Buying a house 2012

efb

Yeah

Felexicon

efb wrote: »

First night in my gaff last night! Bliss! Bit hungover now!

Thanks a mill guys best thread ever!!!

Boom!!!!!!!! Get the fúck in.

Really is worth the wait.

Best of luck and many years of happiness in the new house

leahyl

Congrats to those who have gotten their keys, I so wish it was me :-(

I put in my offer on the house last Thurs and agent rang me yesterday to say that i was the only offer so far but that the family were not prepared to accept my offer which is only 5k below asking price! So I told him to let me know if there were any more offers and I'd see then. I really like this house and want to get in before MIR ends but at the same time don't want the EA to know I'm so desperate you know.

Is there any chance at all that government could extend MIR?!!

320d

Has anyone on here know of someone that bought a house via a standard of privately agreed Rent-to-Buy scheme?

killers1

320d wrote: »

Has anyone on here know of someone that bought a house via a standard of privately agreed Rent-to-Buy scheme?

Yes, quite a few who have been through the whole process and completed the purchase. What do you want to know?

gomamochi1

dara.obriain wrote: »

would really appreciate it if anyone could recommend a surveyor and how much, the house is in North County Dublin and am in the middle of the process- any help appreciated.

Got a crowd in Dundalk to do a survey for a few houses we were interested in over the last few years. Very thourough and cheaper than the competition! Mcfaddan surveyors. Not connected in any way was just recommended them.

Glenbhoy

leahyl wrote: »

Congrats to those who have gotten their keys, I so wish it was me :-(

Is there any chance at all that government could extend MIR?!!

There have been a few rumblings that it will be extended, I pointed out on this thread or another similar that the MIR isn't actually worth that much to the average couple, on a 200K mortgage it's probably going to be worth about 2.2K per annum, therefore probably just about worth paying an extra 5K for, but I'd personally draw the line at 7k. If your mortgage is in excess of 200K, that changes the figures and may mean it's worth your while paying a bit more. Just make sure to do the calculations based on your own circumstances and don't be sucked into rubbish about average or maximum reliefs available.

leahyl

Glenbhoy wrote: »

There have been a few rumblings that it will be extended, I pointed out on this thread or another similar that the MIR isn't actually worth that much to the average couple, on a 200K mortgage it's probably going to be worth about 2.2K per annum, therefore probably just about worth paying an extra 5K for, but I'd personally draw the line at 7k. If your mortgage is in excess of 200K, that changes the figures and may mean it's worth your while paying a bit more. Just make sure to do the calculations based on your own circumstances and don't be sucked into rubbish about average or maximum reliefs available.

I'm not part of a couple though - I'm doing this on my own so it would make a huge difference to me. I really hope they extend it but at the same time I'm gonna act like it's not gonna happen and try get it over with before Christmas but don't know if it's possible at this stage :-(

Well it appears I've already missed it anyway. Where did this come from???!

http://www.irishexaminer.com/ireland/call-for-mortgage-interest-relief-to-be-extended-211308.html

This line: "Mortgage interest relief worth as much as €20,000 to new buyers is due to be abolished from Dec 31.

However, the deadline is effectively closer, with applications for interest relief required to be in by Oct 31, according to property website MyHome.ie.

The company says "we don’t think prospective buyers are aware of this effective deadline. Even if Government doesn’t extend the deadline, maybe they could change the system to say it covers those who get their applications in by Dec 31 — it would be a great help to prospective home buyers."

I thought I had until 31st December!! But it appears the deadline has already passed!!

efb

Well I applied for mine last night when I couldnt sleep!

leahyl

I'm really worried now That is false information so that MIR is up at the end of the year - it is in fact up now?! I did find this article though also which sounds positive -maybe Mr Noonan will go back on what he said...

http://www.independent.ie/national-news/noonan-told-to-extend-tax-relief-on-mortgages-3276751.html

L1011

leahyl wrote: »

I'm not part of a couple though - I'm doing this on my own so it would make a huge difference to me.

There's less MIR for a single purchaser to begin with... so not being in a couple should make it even less critical.

