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Buying a new built house

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    #212
    Colonel Claptrap
    Registered Users Posts: 945 ✭✭✭Colonel Claptrap


    mjsc1970 wrote: »
    Hi All,
    Is it common for an EA to ask for proof of full purchase price funds before accepting a booking deposit?
    Thanks

    Ours asked for a mortgage approval letter but not proof of the full purchase price.


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    #213
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    mjsc1970 wrote: »
    Hi All,
    Is it common for an EA to ask for proof of full purchase price funds before accepting a booking deposit?
    Thanks

    We were asked for it within 1/2 days of giving the booking deposit


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    #214
    polydactyl
    Registered Users Posts: 831 ✭✭✭polydactyl


    I’m a bit confused.
    We decided to start house hunting so met with a few banks and all seemed fairly positive in that we would get what we needed.

    Decided to go the broker route as very busy and paperwork for multiple backs was annoying but anyway he seemed positive.

    In the mean time we just happened to find a house we loved (new build) agreed with Estate agent which one we wanted and told him Mortgage was still with broker. Now have an email starting X house is yours pending booking deposit which we have and can pay but no official approval in principal from a bank. EA not hassling us for booking deposit or do we go ahead and possibly have him looking for our AIP that we still don’t have as we had to wait for some documents for broker which delayed things

    Do we go ahead and pay the booking deposit or hold off for another week to try and get something


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    #215
    Lolle06
    Registered Users Posts: 235 ✭✭Lolle06


    polydactyl wrote: »
    I’m a bit confused.
    We decided to start house hunting so met with a few banks and all seemed fairly positive in that we would get what we needed.

    Decided to go the broker route as very busy and paperwork for multiple backs was annoying but anyway he seemed positive.

    In the mean time we just happened to find a house we loved (new build) agreed with Estate agent which one we wanted and told him Mortgage was still with broker. Now have an email starting X house is yours pending booking deposit which we have and can pay but no official approval in principal from a bank. EA not hassling us for booking deposit or do we go ahead and possibly have him looking for our AIP that we still don’t have as we had to wait for some documents for broker which delayed things

    Do we go ahead and pay the booking deposit or hold off for another week to try and get something

    Hi there,

    you could go ahead and pay a refundable deposit, but it‘s really up to the EA/ vendor, if they‘d accept the deposit without an AIP.

    Also, will the EA stop other viewings of the house as long as your AIP hasn’t been received?

    It’s a bit of a gamble and could potentially be time-wasting, but you seem positive about receiving your mortgage offer soon and therefore very well ask the EA if he‘d take your deposit at this stage.

    Good luck!


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    #216
    polydactyl
    Registered Users Posts: 831 ✭✭✭polydactyl


    As EA is not pushing for it I might try and wait another week and see if you have AIP by then so. Thanks!


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    #217
    PhoenixParker
    Registered Users Posts: 2,671 ✭✭✭PhoenixParker


    The deposit you're talking about is the €5k fully refundable, no commitment booking deposit right?

    If so, there's no reason not to pay it. You need your full mortgage approval before signing contracts (in about 3 weeks) but AIP is irrelevant at this stage unless the estate agent is demanding it before accepting tge booking deposit. If they are, pay and say it's in the post.


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    #218
    polydactyl
    Registered Users Posts: 831 ✭✭✭polydactyl


    Thanks, this is what husband thinks too so might just pay booking deposit tomorrow.


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    #219
    Maisie789
    Registered Users Posts: 19 ✭Maisie789


    Just wondering if anyone can help me. On checking brochure for house we've put deposit on it states the following for bathroom:
    "High quality tiling fitted to floors & wet areas as standard"
    Does that mean it comes tiled and we don't have to sort that ourselves?


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    #220
    Shedite27
    Registered Users Posts: 9,368 ✭✭✭Shedite27


    Maisie789 wrote: »
    Just wondering if anyone can help me. On checking brochure for house we've put deposit on it states the following for bathroom:
    "High quality tiling fitted to floors & wet areas as standard"
    Does that mean it comes tiled and we don't have to sort that ourselves?

    Yes.


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    #221
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    For our house - our bathrooms were fully finished (minus a shower screen for the bath), and the kitchen was fully finished including appliances (signed within 21 days of contracts, but no floors (minus tiles in Bathrooms) are included.

    I think this is pretty standard these days!


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    #222
    Cyrus
    Registered Users Posts: 19,707 ✭✭✭✭Cyrus


    polydactyl wrote: »
    I’m a bit confused.
    We decided to start house hunting so met with a few banks and all seemed fairly positive in that we would get what we needed.

