Buying a house 2012

killers1

PaddyCar wrote: »

ok so i moved into my new house before Christmas and i am delighted with is so far. Just wondering what happens next? Is there a land registry process to go through regarding deeds, maps etc???? Should my solicitor be working away on this?

Just sit back and wait for a phonecall from your lender in 25/30 yrs time to say your mortgage has been repaid and you can collect the deeds.... J

Seriously though, your Solictor looks after registrations etc and perfecting the banks security. Once that process is complete they send the Title Deeds to your lender to be retained until the mortgage has been repaid.

1st Time Buyers

Hey Guys
Quick question. I have put down my booking deposit the middle of january, how long does this hold the house for us? Estate agents didnt say...

Lenny

1st Time Buyers wrote: »

Hey Guys
Quick question. I have put down my booking deposit the middle of january, how long does this hold the house for us? Estate agents didnt say...

it holds it until you complete the sale unless you or the vendor pulls out.

shaniec

How much in general do you have to pay an estate agent for a booking deposit? Does it depend on the value of the house ie 275000?

Lenny

Anything from 3 to 5k would be reasonable. It comes off the deposit of the purchase anyway

Lenny

I'd also like to say that I got my TRS already. I took the loan out in December ad bought the house in January. Applied for TRS in January and my Feb mortgage came out and relief got put back in :-)

killers1

Lenny wrote: »

I'd also like to say that I got my TRS already. I took the loan out in December ad bought the house in January. Applied for TRS in January and my Feb mortgage came out and relief got put back in :-)

That was quick!

orlaanne

That is quick! We took out our mortgage in mid November, applied in mid December and it was applied to our February payment last week.

PaddyCar

I drewdown mortgage on 21st December and due to make first repayment on 21st February. Am i right in thinking that i apply for TRS after this date? Where do i do this? ta

Citizenpain

PaddyCar wrote: »

I drewdown mortgage on 21st December and due to make first repayment on 21st February. Am i right in thinking that i apply for TRS after this date? Where do i do this? ta

All here.....
http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html

killers1

PaddyCar wrote: »

I drewdown mortgage on 21st December and due to make first repayment on 21st February. Am i right in thinking that i apply for TRS after this date? Where do i do this? ta

You can also apply for it now and do not need to wait for the first repayment to go through.

tommyh1977

orlaanne wrote: »

That is quick! We took out our mortgage in mid November, applied in mid December and it was applied to our February payment last week.

Just enquiring do Revenue notify you when processed as our Mortgage is with local authority and payments are via standing order instead of D/ Debit. The standing order amount would have to be ammended by ourselves.

killers1

tommyh1977 wrote: »

Just enquiring do Revenue notify you when processed as our Mortgage is with local authority and payments are via standing order instead of D/ Debit. The standing order amount would have to be ammended by ourselves.

Revenue should contact your local authority to tell them how much to reduce the repayment by and they in turn should tell you how much to amend your S/O by accordingly.

thewing

Does anyone know the impact of having a kid has on your mortgage qualifying criteria? Is it €250 per monthly repayment? is there any other impact?

ErnieElly

Lenny wrote: »

I'd also like to say that I got my TRS already. I took the loan out in December ad bought the house in January. Applied for TRS in January and my Feb mortgage came out and relief got put back in :-)

That was quick!

We drew down on 14th Dec and made our first repayment on 14th Jan
Applied for MIR in January. using the drawdown date as our first repayment date so we would qualify for MIR (Advised to do this by revenue)
My query is after you applied for the MIR did you hear from the Revenue?
How is MIR applied, is it taken out of your wages?
Any info greatly appreciated!

orlaanne

ErnieElly wrote: »

That was quick!

We drew down on 14th Dec and made our first repayment on 14th Jan
Applied for MIR in January. using the drawdown date as our first repayment date so we would qualify for MIR (Advised to do this by revenue)
My query is after you applied for the MIR did you hear from the Revenue?
How is MIR applied, is it taken out of your wages?
Any info greatly appreciated!

We never heard a peep from Revenue or AIB about it after we applied. I phoned AIB the day before our Feb payment was due and they told me it was set up at the end of Jan.