It'll be, at absolute most, 5k for me and that's assuming I don't increase the payments at all - which I probably will as I wanted a 15 year and the bank only offered me 20.

As goes the October 31st date - only that sole Examiner article mentions it, anywhere on the entire net. They may be confused with the self assessed income tax deadline, which *is* October 31st.

leahyl

MYOB wrote: »

There's less MIR for a single purchaser to begin with... so not being in a couple should make it even less critical.It'll be, at absolute most, 5k for me and that's assuming I don't increase the payments at all - which I probably will as I wanted a 15 year and the bank only offered me 20.

As goes the October 31st date - only that sole Examiner article mentions it, anywhere on the entire net. They may be confused with the self assessed income tax deadline, which *is* October 31st.

Ok but it would still make a huge difference to me - it's over 100e a month off my mortgage...so it's critical enough for me tbh

killers1

MYOB wrote: »

There's less MIR for a single purchaser to begin with... so not being in a couple should make it even less critical.

It'll be, at absolute most, 5k for me and that's assuming I don't increase the payments at all - which I probably will as I wanted a 15 year and the bank only offered me 20.

As goes the October 31st date - only that sole Examiner article mentions it, anywhere on the entire net. They may be confused with the self assessed income tax deadline, which *is* October 31st.

There's no 31st Oct deadline for TRS. A mortgage needs to drawdown in 2012 to qualify for relief. In reality you have until the banks stop issuing mortgage cheques before Christmas, anywhere between 15-20th Dec (as opposed to 31/12) as you won't find a solicitor working between Christmas & New Years to request a mortgage drawdown. Given the average timeframe to complete a mortgage is 8-10 weeks in the majority of cases it may be too late to qualify for TRS for people still at the bidding stage. It can be done in time but you need all the variables to go in your favour i.e a willing & organised seller, contracts in order, no survey issues, efficient solicitors etc

leahyl

killers1 wrote: »

There's no 31st Oct deadline for TRS. A mortgage needs to drawdown in 2012 to qualify for relief. In reality you have until the banks stop issuing mortgage cheques before Christmas, anywhere between 15-20th Dec (as opposed to 31/12) as you won't find a solicitor working between Christmas & New Years to request a mortgage drawdown. Given the average timeframe to complete a mortgage is 8-10 weeks in the majority of cases it may be too late to qualify for TRS for people still at the bidding stage. It can be done in time but you need all the variables to go in your favour i.e a willing & organised seller, contracts in order, no survey issues, efficient solicitors etc

Thanks Killers1 - yes I think it might be a huge race against time if I want things to go my way before Christmas. I'm still at the bidding stage so I'm just praying that Mr Noonan will find it in his heart to extend MIR:(:P

killers1

leahyl wrote: »

Thanks Killers1 - yes I think it might be a huge race against time if I want things to go my way before Christmas. I'm still at the bidding stage so I'm just praying that Mr Noonan will find it in his heart to extend MIR:(:P

Tbh I'd have more sympathy for people who have gone sale agreed and signed contracts and through no fault of their own the purchase drags into 2013 and they miss on relief they expected to avail of. At least you'll have the option of bidding lower in the New Year on the basis that TRS has been abolished and there may be vendors willing to accept lower offers if they think ftb's demand has decreased.

Lisa7

My husband and I have been trying to buy a house on one of the Aran islands as we want to move back there. We both have jobs in Galway (I'm a teacher and he is an SNA) and applied with the AIB back in May, 2012. We have paid 20,000 Euros deposit and are looking for 80,000 Euros. We had the house valued at 210,000 ( we had to have it revalued by one of 'their' named auctioneers which cost us another 250 Euros). Anyways we received a rejection on October 22nd (Application took from May to October ) after supplying them with everything except a blood donation. All I got was a phone call to say they wouldn't give it to us, not even a letter stating why? As we both get our wages deposited in AIB I'm not sure where to go from here??? We have paid our rent every month by direct debit from the AIB..going from 1200 down to present 700 euros every month for the last 4 1/2 years..We want to try and own something. Apparently having 6 kids is going against us....Anyone have any advise??

