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

Parchment

whiskeyman wrote: »

For those who bought after renting, when's the best time to inform your landlord that you'll be leaving?
I was thinking only once we have a closing date.
I heard some say when contracts are signed ... Maybe earlier.... But then them being caught in a pickle if other tenants arranged to move and their closing gets delayed.

We have been renting our place for 5 years so we will have to give adequate notice - our solicitor said wait until she gives us the nod to give notice. So when she can see things are finishing up.

We have a great relationship with our landlord (he is a gentleman) so im sure when we give our correct notice he may even let us leave sooner than needed.

Ask your solicitors advice - they do this all the time and can judge when things are wrapping up.

Bored Accountant

whiskeyman wrote: »

For those who bought after renting, when's the best time to inform your landlord that you'll be leaving?
I was thinking only once we have a closing date.
I heard some say when contracts are signed ... Maybe earlier.... But then them being caught in a pickle if other tenants arranged to move and their closing gets delayed.

My rent contract is due to expire 18/12 so gave notice to landlord after we signed contracts on 7/11 that we would be moving out then.
Our solicitor updated the closing date to 25/11 as original date had already passed. Now seems sellers are refusing to sign contract due to some debate over paying a bill from august for water scheme.

So I'm happy that I'll have overlap of 3 weeks in case we don't meet the closing date, and means we aren't rushing to move everything.

Don't know if any of that is of any help, but I'd say until you can be sure the closing date is actually achievable I would be hesitant to set a moving out date too close to it.

whiskeyman

Thanks for the reply folks.
I guess we need to protect ourselves and only notify once 100% certain closing / move out day looks solid.

I guess a period of overlap / double pay is pretty much unavoidable, but hopefully it will be minimal.

The rental market is so nuts, our LL will have no trouble shifting our place.
He may need to get someone in for wear and tear / painting etc... as we've been there a long time.

zedhead

whiskeyman wrote: »

For those who bought after renting, when's the best time to inform your landlord that you'll be leaving?
I was thinking only once we have a closing date.
I heard some say when contracts are signed ... Maybe earlier.... But then them being caught in a pickle if other tenants arranged to move and their closing gets delayed.

Out solicitor told us not to give notice until the contracts were signed but we were just about hit 4 years in the property, which meant the start of a new part 4 tenancy period and increased notice period and we didn't want the overlap to be huge. So I called my landlady, explained we were sale agreed and waiting for contracts/closing and asked if we could give a shortened notice period when we knew closing dates etc. She was absolutely fine with it and said just give whatever notice we could and we agreed provisionally to 6 weeks (all confirmed by email after the conversation, on her request).
We are paying quite a bit under market rate and she raised the rest last october before the new 2 year rule came into play, so once we move out she will be able to increase the rent by a large amount for new tenants, so its not really in her interest to hold us to a 3 month notice period. It may be worth just giving your landlord the heads up but not giving official notice - depending on what your notice period is.

We're hoping for a 1/2 week overlap on closing/officially leaving apartment so we are not rushed moving our stuff and getting the place properly cleaned.

tony1980

Could anyone recommend a surveyor in the Limerick City area by pm if necessary?

Valuation report is finished and paid for, spoke with her on the phone and that all went well. They are sending this to the bank electronically today.

Should I hold off on a surveyor until the loan pack is issued which will hopefully be the end of next week?

intheclouds

Revaluation because original is over 2 months old = complete money spinning scam.

Estate agent told us no one contacted him re revaluation. So I called the bank and they checked the account and guess what? The hard copy revaluation is in the post since yesterday!

How? How did he value it without seeing it? How did he perform a revaluation without contacting the estate agent? Bear in mind I PAID for a revaluation.

Bank doesn't know the answer, but hey, once the form is signed it'll meet the condition or so I was told.

What complete and utter BS. It's a total scam. I just paid for a guy to print out the original valuation and change the date on it!

ThisRegard

I reckon after the initial physical survey they just look at the market and say yeah, the house is still worth this.

Utah

ThisRegard wrote: »

I reckon after the initial physical survey they just look at the market and say yeah, the house is still worth this.

