Saving/Applying for a mortgage 2015/16/17/18/19

cruizer101

I know on second hand houses House Insurance should be in place from when contracts are signed and exchanged as from that point forward you are committed to buying the house even if it burns down.

New houses I'm not so sure as contracts would be signed before house is in finished state, probably best to check with your solicitor.

Our mortgage protection we took with the bank so that will start on drawdown, I'd imagine should be same for you, in place from drawdown which can be a bit before keys are exchanged as solicitor will request cheque before keys.

GingerLily

chases0102 wrote: »

Hi all,

Someone may be able to give a bit of guidance.

We are close to drawdown - snagging is this Thursday, so we envisage that closing will be anything between 4 - 8 weeks after.

Of course, we need to have Home Insurance and Mortgage Protection in place and sent to the bank before drawdown.

Typically, when do people do this? Do they take it out a couple of weeks before they anticipate drawdown? As in, you'd be paying for Home Insurance and Mortgage Protection before you have the keys?

Thanks folks

Organise it now, we closed two weeks after snagging, and we actually delayed it a little because our protection cover was causing issue.

Do it now, if there are any issues it could lead to serious delays.

awec

When we were getting mortgage protection set up (the initial assessment), the guy said he needed 2 weeks notice before drawdown (on a new build). He said it's a common issue where people come to him a day or two before drawing down looking to finalise their mortgage protection and he has to tell them it's not going to happen as fast as they think.

TheShow

chases0102 wrote: »

Hi all,

Someone may be able to give a bit of guidance.

We are close to drawdown - snagging is this Thursday, so we envisage that closing will be anything between 4 - 8 weeks after.

Of course, we need to have Home Insurance and Mortgage Protection in place and sent to the bank before drawdown.

Typically, when do people do this? Do they take it out a couple of weeks before they anticipate drawdown? As in, you'd be paying for Home Insurance and Mortgage Protection before you have the keys?

Thanks folks

You can arrange for the policy date to start in the future. Just tell them that it’s a new build and give the expected date for closing as the date you intend to occupy the property.
For life cover, should be the same.

cruizer101

We are sale agreed on a house just over two months now and just wondering whats the story with contacting the vendors solicitor to try and get a closing date.
Our own solicitor has asked but not heard anything back, the contracts were sent over with just TBC, the estate agent is feckin useless and hasn't a clue when.
I know I could try push my solicitor to ask again but seems to me to make more sense for me to just ask directly rather than having an extra point of communication.
Would it be normal enough to contact vendors solicitor or is it frowned upon.

Juwwi

cruizer101 wrote: »

We are sale agreed on a house just over two months now and just wondering whats the story with contacting the vendors solicitor to try and get a closing date.
Our own solicitor has asked but not heard anything back, the contracts were sent over with just TBC, the estate agent is feckin useless and hasn't a clue when.
I know I could try push my solicitor to ask again but seems to me to make more sense for me to just ask directly rather than having an extra point of communication.
Would it be normal enough to contact vendors solicitor or is it frowned upon.

Frowned Upon ..

Ask your solicitor to ask again or ask estate agent to ring the seller for an update of whats happening their end .

cruizer101

Fair enough, won't bother so.
Turns out the other solicitor decided to go on holidays anyway and for some reason no other solicitor in the firm can deal with things and they didn't even have the courtesy to say they were going on holidays despite the fact it seems they were going on three weeks holidays and had sent contracts over the week before. Its like the operate in a different world.

whiskeyman

cruizer101 wrote: »

We are sale agreed on a house just over two months now and just wondering whats the story with contacting the vendors solicitor to try and get a closing date.
Our own solicitor has asked but not heard anything back, the contracts were sent over with just TBC, the estate agent is feckin useless and hasn't a clue when.
I know I could try push my solicitor to ask again but seems to me to make more sense for me to just ask directly rather than having an extra point of communication.
Would it be normal enough to contact vendors solicitor or is it frowned upon.

