Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

Samuel T. Cogley

Gavin shels wrote: »

You normally wait for the valuer to value the property to know what you need to insure the property for, they will advise of the property rebuild cost. For example, we purchased our property for €305,000 but our rebuild cost was €220,000 for building insurance we needed was €220k.

Mortgage prtection is the life insurance element so needs to cover the mortgage amount. I'm not sure what happens if you insure for more than the mortgage amount though.

BrosnanL27

Hi all, does anybody know if H2B has to be used as part of the deposit for a new build or can it be drawn down at any time (preferably later into the sale after the deposit has been paid out of our own savings)? Thanks

Gavin "shels"

Samuel T. Cogley wrote: »

Mortgage prtection is the life insurance element so needs to cover the mortgage amount. I'm not sure what happens if you insure for more than the mortgage amount though.

Still half asleep :pac: no idea why I thought he said Home Insurance.

lcarrol3

BrosnanL27 wrote: »

Hi all, does anybody know if H2B has to be used as part of the deposit for a new build or can it be drawn down at any time (preferably later into the sale after the deposit has been paid out of our own savings)? Thanks

Our plan is to do this and our solicitor has said it should be fine. Think it depends on the developer though.

awec

Cian59 wrote: »

Can't get a straight answer to this question on Mortgage Protection so looking for advice. I want to have it arranged before I finalise a property. Do I just look for the maximum amount that I'm approved for? Will the bank mind if I have insurance for a higher amount than I might need if I don't use the full approval.

Think you're wasting your time doing it before you have a property, as you'll have to do it all again when you know what your actual mortgage is going to be.

JimmyVik

Im at squeaky bum time.
Had under asking offer rejected and then an asking offer rejected.
Have gone back with 5% over asking offer and am told there is another bidder involved now.
If it goes much higher im probably going to bow out. Fingers crossed.

Glory83

JimmyVik wrote: »

Im at squeaky bum time.
Had under asking offer rejected and then an asking offer rejected.
Have gone back with 5% over asking offer and am told there is another bidder involved now.
If it goes much higher im probably going to bow out. Fingers crossed.

Just offer what your brain tells you not your heart. You will have it if it is meant to.

Glory83

Sale Agreed end of August. Vendor is in chain so they want to sell asap. Contracts been exchanged shortly after sale agreed stage. After a stressfull back and forth process with ICS, finally got the loan offer. Got quotes for house insurance and life insurance.
However, the vendor's solicitor is refusing to confirm that the copy Transfer document contains all of the burdens to which the property is subject to. We are putting pressure to cooperate.
Can they sell the house without that confirmation? Any one has been in similar a similar situation while purchasing a property?

mcgragger

Hoping someone with a little industry knowledge can help me here

I am a home owner - I have about 9 years left on my Mortgage. Im 40 and I am looking to move.
The house I am in was empty when we bought so it was just a case of get the money from the bank and let the legal lads do their thing.
No drama moving in etc.

So now we want to move and I was wondering what the sequence of events has to be?

I have about 50k to put into the move. My current house is worth about 310k.

I am just not clear on how the whole chain thing works.
I see a house that I like for about 350k - but someone lives in it.

Presuming I need to have mortgage approval first but is that dependent on the sale of my house?

Claw Hammer

mcgragger wrote: »

Hoping someone with a little industry knowledge can help me here

I am a home owner - I have about 9 years left on my Mortgage. Im 40 and I am looking to move.
The house I am in was empty when we bought so it was just a case of get the money from the bank and let the legal lads do their thing.
No drama moving in etc.

So now we want to move and I was wondering what the sequence of events has to be?

I have about 50k to put into the move. My current house is worth about 310k.

I am just not clear on how the whole chain thing works.
I see a house that I like for about 350k - but someone lives in it.

Presuming I need to have mortgage approval first but is that dependent on the sale of my house?

Mortgage approval won't depend on the sale of your house, but your ability to purchase the new house will depend on you drawing down the mortgage and paying for the new house in full. You will have to engage in a series of transactions and find a means of funding each one. The first is to pay the booking deposit on your new property, the second is to pay the balance of 10% of the purchase price on signing the contract and finally pay the full balance of the purchase price on closing. Some vendors will allow you to insert a clause that the purchaser subject to the sale of your own house. Some won't.

Westieatheart

Query - the saga continues..

We are sale agreed contracts exchanged and yesterday was meant to be our closing date. The purchasers live in essence around the corner (<3km from here and we are both in Dublin) they decided last week due to the additional restrictions they are now not allowed to move, I'm all about following Covid Protocol here but the restrictions do not limit travel within Dublin and also mainly focus on limiting household contacts.

We have now been paying for a house rental and will be hit with an additional mortgage payment due to this, we have been moving over the last weeks and were all set to go this week when they pulled this stunt (the latest in a string of delays and excuses throughout the process).

