte11

Yes starting to regret not going down the broker route myself now

killers1

Verte11 wrote: »

Yes starting to regret not going down the broker route

You'll know the next time!!

Man007

Hi just received our loan pack yesterday the question I have is

Is this all the banks checks finished now as in credit checks and loan history or will they perform any more checks before drawing down the mortgage

killers1

Man007 wrote: »

Hi just received our loan pack yesterday the question I have is

Is this all the banks checks finished now as in credit checks and loan history or will they perform any more checks before drawing down the mortgage

All the Underwriting is finished at that stage and your loan has been passed to the completions Dept who simply mark off the conditions on the loan offer as they are received I.e legal docs, life cover, home ins, DD mandate and other special conditions specified. The bank have done their icb check prior to the loan offer being issued and won't do another one. There'll be no more further underwriting docs like bank statements, income docs etc required. Once you have a loan offer issued from a credit point of view you are done and dusted!

Zikiz

Hi,
I'm in a process of buying the house.
Received copy of folio from the solicitor and learned, that two storey extension at the back of the house and huge garage are missing from the map (just a little shed, instead of a 50sqm garage). Its this situation is normal or should I ask/demand seller to update the map? So that extension and a garage should be clearly seen on the map. Solicitor said that that's ok, we can go ahead and buy with no fear. But I mean, a whole building and two storey extension...just not on the map. I'm afraid, that once I buy like this, later I might have problem of selling it or even may receive and ordering from the authorities to demolish illegal constructions.

killers1

Zikiz wrote: »

Hi,
I'm in a process of buying the house.
Received copy of folio from the solicitor and learned, that two storey extension at the back of the house and huge garage are missing from the map (just a little shed, instead of a 50sqm garage). Its this situation is normal or should I ask/demand seller to update the map? So that extension and a garage should be clearly seen on the map. Solicitor said that that's ok, we can go ahead and buy with no fear. But I mean, a whole building and two storey extension...just not on the map. I'm afraid, that once I buy like this, later I might have problem of selling it or even may receive and ordering from the authorities to demolish illegal constructions.

So long as there was planning permission granted for the extensions and that your solicitor receives a copy of the PP and the Architects Cert of Compliance with the Deeds you have nothing to worry about in relation to the folio map (which can often be out of date). I'd be guided by your solicitor on this one and it sounds as though they are happy to allow you to proceed...

crunchiecarms

Hi guys,
Hope someone here can help me with this query. Just wondering about mortgage repayments for a couple who's salaries are significantly different by about €10,000. My husband earns more than I do, is there a calculation based on both of our salaries to work out how much of a repayment we both should make into the mortgage?
Like a few others here, we went sale agreed on 30th January and were due to move in TODAY, however following a chimney issue, for which we got a reduction in the sale agreed price, there was a delay then with the bank issuing the final letter of offer and the vendors apparently missed out on renting a house in March and told us that they house they would be moving to wouldnt be ready until 2nd April and with closing sale and Easter hols (for solicitors!!) they tried to have the moving date pushed back to 10th April. BUT needless to say they didnt mention any of this UNTIL we had signed the contracts and already given notice to our landlord. Landlord has our apartment rented to another couple from 1st April. He tried to have that changed but that couple had already given notice. So we pushed and got the date changed to Holy Saturday 7th April. So luckily we have a week more in the apartment but from Saturday week 31st March, we're out on our ear. We had to rent a self-storage place for a few weeks and we're now staying in a hotel for 4 nights before we move in!! So hope all that goes to plan and who knows as it's Holy Saturday we move in, we might be doubly blessed as opposed to moving on a Friday :-)

killers1

crunchiecarms wrote: »

Hi guys,
Hope someone here can help me with this query. Just wondering about mortgage repayments for a couple who's salaries are significantly different by about €10,000. My husband earns more than I do, is there a calculation based on both of our salaries to work out how much of a repayment we both should make into the mortgage?
:-)

If you have decided not to contribute equally to the mortgage repayment then the amount you each should pay will depend on your actual incomes. If you earn €40k and he earns €50k then he earns 20% more than you so should pay 60% of the mortgage repayment & you pay 40%. Alternatively if you earn €90k and he earns €100k, then he earns 10% more than you so then you should pay 45% of the repayment and he pay 55%...etc etc...Hope you get your keys before the hotel bills start to clock up too much....