Do you think there's any reason they are trying to hold up the sale?
I wouldn't be happy and I wouldn't be relying on this purchase until I got the keys.
Be sure you're still looking around at other properties. I know this is the last thing you'll want, but this could fall through. Best to assume it will just in case.

Liam McPoyle

We have met with an estate agent, agreed 1% and all that. We then received the contract and in it, there is also details of an additional charge of €300 + VAT , when we queried it the agent sent the following

The €300 + VAT outlay covers the following works and costs:
Pre-sales interaction re presentation of the property.
Photos, brochure, signage.
MyHome/Daft/Right-move websites.

The question is, are these additional charges the done thing? We (perhaps naively) thought the 1% would cover their costs but I guess now that I think about it, if the house didnt sell or we decided to pull out of a ,pve, the agent is left with no money after putting the graft in.

Anyone confirm?

kippy

Business Cat wrote: »

We have met with an estate agent, agreed 1% and all that. We then received the contract and in it, there is also details of an additional charge of €300 + VAT , when we queried it the agent sent the following



The question is, are these additional charges the done thing? We (perhaps naively) thought the 1% would cover their costs but I guess now that I think about it, if the house didnt sell or we decided to pull out of a ,pve, the agent is left with no money after putting the graft in.

Anyone confirm?

This is the done thing - in my experience.
The 1% is on top of advertising costs generally. Some EA's who charge a higher percentage may waive this cost but I've not had experience of that. A lot of agents have a number of different "packages" depending on the extensiveness of the advertising etc also.
It should probably have been made clear to you during initial discussions with the EA.

myshirt

The 1% is the professional fee.

Why in god's name would anyone think that outlay is included in a professional fee? Especially one of smashing value as 1%.

I'm no fan of estate agents, they are like car salesmen but with pointier shoes, but whats next, complaining that vat wasn't included in the 1%?

cruizer101

To be fair it not like people sell houses on any sort of a regular basis it not something most people are familiar with, the EA should really make it clear at an initial meeting what all charges are going to be, rather than just stating the 1%.

Liam McPoyle

kippy wrote: »

This is the done thing - in my experience.
The 1% is on top of advertising costs generally. Some EA's who charge a higher percentage may waive this cost but I've not had experience of that. A lot of agents have a number of different "packages" depending on the extensiveness of the advertising etc also.
It should probably have been made clear to you during initial discussions with the EA.

Cheers. There was no mention of it previously and the first we heard of it was in the contract so it just took us by surprise a bit.

myshirt wrote: »

The 1% is the professional fee.

Why in god's name would anyone think that outlay is included in a professional fee? Especially one of smashing value as 1%.

I'm no fan of estate agents, they are like car salesmen but with pointier shoes, but whats next, complaining that vat wasn't included in the 1%?

Having never sold a house before I asked the question in here from people that have more knowledge of the process than I.

Comment removed

cruizer101 wrote: »

To be fair it not like people sell houses on any sort of a regular basis it not something most people are familiar with, the EA should really make it clear at an initial meeting what all charges are going to be, rather than just stating the 1%.

Precisely, cheers.

anonymous08

just wondering anyone receiving cash back from ulster bank how long it took after drawdown of mortgage

Michellenman

anonymous08 wrote: »

just wondering anyone receiving cash back from ulster bank how long it took after drawdown of mortgage

They said it would take 2 months but we got it in about 3 weeks.

anonymous08

Michellenman wrote: »

They said it would take 2 months but we got it in about 3 weeks.

Thanks for coming back on that Michellenman

Toyotafanboi

We signed contracts two weeks ago, home insurance and mortgage protrction insurance are sorted through our mortgage provider, have paid over the remainder of our 10% deposit to our solicitor, still nobody is letting on too much to us. Surely we must be counting in days to getting the keys now? The only thing we havn't done is paid the solicitor for stamp duty and his own costs.

cruizer101

Has vendor signed contracts or do you have a closing date set, I'm in near the same position myself waiting for confirmation of closing date and for vendor to sign contracts also.