bazwaldo

Lisa7 wrote: »

My husband and I have been trying to buy a house on one of the Aran islands as we want to move back there. We both have jobs in Galway (I'm a teacher and he is an SNA) and applied with the AIB back in May, 2012. We have paid 20,000 Euros deposit and are looking for 80,000 Euros. We had the house valued at 210,000 ( we had to have it revalued by one of 'their' named auctioneers which cost us another 250 Euros). Anyways we received a rejection on October 22nd (Application took from May to October ) after supplying them with everything except a blood donation. All I got was a phone call to say they wouldn't give it to us, not even a letter stating why? As we both get our wages deposited in AIB I'm not sure where to go from here??? We have paid our rent every month by direct debit from the AIB..going from 1200 down to present 700 euros every month for the last 4 1/2 years..We want to try and own something. Apparently having 6 kids is going against us....Anyone have any advise??

Try a different bank. We found Ulster easier to deal with than AIB and took into account that we owned our current home whereas AIB didn't. Ulster added in expected rent from this property which meant our income would be higher and the mortgage they could provide higher too.

killers1

Lisa7 wrote: »

My husband and I have been trying to buy a house on one of the Aran islands as we want to move back there. We both have jobs in Galway (I'm a teacher and he is an SNA) and applied with the AIB back in May, 2012. We have paid 20,000 Euros deposit and are looking for 80,000 Euros. We had the house valued at 210,000 ( we had to have it revalued by one of 'their' named auctioneers which cost us another 250 Euros). Anyways we received a rejection on October 22nd (Application took from May to October ) after supplying them with everything except a blood donation. All I got was a phone call to say they wouldn't give it to us, not even a letter stating why? As we both get our wages deposited in AIB I'm not sure where to go from here??? We have paid our rent every month by direct debit from the AIB..going from 1200 down to present 700 euros every month for the last 4 1/2 years..We want to try and own something. Apparently having 6 kids is going against us....Anyone have any advise??

A couple of things on this one... You are entitled to a letter from AIB outlining the reasons you were declined under the new Consumer Protection Code. You need to write to them and ask them to provide this letter.

It's your 6 kids that I imagine are going against you here. AIB's policy is that a couple need €2,050pm to live off after the payment of any existing loans and the stressed mortgage repayment on the amount requested is factored in. They add €250 for every additional dependent so in your case you will need a disposable net monthly income of €3,550 after the stressed mortgage repayment (i.e. €80k @ 6% over max term you qualify for) is taken into account together with any existing loans. Other banks policy isn't quite as severe. It's hard to give you an indication without knowing more details but if you'd like to PM some further info I can point you in the right direction.

Lisa7

Thank you, have an appointment with Ulster Bank tomorrow so will see how this goes..Called AIB and they will give me a 'generic' letter.

320d

killers1 wrote: »

Yes, quite a few who have been through the whole process and completed the purchase. What do you want to know?

From looking at other threads the general feeling is to stay away from the rent to buy option. however I was wondering if a rent to buy option worked in favour of somone on here. Up to recently I was looking at place myself that is on the rental market buy would be an ideal suited for us to buy. I have found out since that is is currently not for sale but something may come available again.

Glenbhoy

leahyl wrote: »

Ok but it would still make a huge difference to me - it's over 100e a month off my mortgage...so it's critical enough for me tbh

Bear in mind that banks don't factor it in when stress testing etc. Also, if it's €1200 p.a that comes to about €6000 total savings. Don't pay more than 4K in order to close pre-christmas.

orlaanne

Really pissed off today, just found out from my solicitor that we still aren't exchanged because they were waiting on a list of contents. I nearly screamed "F*** the contents!" down the phone. We have people coming to sign the lease for our apartment we are assigning to them today and this still isn't done. I don't know who I'm more annoyed with, the estate agent for not sending the contents list or my solicitor for not being on top of things.

killers1

orlaanne wrote: »

Really pissed off today, just found out from my solicitor that we still aren't exchanged because they were waiting on a list of contents. I nearly screamed "F*** the contents!" down the phone. We have people coming to sign the lease for our apartment we are assigning to them today and this still isn't done. I don't know who I'm more annoyed with, the estate agent for not sending the contents list or my solicitor for not being on top of things.