Verte11

Hope it all goes okay.'tis a stressful time

ted1

killers1 wrote: »

crunchiecarms wrote: »

Hi guys,
Hope someone here can help me with this query. Just wondering about mortgage repayments for a couple who's salaries are significantly different by about €10,000. My husband earns more than I do, is there a calculation based on both of our salaries to work out how much of a repayment we both should make into the mortgage?
:-)

If you have decided not to contribute equally to the mortgage repayment then the amount you each should pay will depend on your actual incomes. If you earn €40k and he earns €50k then he earns 20% more than you so should pay 60% of the mortgage repayment & you pay 40%. Alternatively if you earn €90k and he earns €100k, then he earns 10% more than you so then you should pay 45% of the repayment and he pay 55%...etc etc...Hope you get your keys before the hotel bills start to clock up too much....

Some dodgy maths there. If he earns 20% more and they split it 60 40 well then he is paying 50% more not 20%. Also because of tax there tax home pay will have a smaller difference.

55 45 is the split..
Based on 50k and 40k the maths is.
100/90*50 and 100/90*40

killers1

ted1 wrote: »

killers1 wrote: »

crunchiecarms wrote: »

Hi guys,
Hope someone here can help me with this query. Just wondering about mortgage repayments for a couple who's salaries are significantly different by about €10,000. My husband earns more than I do, is there a calculation based on both of our salaries to work out how much of a repayment we both should make into the mortgage?
:-)

If you have decided not to contribute equally to the mortgage repayment then the amount you each should pay will depend on your actual incomes. If you earn €40k and he earns €50k then he earns 20% more than you so should pay 60% of the mortgage repayment & you pay 40%. Alternatively if you earn €90k and he earns €100k, then he earns 10% more than you so then you should pay 45% of the repayment and he pay 55%...etc etc...Hope you get your keys before the hotel bills start to clock up too much....

Some dodgy maths there. If he earns 20% more and they split it 60 40 well then he is paying 50% more not 20%. Also because of tax there tax home pay will have a smaller difference.

55 45 is the split..
Based on 50k and 40k the maths is.
100/90*50 and 100/90*40

Apologies - my logic was correct my figures were off!!

Yeboah

Hi,just got word that my Mortgage loan offer has issued and will be with my broker tomorrow. Myself and my partner hust had to sign a health Dec etc for the life assurance as have been through this all not so long ago only for the prvious house to fall through. Just wondering once we sign the DD mandate and other forms in the loan pack how long would it roughly take till completion and move into house (house is vacant).. As far as im aware most other factors have been taken care of, House was kind of bought backwards because of previous house falling through ie solicitor has contracts etc. and vendors solicitor is next door which is handy. This was the last step we needed.

killers1

Yeboah wrote: »

Hi,just got word that my Mortgage loan offer has issued and will be with my broker tomorrow. Myself and my partner hust had to sign a health Dec etc for the life assurance as have been through this all not so long ago only for the prvious house to fall through. Just wondering once we sign the DD mandate and other forms in the loan pack how long would it roughly take till completion and move into house (house is vacant).. As far as im aware most other factors have been taken care of, House was kind of bought backwards because of previous house falling through ie solicitor has contracts etc. and vendors solicitor is next door which is handy. This was the last step we needed.

If you broker is due to receive copy of loan offer tomorrow the solicitor will also receive the loan pack. This will then allow you to sign contracts once your solicitor is happy with them and seeing as they have had them for a while I presume they have raised all pre-contract enquiries with the vendors solicitor. Your life policy can be activated and sent to the bank and your home insurance set up quickly. How long it will take will depend on the vendor & their solicitor. If they want it done asap no reason why you wouldn't have keys within 2 weeks..but then again it depends on having a willing buyer/vendor & 2 efficient solicitors looking to bring it to a close asap..

