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Rebuilding Ireland: Can you insure your deposit?

  • 14-01-2019 5:20pm
    #1
    carlost
    Registered Users, Registered Users 2 Posts: 49 ✭


    We're in a chicken egg situation at the moment.
    We've been approved for a rebuilding Ireland loan and have found a house we're happy with that falls within what we could afford. Its a new build though and hasnt been completed.
    To get final approval the council needs an engineers report, which we cant get until the house is completed.
    But we need to sign the contracts to move the house along and make decisions about the house, - flooring, kitchen etc.
    Is there any way to insure your deposit? Does anyone know?
    Tagged:


Comments

  • #2
    GingerLily
    Registered Users, Registered Users 2 Posts: 4,767 ✭✭✭GingerLily


    Can you ask your solicitor to add in a clause around the engineers report? If the house isn't up to scratch you'd be able to back out of the transaction and thus get a refund.


  • #3
    carlost
    Registered Users, Registered Users 2 Posts: 49 ✭carlost


    GingerLily wrote: »
    Can you ask your solicitor to add in a clause around the engineers report? If the house isn't up to scratch you'd be able to back out of the transaction and thus get a refund.


    We tried to get a clause inserted that if we didnt get final approval that our deposit would be refundable but they didnt go for that. Yeah maybe one directly linked to the engineers report might help. Still, though, if it failed for some other reason we'd still be shafted. The rigidity of the county council has me slightly worried on this front.


  • #4
    GingerLily
    Registered Users, Registered Users 2 Posts: 4,767 ✭✭✭GingerLily


    We had the same issue trying to add a loan approval clause, but they might accept a clause regarding the engineers report as its something within their control that they should already be taking responsibility for.


  • #5
    marieholmfan
    Registered Users, Registered Users 2 Posts: 2,744 ✭✭✭marieholmfan


    carlost wrote: »
    We tried to get a clause inserted that if we didnt get final approval that our deposit would be refundable but they didnt go for that. Yeah maybe one directly linked to the engineers report might help. Still, though, if it failed for some other reason we'd still be shafted. The rigidity of the county council has me slightly worried on this front.
    To be expected, if I was in county council I would be very rigid in giving these loans out because if you weren't you'd be hanged for it and the loans are fairly high risk anyway.


    The current house that you like may not happen through rebuilding Ireland.


  • #6
    kbman
    Registered Users, Registered Users 2 Posts: 119 ✭✭kbman


    marieholmfan wrote: »
    To be expected, if I was in county council I would be very rigid in giving these loans out because if you weren't you'd be hanged for it and the loans are fairly high risk anyway.


    The current house that you like may not happen through rebuilding Ireland.

    Did this ever get resolved? I'm in similar situation, got contracts to sign for new build, havent got approval in principle yet so time against me, but researching how surveyors report is done so can move it along. Have approval from different cc so am aware of procedure and documentation to fill out.

    Anyone manage to get report done on new build from plans?


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  • #7
    carlost
    Registered Users, Registered Users 2 Posts: 49 ✭carlost


    kbman wrote: »
    Did this ever get resolved? I'm in similar situation, got contracts to sign for new build, havent got approval in principle yet so time against me, but researching how surveyors report is done so can move it along. Have approval from different cc so am aware of procedure and documentation to fill out.

    Anyone manage to get report done on new build from plans?

    This got resolved but it wasnt a new build from plans. It was in late development. We had to get our engineer to go out as early as possible and fill in the report to satisfy the council. Once the council were satisfied then we got final approval to proceed.

    Then we had to get her to go out again at a much later date to do the snag list.

    It was an incredibly long drawn out process with a lot of issues along the way, mostly caused by the house being a new build (which is lunacy) but the rebuilding Ireland scheme is in its infancy so ....


  • #8
    kbman
    Registered Users, Registered Users 2 Posts: 119 ✭✭kbman


    That's great, thanks for update.
    I'm starting to get the picture of how drawn out it is.

    I called some lad today and i hear surveyors report isn't needed for a new build, that you'd just do a snag list.

    Guess rebuilding don't expect you to be getting a new build with the price limitation.
    I'm expecting the same issues, maybe to the point that the sale falls apart but hoping not.


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