Get onto your solicitor and arrange to have them faxed over ASAP. People need to remember they employ a solicitor to carry out their instructions so don't think twice about putting pressure on them.

killers1

320d wrote: »

From looking at other threads the general feeling is to stay away from the rent to buy option. however I was wondering if a rent to buy option worked in favour of somone on here. Up to recently I was looking at place myself that is on the rental market buy would be an ideal suited for us to buy. I have found out since that is is currently not for sale but something may come available again.

Have you tried approaching the owner/estate agent to see if they would be willing to sell it to you on a rent to buy basis?

FixYa

Hi guys,
I was very keen to buy a house and seller accepted my offer.
I suggested to do a structural survey to have an idea of what needs to be done in the house prior to giving deposit.
I knew that heating and windows need to be changed, however when I received survey report it also outlined that more things need to be repaired/modernized. eg. ventilation in the house, roof fascias and soffits need to be replaced and complete insulation to comply with modern standards.
This exceeds my budget that i expected to spend on renovation of this house.
I decided to pull out - but my concern is if I will get my deposit back and if there are any fees / charges if i pull out?
I did not formally signed any contracts yet.
Could you please advise?
Thanks

killers1

FixYa wrote: »

Hi guys,
I was very keen to buy a house and seller accepted my offer.
I suggested to do a structural survey to have an idea of what needs to be done in the house prior to giving deposit.
I knew that heating and windows need to be changed, however when I received survey report it also outlined that more things need to be repaired/modernized. eg. ventilation in the house, roof fascias and soffits need to be replaced and complete insulation to comply with modern standards.
This exceeds my budget that i expected to spend on renovation of this house.
I decided to pull out - but my concern is if I will get my deposit back and if there are any fees / charges if i pull out?
I did not formally signed any contracts yet.
Could you please advise?
Thanks

You will get your full deposit back and will only have lost the cost of the structural survey.

Thanos

So have finally gone sale agreed on a house. This is about the seventh one we have been bidding on and all have gone above the asking price, so i guess things have bottomed out in some areas (where we are/were looking) or people are trying to get in before the new year.

Now comes the harder part, getting the bank to part with its money :eek:

gmisk

You will get the full deposit back but it will take up to 14 working days I think.
(I am still waiting and its been 10 working days).

I went sale agreed on another house a few weeks back.
I was due to have a structural survey and valuation done this week but the sitting tennant has cancelled this and is making access in general impossible.
The current property owner is due to sit down with the tennant this weekend to discuss things.
I was really hoping to get things done and dusted before the end of the year, but the EA has also indicated that the current owner is reluctant to serve notice on the current tennant so I can gain a vacant possession on closing!
My solicitor has made it very clear to me that this is necessary to draw down my mortgage before the end of the year....bit of a nightmare.
The EA stated from the start that notice would only be served when contracts were signed...but surely if these are signed in next few weeks...the necessary notice period (30 days) would be enforced?

Twinkly

Hi all, I'm a long time follower of this thread and really appreciate all the advice and updates that have been shared.

I'm a first time buyer. I've put a booking deposit of €5k on a house in a new estate. It's due to be built by next may/June. Contracts are due to be signed late November/December and we will pay the remainder of the deposit (bringing the total deposit amount up to 10%).

In terms of the mortgage, we rolled over our sanction in principal in September so it is due to run out in December. Is this sanction in principal enough for signing contracts or is there anything else we need to do? I've rang AIB and they said that we should wait until January and submit a new application and we can't proceed to the loan offer stage until closer to may/June.

Does anybody have any experience with this or any advice they could share with me?

Greatly appreciated,

320d

killers1 wrote: »

Have you tried approaching the owner/estate agent to see if they would be willing to sell it to you on a rent to buy basis?

Not yet as we have only looked at one or two places so far but will take it into consideration when dealing going forward.

Thanks