Yeboah

killers1 wrote: »

If you broker is due to receive copy of loan offer tomorrow the solicitor will also receive the loan pack. This will then allow you to sign contracts once your solicitor is happy with them and seeing as they have had them for a while I presume they have raised all pre-contract enquiries with the vendors solicitor. Your life policy can be activated and sent to the bank and your home insurance set up quickly. How long it will take will depend on the vendor & their solicitor. If they want it done asap no reason why you wouldn't have keys within 2 weeks..but then again it depends on having a willing buyer/vendor & 2 efficient solicitors looking to bring it to a close asap..

Thanks very much, yeah the vendor is very keen to sell as he has moved to France and wants a fast completion just as much as me. Hopefully there is no issues like planning like the preious property and the fact the two solicitors are next door to each other should get us on our way. Just hoping for no more hiccups. Nervous times

killers1

Yeboah wrote: »

Thanks very much, yeah the vendor is very keen to sell as he has moved to France and wants a fast completion just as much as me. Hopefully there is no issues like planning like the preious property and the fact the two solicitors are next door to each other should get us on our way. Just hoping for no more hiccups. Nervous times

No point in stressing about the parts you can't control. Just make sure that all the non-legal items are in place so your solicitor can drawdown the funds in due course. You could put a call in to your solicitor to see if they are happy with the contracts or have any queries yet to be answered by the vendors solicitor. This will let you know if there are any planning issues etc with a question mark over them.... Once your solicitor says they are happy for you to sign contracts and any queries have been addressed by the vendors it should be fairly plain sailing...best of luck!

Yeboah

killers1 wrote: »

No point in stressing about the parts you can't control. Just make sure that all the non-legal items are in place so your solicitor can drawdown the funds in due course. You could put a call in to your solicitor to see if they are happy with the contracts or have any queries yet to be answered by the vendors solicitor. This will let you know if there are any planning issues etc with a question mark over them.... Once your solicitor says they are happy for you to sign contracts and any queries have been addressed by the vendors it should be fairly plain sailing...best of luck!

Thanks again Killers1..Yeah i sent email to solicitor at lunch there (what did we do before smartphones) just to see if everything is A Ok with contracts, title etc. Hopefully will all work out.. thanks for your help

killers1

Yeboah wrote: »

killers1 wrote: »

No point in stressing about the parts you can't control. Just make sure that all the non-legal items are in place so your solicitor can drawdown the funds in due course. You could put a call in to your solicitor to see if they are happy with the contracts or have any queries yet to be answered by the vendors solicitor. This will let you know if there are any planning issues etc with a question mark over them.... Once your solicitor says they are happy for you to sign contracts and any queries have been addressed by the vendors it should be fairly plain sailing...best of luck!

Thanks again Killers1..Yeah i sent email to solicitor at lunch there (what did we do before smartphones) just to see if everything is A Ok with contracts, title etc. Hopefully will all work out.. thanks for your help

No problem at all, hopefully your solicitor comes back to say all is in order! The contracts usually specify a preferred closing date but if both parties are willing and able this date be brought forward. Any other queries feel free to ask...

Sala

I am hoping to join the First Time Buyers 2012 club!!

Have my eye on a house, perfect location, perfect house, not so perfect price! There is an offer in of 21% below asking. We can go up to 15% under asking so here's hoping. Getting all the paper work in to the bank asap. So all things going well I'll get it by the summer, otherwise it'll be a case of sit and wait for the next one that fits the bill

nemo32

Sala wrote: »

I am hoping to join the First Time Buyers 2012 club!!