And 75 quid for the pleasure :pac:

ThisRegard

I've been present in a house during a bank survey, they basically take external measurements but if the house is occupied, they'll take internal ones but don't need to. And that's it. They said most of the work is done in the office anyway.

intheclouds

ThisRegard wrote: »

I reckon after the initial physical survey they just look at the market and say yeah, the house is still worth this.

Do you think they EVEN look at the market?

I think it's more likely they pull up the file, hit print, put today's date on, and send it along.

I had issues with the valuation last time I got a mortgage with AIB. I'm going to write to the financial regulator about this. After drawdown.

intheclouds

ThisRegard wrote: »

I've been present in a house during a bank survey, they basically take external measurements but if the house is occupied, they'll take internal ones but don't need to. And that's it. They said most of the work is done in the office anyway.

Just to be clear. It's not a survey I'm referring to. It's a valuation.

I was present for the one done for my last mortgage. The AIB approved guy stood in the property with me, asked me who the estate agent was, phoned the estate agent in front of me and said "How much are you selling this address for", then wrote down the figure they called out and charged me 150 for the pleasure.

q85dw7osi4lebg

They then leave the property, go back to the office, pull up 3 similar properties, find out what they sold for / sale agree at, how many viewers and bidders they had, then make a case as to why they think said property is worth X. Admittedly not difficult work but there is more to it than meets the eye.

ThisRegard

intheclouds wrote: »

Just to be clear. It's not a survey I'm referring to. It's a valuation.

Sorry, poor use of words by me, I meant a bank valuation.

intheclouds

Reese Lively Cabinet wrote: »

They then leave the property, go back to the office, pull up 3 similar properties, find out what they sold for / sale agree at, how many viewers and bidders they had, then make a case as to why they think said property is worth X. Admittedly not difficult work but there is more to it than meets the eye.

That's now. And clearly only for the first valuation.

Mink

whiskeyman wrote: »

For those who bought after renting, when's the best time to inform your landlord that you'll be leaving?
I was thinking only once we have a closing date.
I heard some say when contracts are signed ... Maybe earlier.... But then them being caught in a pickle if other tenants arranged to move and their closing gets delayed.

We're in same situation. Once contracts signed the closing date could be as quick as 2 weeks. We're in our rental 3.5 yrs so I think it's 56 days notice. Haven't told property agent for rental that we are moving yet. We are getting a 6 month moratorium on the mortgage so I'm not too worried about a 1 month overlap but would still be a pain.

We're renting for 800 ( still amazed they didn't put it up) but house next door just rented for 1350 so I doubt they'll have a problem if we give short notice as they'll have it rented the day the ad goes up as there's a huge shortage in my area.

House will only need painting but they might not even bother as people will take the house as is id say

intheclouds

intheclouds wrote: »

Do you think they EVEN look at the market?

I think it's more likely they pull up the file, hit print, put today's date on, and send it along.

I had issues with the valuation last time I got a mortgage with AIB. I'm going to write to the financial regulator about this. After drawdown.

So. Got a call bank from AIBs valuations team. Poor guy had spoken to the valuer AND his boss wondering why the revaluation didn't require access to the property.

Apparently (and fair play to him keeping a straight voice telling me this), the valuer only needs to go look at the outside of the property for the revaluation. Make sure it's still there like.

Have you ever heard such blatant nonsense in your life? As if he went and looked at it!

Utter scam.

Alkers

Parchment wrote:

Since we are on the topic of bank valuations. We paid 15k over the asking price for our house (sale agreed a 1.5 weeks ago). We felt it was worth it - as we can literally just move in and start cooking dinner, it was so well kept.

No need to be anxious, we were previously sale agreed at asking plus 50k and the valuation didn't raise any concern.

Alkers

tony1980 wrote:

Should I hold off on a surveyor until the loan pack is issued which will hopefully be the end of next week?

I dont see why you would hold off on the solicitor whatsoever. There can be a week or so between appointing the surveyor and him carrying out the survey and then another few days to write up the report. May as well begin the process as soon as possible so you have more time to discuss or address ant issues which do come up

Parchment

Simona1986 wrote: »

No need to be anxious, we were previously sale agreed at asking plus 50k and the valuation didn't raise any concern.