The way it works (with AIB anyway) is that they take the full mortgage payment and deposit the TRS back into your account on the same day.

L1011

I got my MIR within a month of applying also. Not got it back for the first payment though

orlaanne

MYOB wrote: »

I got my MIR within a month of applying also. Not got it back for the first payment though

How do you mean? The guy from AIB told me our outstanding MIR would be divided by 11 for the remaining months of the year.

L1011

orlaanne wrote: »

How do you mean? The guy from AIB told me our outstanding MIR would be divided by 11 for the remaining months of the year.

I never got it for my one 2012 payment

orlaanne

MYOB wrote: »

I never got it for my one 2012 payment

Are you sure that isn't included in the 11 months distribution for this year?

Edit: Actually scratch that I just checked a TRS calculator, you're right we are owed for December. How do we get that back?

D3PO

guys you do not get backdated TRS if months are missed. What I mean by this is that if you drawdown in Feb you do not get the missing Jan payment spread over the remaining 11 months.

Not sure this is exactly what your referring to and posts arent very clear but if thats what your thinking it doesnt happen. Also be aware that TRS is by calendar year not per 12 months. So a drawdown in November for example will mean come Jan youor into year 2 of your TRS cycle.

L1011

I drewdown in October 12, first payment Dec 12. Only applied late Dec 12 for trs

orlaanne

MYOB wrote: »

I drewdown in October 12, first payment Dec 12. Only applied late Dec 12 for trs

We drewdown in November 2012, First payment December 2012, applied for TRS the same day so pretty much the same scenario as you.

So now that it's clearer D3PO, do you know if we are owed and if so do you know how we get it?

D3PO

orlaanne wrote: »

We drewdown in November 2012, First payment December 2012, applied for TRS the same day so pretty much the same scenario as you.

So now that it's clearer D3PO, do you know if we are owed and if so do you know how we get it?

Ok thanks for clearing that up

Fill in this form to claim backdated TRS from a previous year

edit that link no longer valid. Backdated TRS can be claimed online

https://www.ros.ie/trs/claim.html?execution=e2s1

see http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html#section7 which states the below and provideds the link listed above.

How do I claim for previous years?

Claims for previous years (up to the last 4 years) must be applied for online.

orlaanne

That's the same form we filled in to claim in the first place, do we fill it in again? This is why I'm confused they only have one form but it doesn't seem to be for this purpose.

D3PO

orlaanne wrote: »

That's the same form we filled in to claim in the first place, do we fill it in again? This is why I'm confused they only have one form but it doesn't seem to be for this purpose.

There used to be a totally different form TRS1 for applying for TRS & TRSP form for applying for backdated TRS.

Best bet is to call the revenue they can let you know exactly. Ive had to a few times they are remarkably nice people actually

efb

My drawdown was in October, but my first payment was Xmas eve, but the MIR I got was for all the interest accrued since draw down at the Year 1 rate. Nice amount too! The second was jan for jan interest in year 2

ErnieElly

orlaanne wrote: »

We never heard a peep from Revenue or AIB about it after we applied. I phoned AIB the day before our Feb payment was due and they told me it was set up at the end of Jan.

The way it works (with AIB anyway) is that they take the full mortgage payment and deposit the TRS back into your account on the same day.

Thanks for you reply! much appreciated.
We are with AIB aswell so will give them a call and see.
Didnt realise its credited back to your account, wasnt sure how it worked.

orlaanne

D3PO wrote: »

There used to be a totally different form TRS1 for applying for TRS & TRSP form for applying for backdated TRS.

Best bet is to call the revenue they can let you know exactly. Ive had to a few times they are remarkably nice people actually

Emailed Revenue, here is the response:

"The missed relief for 2012 will be refunded automatically by the lender in what we call a rollover payment. This should happen in March or April. If you haven't received if by your April repayment then you can claim it from Revenue. The only way to claim from Revenue is by doing the application online, the same one as you did to register the loan but you will be putting in a current account and the interest paid for 2012."

FixYa

had my 2nd repayment and TRS was credited to my account. Happy days!