Not sure when solicitor needs to be paid they didn't mention it to us

Bonbon109

We got our keys a few weeks ago. We signed all the contracts etc. and then paid the solicitor their fee along with the stamp duty. It takes a few months for stamp duty to be processed but it will not impact the closing date. The vendor will sign the contract and their solicitor will send them to your solicitor. As long as everything is place things should move quickly from here. The two solicitors have to agree on a closing date. I got a call on the Tuesday and we had the keys by the Friday.

TheShow

Toyotafanboi wrote: »

We signed contracts two weeks ago, home insurance and mortgage protrction insurance are sorted through our mortgage provider, have paid over the remainder of our 10% deposit to our solicitor, still nobody is letting on too much to us. Surely we must be counting in days to getting the keys now? The only thing we havn't done is paid the solicitor for stamp duty and his own costs.

Did your contract not have a date for closing on it? Ask your solicitor when can you close the sale.
If its not a new house the vendors might be in a chain that could prolong matters....

Toyotafanboi

Our original closing date was May 4th which we have slightly overshot :pac: but I don't recall any other date being put in place. The house is vacant, an estate sale. I'm not too pushed or in a rush but at the same time I am extremely pushed and want the f-ing keys

Bonbon109

You can use the 25k for the deposit but you still have to show 6 months worth of consistent savings to the value of mortgage repayments. If you are going straight from renting to buying your rent will be taken into consideration for this.

limnam

Toyotafanboi wrote: »

We signed contracts two weeks ago, home insurance and mortgage protrction insurance are sorted through our mortgage provider, have paid over the remainder of our 10% deposit to our solicitor, still nobody is letting on too much to us. Surely we must be counting in days to getting the keys now? The only thing we havn't done is paid the solicitor for stamp duty and his own costs.

Did you not put a closing date on the contract?

TheShow

Toyotafanboi wrote: »

Our original closing date was May 4th which we have slightly overshot :pac: but I don't recall any other date being put in place. The house is vacant, an estate sale. I'm not too pushed or in a rush but at the same time I am extremely pushed and want the f-ing keys

I'd ring your solicitor and instruct them that you want to close by X date and see what happens.

Toyotafanboi

limnam wrote: »

Did you not put a closing date on the contract?

The closing date was never officially revised after May 4th was passed. Have been trying to contact our solicitor this morning but no call/ email back yet. In fairness he's usually been good at contacting us back so hopefully it's all in order.

TheShow

Toyotafanboi wrote: »

The closing date was never officially revised after May 4th was passed. Have been trying to contact our solicitor this morning but no call/ email back yet. In fairness he's usually been good at contacting us back so hopefully it's all in order.

I'd say so, but sometimes you need to put a rocket under the solicitors to get things moving along. If you don't push it from your end, particularly given as its an Estate sale, you could be waiting a long time.

CWF

Renting for the last 5 years in different places paying rent through online banking so it shows up on my statements. The owner occupier of the new place I'm moving into is looking for cash in hand every month. Would this effect me when I go to apply for a mortgage in two years? I plan on staying here until I get a mortgage. Would the bank need to see rent outgoing every month, i.e a paper trail of sorts. Thanks.

testicles

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TheShow

CWF wrote: »

Renting for the last 5 years in different places paying rent through online banking so it shows up on my statements. The owner occupier of the new place I'm moving into is looking for cash in hand every month. Would this effect me when I go to apply for a mortgage in two years? I plan on staying here until I get a mortgage. Would the bank need to see rent outgoing every month, i.e a paper trail of sorts. Thanks.

Its easier to prove for you if its on your statements.
If you pay cash, they must provide you with a receipt every month. They are insisting on cash as I suspect they plan not to declare the income for tax purposes.

TheShow

I

testicles wrote: »

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If you've an established career as a contractor then it shouldn't be be an issue, It would be riskier for the bank if you were only starting out.