My solicitor has advised they issued a time is of the essence letter however I'm not fully sure what that means other than they have 28 days to get on with it or we can look to exit (i think).. They seem to be too busy to take my calls and let us know whats going on. Does anyone know if there is a penalty etc for failure to close on the agreed closing date that we could look to claw back some of the extra costs we've incurred due to the breach? I know this seems to be extremely common but it feels like we are being put on the hook financially because of the purchasers. We queried why it was we couldn't still close on the original date and they just move themselves into the property when restrictions are lifted but they made an excuse that they didn't want to pay extra to change the date their mortgage protection kicked in...

Claw Hammer

Westieatheart wrote: »

Query - the saga continues..

We are sale agreed contracts exchanged and yesterday was meant to be our closing date. The purchasers live in essence around the corner (<3km from here and we are both in Dublin) they decided last week due to the additional restrictions they are now not allowed to move, I'm all about following Covid Protocol here but the restrictions do not limit travel within Dublin and also mainly focus on limiting household contacts.

We have now been paying for a house rental and will be hit with an additional mortgage payment due to this, we have been moving over the last weeks and were all set to go this week when they pulled this stunt (the latest in a string of delays and excuses throughout the process).

My solicitor has advised they issued a time is of the essence letter however I'm not fully sure what that means other than they have 28 days to get on with it or we can look to exit (i think).. They seem to be too busy to take my calls and let us know whats going on. Does anyone know if there is a penalty etc for failure to close on the agreed closing date that we could look to claw back some of the extra costs we've incurred due to the breach? I know this seems to be extremely common but it feels like we are being put on the hook financially because of the purchasers. We queried why it was we couldn't still close on the original date and they just move themselves into the property when restrictions are lifted but they made an excuse that they didn't want to pay extra to change the date their mortgage protection kicked in...

The time is of the essence letter means you can charge interest at the rate specified in the contract if they are beyond the 28 days in closing. That is the only compensation you can obtain from the purchasers in circumstances like this.

Westieatheart

Claw Hammer wrote: »

The time is of the essence letter means you can charge interest at the rate specified in the contract if they are beyond the 28 days in closing. That is the only compensation you can obtain from the purchasers in circumstances like this.

Cheers Claw, we have the standard 8% rate in the contract I just wasn't sure when this/if that could be enforced and at what stage

Pink11

Very bad week for us. EA 'forgot' we had a second viewing. When I rang an hour before 2nd viewing we were told the house was gone for asking price. We had a nice 30k cushion we'd have been willing to part with. Oh well, we'll put our money somewhere else but very upset about the experience. First time getting really into a house.

Any engagement I've had in the last 2/3 months have led to houses going for over asking. This was the first one where the seller grabbed the first one to give an asking price. They didn't care about waiting for the inevitable bidding war! Chaos out there people, chaos!!!

Balluba

Pink11 wrote: »

Very bad week for us. EA 'forgot' we had a second viewing. When I rang an hour before 2nd viewing we were told the house was gone for asking price. We had a nice 30k cushion we'd have been willing to part with. Oh well, we'll put our money somewhere else but very upset about the experience. First time getting really into a house.

Any engagement I've had in the last 2/3 months have led to houses going for over asking. This was the first one where the seller grabbed the first one to give an asking price. They didn't care about waiting for the inevitable bidding war! Chaos out there people, chaos!!!

The sale might yet fall through and Then you would have a shot at it

ElitesTeam

Just got my contracts today and surprised the sellers want to take their shed with them. Its nothing fancy but a basic shed. Can we ask for it to be left. I'd would rather it left.

How does it work about asking for that, the EA or solicitor?

GrumPy

ElitesTeam wrote: »

Just got my contracts today and surprised the sellers want to take their shed with them. Its nothing fancy but a basic shed. Can we ask for it to be left. I'd would rather it left.

How does it work about asking for that, the EA or solicitor?

Solicitor first anyway. No harm asking?
At this stage, if the sellers on the house I'm trying to buy asked if they could, say... take the roof with them and the floors, I'd nearly say yes - just to get the f€ckin' keys!

fx83wab

Pink11 wrote: »

Very bad week for us. EA 'forgot' we had a second viewing. When I rang an hour before 2nd viewing we were told the house was gone for asking price. We had a nice 30k cushion we'd have been willing to part with. Oh well, we'll put our money somewhere else but very upset about the experience. First time getting really into a house.

Any engagement I've had in the last 2/3 months have led to houses going for over asking. This was the first one where the seller grabbed the first one to give an asking price. They didn't care about waiting for the inevitable bidding war! Chaos out there people, chaos!!!

Would you mind PM'ing me who the EA was? Sounds very familiar, especially if Dublin northside.