Have my eye on a house, perfect location, perfect house, not so perfect price! There is an offer in of 21% below asking. We can go up to 15% under asking so here's hoping. Getting all the paper work in to the bank asap. So all things going well I'll get it by the summer, otherwise it'll be a case of sit and wait for the next one that fits the bill

Fingers crossed all goes well Sala and you'll be in the gang. If it's meant for you it won't pass you by

nemo32

Hi All,

Can anyone tell me if I need to wait for the electricity to be turned back on in the property before I get the survey done? Will he even check the heating and electricity?
Thanks in advance

Afehogan

I'm getting all the necessary paperwork together at the moment for mortgage application. Applying in a bank that I don't have an account in so trying to get statements together. I get a yearly statement so is it acceptable to print off the statements from online banking rather than be charged a crazy fee for bank of Ireland statements!

helbelle

hi there. first time posting on this and need some advice ASAP please.i have a deposit down on a property and things are in progress with the solictors. I am a first time buyer. My dad has worked in construction for 40 years and i appreciate and am guided by his advice. Instead of getting a quantity surveyor to survey the property my dad and myself saw the property again today, looked at everything including the attic.There is a small crack in the ceiling upstairs which extends from the bedroom out to the landing. My dad says it is only cosmetic and he will be able to repair it.He said it will be time consuming however as it is a stippled ceiling and the whole ceiling will need to be repaired and i should make this known to the vendors so that i can get a reduction. Should i get a quantity surveyor to review the property and does anyone know how much they cost?

killers1

helbelle wrote: »

hi there. first time posting on this and need some advice ASAP please.i have a deposit down on a property and things are in progress with the solictors. I am a first time buyer. My dad has worked in construction for 40 years and i appreciate and am guided by his advice. Instead of getting a quantity surveyor to survey the property my dad and myself saw the property again today, looked at everything including the attic.There is a small crack in the ceiling upstairs which extends from the bedroom out to the landing. My dad says it is only cosmetic and he will be able to repair it.He said it will be time consuming however as it is a stippled ceiling and the whole ceiling will need to be repaired and i should make this known to the vendors so that i can get a reduction. Should i get a quantity surveyor to review the property and does anyone know how much they cost?

I think you should get a survey done particularly if its going to be costly to repair & you intend to use this issue as a tool to renegotiate the purchase price. The vendor & estate agent will pay more attention to a detailed survey from a suitably qualified professional as opposed to a note from Dad. A survey will cost around €300 incl VAT. Make sure you use a reputable firm though as there are a lot of cowboys out there...

killers1

Afehogan wrote: »

I'm getting all the necessary paperwork together at the moment for mortgage application. Applying in a bank that I don't have an account in so trying to get statements together. I get a yearly statement so is it acceptable to print off the statements from online banking rather than be charged a crazy fee for bank of Ireland statements!

BOI's internet statements won't be accepted unfortunately...

killers1

nemo32 wrote: »

Hi All,

Can anyone tell me if I need to wait for the electricity to be turned back on in the property before I get the survey done? Will he even check the heating and electricity?
Thanks in advance

Surveyors will usually check the electricity & heating or at the least will recommend in their report that your solicitor requests a service history of the boiler or if there's not one available that owners pay for service prior to completion. You don't need to wait to have the survey done but should make sure you/surveyor gain access to the property again prior to closing to ensure they are working properly..

blueturnip

I sent off my MIP application last week to the bank. How long will it take for them to give me an answer?

Do they send out a letter or do they ring?

I am going with AIB.

killers1

blueturnip wrote: »

I sent off my MIP application last week to the bank. How long will it take for them to give me an answer?

Do they send out a letter or do they ring?

I am going with AIB.

They are taking around 2 weeks...if you applied directly not sure how they respond to you, probably in writing. You can always ring them 9/10 days after you sent it in to see if there is a decision back if you're anxious to hear as soon as possible..

blueturnip

killers1 wrote: »

They are taking around 2 weeks...if you applied directly not sure how they respond to you, probably in writing. You can always ring them 9/10 days after you sent it in to see if there is a decision back if you're anxious to hear as soon as possible..

Thanks Killers!!

I'm not sure I am anxious, it will make it all real! Just curious as to normal time frames.