    Decided to go the broker route as very busy and paperwork for multiple backs was annoying but anyway he seemed positive.

    In the mean time we just happened to find a house we loved (new build) agreed with Estate agent which one we wanted and told him Mortgage was still with broker. Now have an email starting X house is yours pending booking deposit which we have and can pay but no official approval in principal from a bank. EA not hassling us for booking deposit or do we go ahead and possibly have him looking for our AIP that we still don’t have as we had to wait for some documents for broker which delayed things

    Do we go ahead and pay the booking deposit or hold off for another week to try and get something

    applying for a mortgage takes an hour, AIP you can get in 10 minutes, i have no idea why people use brokers :confused:


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    #223
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Cyrus wrote: »

    applying for a mortgage takes an hour, AIP you can get in 10 minutes, i have no idea why people use brokers :confused:

    Some banks give AIP before actually assessing your credit quality, others will do a full credit review and then issue you AIP. Its not consistent between banks.


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    #224
    Cyrus
    Registered Users Posts: 19,707 ✭✭✭✭Cyrus


    GingerLily wrote: »
    Some banks give AIP before actually assessing your credit quality, others will do a full credit review and then issue you AIP. Its not consistent between banks.

    exactly so if you need an AIP for the purposes of a deposit get one from one of the banks that will present it after the online survey.

    unless you have some unusual financial circumstances all a broker does is add time and take the process out of your hands.


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    #225
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    polydactyl wrote: »
    Thanks, this is what husband thinks too so might just pay booking deposit tomorrow.

    I did the same. I put a refundable deposit down on a house in a new build development, got a great aspect at no additional cost, meanwhile my underwritten approval was still not 100%. I had several AIP's, which I could have provided the EA had they requested it, but none of which were underwritten at that point.
    The EA never asked for proof of funding and contracts were requested to be issued to solicitor once the booking deposit was paid. I'm glad I took the risk as it turned out all houses in the phase had sold out that day and my underwritten approval came in a few days after paying the booking deposit & my HTB approval. Everything just came together last minute. The estate is completely sold out now and had I waited I would have missed out.


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    #226
    fret_wimp2
    Registered Users Posts: 1,905 ✭✭✭fret_wimp2


    Maisie789 wrote: »
    Just wondering if anyone can help me. On checking brochure for house we've put deposit on it states the following for bathroom:
    "High quality tiling fitted to floors & wet areas as standard"
    Does that mean it comes tiled and we don't have to sort that ourselves?

    Depends on whats in the contract. Brochure is not a contract.
    Bathrooms were tiled for us, utility and kitchen was not.


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    #227
    MSVforever
    Registered Users Posts: 590 ✭✭✭MSVforever


    At what stage do you have to have a solicitor ready?

    Thanks.


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    #228
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    MSVforever wrote: »
    At what stage do you have to have a solicitor ready?

    Thanks.

    As soon as I paid my booking deposit, they requested my solicitor details to send the contracts out.


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    #229
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Bargain_Hound wrote: »
    MSVforever wrote: »
    At what stage do you have to have a solicitor ready?

    Thanks.

    As soon as I paid my booking deposit, they requested my solicitor details to send the contracts out.

    I paid my deposit before we officially had a solicitor but that was sorted within a day or two.


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    #230
    MSVforever
    Registered Users Posts: 590 ✭✭✭MSVforever


    So you have to have one chosen before you hand over the booking deposit or would the day after suffice if it the launch is at a weekend?

    Thanks.


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    #231
    MSVforever
    Registered Users Posts: 590 ✭✭✭MSVforever


    GingerLily wrote: »
    Bargain_Hound wrote: »
    MSVforever wrote: »
    At what stage do you have to have a solicitor ready?

    Thanks.

    As soon as I paid my booking deposit, they requested my solicitor details to send the contracts out.

    I paid my deposit before we officially had a solicitor but that was sorted within a day or two.

    Cool. Thanks. I have a few in mind but not 100% sure which one to choose. I guess I ll be flipping a coin....)


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    #232
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    GingerLily wrote: »
    I paid my deposit before we officially had a solicitor but that was sorted within a day or two.

    Same. Provided the details the day following.


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    #233
    polydactyl
    Registered Users Posts: 831 ✭✭✭polydactyl


    Cyrus wrote: »
    applying for a mortgage takes an hour, AIP you can get in 10 minutes, i have no idea why people use brokers :confused:

    As our finanances are complicated and we were possibly needing to apply to a few banks to see who would give us an exemption and we both work full time so gathering all the documents like salary certs 4 tines over would be painful. Broker = one of everything, a few banks checked


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