Interesting - 50k is a huge jump. Thanks for that -the valuation seems to be the lame duck of the whole process, doesn't it?!

Islander13

Azalea Screeching Padding wrote: »

I would say it's rare to wait so long, I haven't seen people I know furnishing houses wait more than a few weeks for stuff they bought.

Couches are generally the longest wait time

Utah

Islander13 wrote: »

Couches are generally the longest wait time

Ordered one a while back. 18 weeks!!

intheclouds

Islander13 wrote: »

Couches are generally the longest wait time

Yeah I looked at one recently with a 30 week wait!

Depends on what you're going for though. I was thinking that initially we will use 2 cheap immediately available sofa beds that will do for months but then migrate upstairs or elsewhere when we have saved enough for a good one and it has spent weeks waiting to arrive!

Cyrus

Parchment wrote: »

Interesting - 50k is a huge jump. Thanks for that -the valuation seems to be the lame duck of the whole process, doesn't it?!

depends on what the house cost really :P

intheclouds

Parchment wrote: »

Interesting - 50k is a huge jump. Thanks for that -the valuation seems to be the lame duck of the whole process, doesn't it?!

The valuation is at least cheap.

The lame duck of the whole process (so far for me anyway), is the lack of transparency around bidding.

I am absolutely convinced the estate agent made up bids. Utterly convinced of it. That kind of thing is costing people 10s of thousands and should be transparent.

The property price register is updated to long after sales to be of much use either.

Naid23

2 Houses to view in the morning one after the other - back into it so we are! Fun!

Penn

Trying to finalise buying the house for this weekend. The bank just needed a revised valuation survey, which they should have got Wednesday.

One I was dealing with in the bank was off Wednesday. Had to wait until Thursday.

Called on Thursday 6 times. No answer. Wouldn't return my messages.

Called 5 times today, finally got through to her. That was all done, money has been transferred to my solicitor.

Called solicitor. She's off today.

Alkers

intheclouds wrote: »

I am absolutely convinced the estate agent made up bids. Utterly convinced of it. That kind of thing is costing people 10s of thousands and should be transparent.

The property price register is updated to long after sales to be of much use either.

We thought this a few times also but in the houses where we didn't bid any further, they all sold straight away and haven't come back up in the market. Viewings in Dublin are so busy atm that there shouldn't be any need for false bids.

intheclouds

Simona1986 wrote: »

We thought this a few times also but in the houses where we didn't bid any further, they all sold straight away and haven't come back up in the market. Viewings in Dublin are so busy atm that there shouldn't be any need for false bids.

Well given that our bid was accepted over a supposedly higher bid after we told him we were out - it just seems very suspicious to me!!

The point is though, the process should have transparency for all.

We chatted to our solicitor about it (just shooting the breeze) and he says that practically every client he has who is buying a house says they feel like there might have been false bids. Its widespread. Its only not addressed by government because it only bothers an individual once in 20 years or so when they buy a property!

retalivity

Advice sought.

We are nearly there, have signed contracts, everything is in except the indemnity letter from the mgmt company. This was the case last fri and we were told we should have closed and got the keys by today but still have not. Talking to my solicitor and the estate agent the sellers solicitors have been unresponsove all week, saying its witg the mgmt company and their imsurer to provide. Its a pain in the hole, and now its getting closer to when we need to move from our current place (we have one week left).

Is there anything i can do to move this along? Im leaning on the solicitor and estate agent but they are both saying its with the other solicitors to handle.
If i knew the mgmt company or insurer id be round like a shot to get this over the line!!

by the seaside

by the seaside wrote: »

Quick note as so many of you have been so helpful since we started planning our move to Ireland. We were expecting and experiencing significant mortgage difficulties as I am self employed without any complete year accounts and the other half is studying. Bank of Ireland has given up agreement in principle and we are buying a new build. Hope to be in before Christmas.

Well Bank of Ireland turned up trumps for us. They wanted a LOT of paperwork to formalise the mortgage offer but it's done, we've signed all the paperwork and should still be in before Christmas. By the seaside, naturally. Best of luck to you all.

If anyone self-employed is struggling, I'm happy to share the BoI mortgage adviser's details by PM - he was very good at presenting 'the case' in the absence of any accounts.