Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

1st Time Buyer - Time to back out of sale ?

Options
2»

Comments

  • Options
    #32
    Parchment
    Closed Accounts Posts: 2,203 ✭✭✭Parchment


    Samuel T. Cogley wrote: »
    You only need mortgage protection. The banks don't care beyond their loan being paid back.

    Well thats what the life assurance does - if one of us dies the house is paid off.


  • Options
    #33
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Parchment wrote: »
    Well thats what the life assurance does - if one of us dies the house is paid off.

    It's actually what mortgage protection does. Life insurance is a fixed amount, say €500K and is always 500K. Mortgage protection is a reducing sum to pay off the mortgage thus the premiums are lower. Mortgage protection is the only requirement of lenders, as opposed to a full life insurance policy.


  • Options
    #34
    ThisRegard
    Closed Accounts Posts: 27,834 ✭✭✭✭ThisRegard


    Yeah, mortgage protection is the most basic and cheapest, lasts the term of the mortgage and will pay out the balance of the mortgage at claim.

    Life has a load of options, you can go term or whole life. You can set the term to match your mortgage term, but can have a defined pay out.

    For example your policy is for €500k. So at the start you will have your mortgage covered with nothing left if you claim in the first month. But if you have a claim in the last month only the outstanding payment goes to the bank and the rest (500k - 1 mortgage payment) to whoever you assign it to.

    You can then go whole life, joint life, defined illness and on and on.

    So if there's just yourself and partner, both working, mortgage protection would be adequate. As you have kids then maybe look into obtaining some form of life insurance.


  • Options
    #35
    Ashleighc2013
    Registered Users Posts: 41 ✭Ashleighc2013


    Hi everyone, just an update on this (for anyone who cares) :p

    Its been 8 weeks now since we paid the booking deposit, and still nothing.
    We have been on the EA & having our solicitor contact the sellers solicitors every other day to no avail. We know that the seller's solicitor has been in touch with them but yet no paperwork has been produced.

    Its been 8 weeks of BS & excuses, and we have given them an ultimatum to have some type of paperwork produced by tomorrow or we are backing out.
    Last Tuesday apparently the paperwork was sent from the sellers to their solicitors. No surprise that it was a no-show.

    Not looking forward to going through all this again.


  • Options
    #36
    machalla
    Registered Users Posts: 1,523 ✭✭✭machalla


    Ashleighc2013 wrote: »
    Hi everyone, just an update on this (for anyone who cares) :p

    Its been 8 weeks now since we paid the booking deposit, and still nothing.
    We have been on the EA & having our solicitor contact the sellers solicitors every other day to no avail. We know that the seller's solicitor has been in touch with them but yet no paperwork has been produced.

    Its been 8 weeks of BS & excuses, and we have given them an ultimatum to have some type of paperwork produced by tomorrow or we are backing out.
    Last Tuesday apparently the paperwork was sent from the sellers to their solicitors. No surprise that it was a no-show.

    Not looking forward to going through all this again.

    It all sounds awful. At this point I'd be wary that this isn't a bank sale with all the problems associated with that.

    I hope it comes good for you but at this point it sounds like the vendors are messing you around and will continue to do so with no rational excuses.


  • Advertisement
  • Options
    #37
    Ashleighc2013
    Registered Users Posts: 41 ✭Ashleighc2013


    machalla wrote: »
    It all sounds awful. At this point I'd be wary that this isn't a bank sale with all the problems associated with that.

    I hope it comes good for you but at this point it sounds like the vendors are messing you around and will continue to do so with no rational excuses.


    Yeah it is. After 8 weeks of this I am absolutely exhausted. Something so simple would be able to resolve it, like if your selling your house tell the solicitor your using them. We still have no clue if the house is still under mortgage or anything. There has been no draft of contracts or nothing, the vendors solicitor cant even request the deeds because they have got no basic information from the couple. I am not too sure if I mentioned earlier on in the thread that the couple are divorced, but its been 8 weeks of lies and im done with it.


Advertisement