GrumPy

fx83wab wrote: »

Would you mind PM'ing me who the EA was? Sounds very familiar, especially if Dublin northside.

Same here, PM welcomed!

0gac3yjefb5sv7

GrumPy wrote: »

Same here, PM welcomed!

Ditto this

Pink11

Balluba wrote: »

The sale might yet fall through and Then you would have a shot at it

While I'd never wish ill on anyone, I am secretly still hoping alright Thanks for the kind words though, first time getting really caught up in a place. We're both shocked at how badly we're taking it! We're normally pretty chilled out people. Suppose now I'm starting to see why they call it one of the most stressful things in your life!

PM'd you both but MattS1 your inbox is full!

Jay D

ElitesTeam wrote: »

Just got my contracts today and surprised the sellers want to take their shed with them. Its nothing fancy but a basic shed. Can we ask for it to be left. I'd would rather it left.

How does it work about asking for that, the EA or solicitor?

It's through your solicitor. You can always ask but for something like that could you really be bothered?

Glory83

Posting one more time in case somebody ever came across that situation
Sale Agreed end of August. Vendor is in chain so they want to sell asap. Contracts been exchanged shortly after sale agreed stage. After a stressfull back and forth process with ICS, finally got the loan offer. Got quotes for house insurance and life insurance.
However, the vendor's solicitor is refusing to confirm that the copy Transfer document contains all of the burdens to which the property is subject to. We are putting pressure to cooperate.
Can they sell the house without that confirmation? Any one has been in similar a similar situation while purchasing a property?

Maybe good advice for any buyer to ask the make sure that the vendor provides all the necessary documents showing ownership of the property before going into the hassle of getting the loan offer.

Canyon86

Sale agreed on a property since July th
Valuation, survey and everything my end lined up

Sellers are sale agreed on a property abroad
Anybody know how long it takes to complete a sale in UK
Anxious enough that this doesn't fall through

cubatahavana

Glory83 wrote: »

Posting one more time in case somebody ever came across that situation
Sale Agreed end of August. Vendor is in chain so they want to sell asap. Contracts been exchanged shortly after sale agreed stage. After a stressfull back and forth process with ICS, finally got the loan offer. Got quotes for house insurance and life insurance.
However, the vendor's solicitor is refusing to confirm that the copy Transfer document contains all of the burdens to which the property is subject to. We are putting pressure to cooperate.
Can they sell the house without that confirmation? Any one has been in similar a similar situation while purchasing a property?

Maybe good advice for any buyer to ask the make sure that the vendor provides all the necessary documents showing ownership of the property before going into the hassle of getting the loan offer.

What does “the burdens the property is subject to” mean

busylady

Glory83 wrote: »

Posting one more time in case somebody ever came across that situation
Sale Agreed end of August. Vendor is in chain so they want to sell asap. Contracts been exchanged shortly after sale agreed stage. After a stressfull back and forth process with ICS, finally got the loan offer. Got quotes for house insurance and life insurance.
However, the vendor's solicitor is refusing to confirm that the copy Transfer document contains all of the burdens to which the property is subject to. We are putting pressure to cooperate.
Can they sell the house without that confirmation? Any one has been in similar a similar situation while purchasing a property?

Maybe good advice for any buyer to ask the make sure that the vendor provides all the necessary documents showing ownership of the property before going into the hassle of getting the loan offer.

In brief,it sounds like your solicitor needs a copy of an instrument shown in the burdens section of the folio – the instrument would show the covenants and conditions relating to the use and enjoyment of the property and in most cases they are fairly standard. Your solicitor will want to ensure that there are no onerous covenants and conditions attached to the property. It can take up to 8 weeks to obtain these copy documents from the Land Registry , Sometimes the Vendor’s solicitor can certify that the original Transfer Deed contains the covenants and conditions referred to in the instrument, if they familiar with the development. However in many cases the Vendor’s solicitor will not be prepared to give this certificate and your own solicitor will want to wait for the copy document from the Land Registry to ensure that everything is in order with your title. This is all part of the legal process involved and your solicitor is just doing their job to ensure that you get a good title.

If you went sale agreed at the end of August, you are doing very well to have contracts exchanged at this stage - that is a very quick turnaround at the moment.

Also most solicitors will not deal with contracts until they have received their clients’ formal loan approval so it is not feasible to have all this dealt with before you get your loan offer. This is to avoid legal fees being incurred in cases where a loan offer may not be issued and the purchase cannot proceed.

Balluba

cubatahavana wrote: »

What does “the burdens the property is subject to” mean

One burden I know of is if there is a ‘right of way’ involved between the house for sale and its neighbouring property

sparkle109

Could you Pm me this too- have a feeling who it isl...

GrumPy wrote: »

Same here, PM welcomed!

sparkle109

Hi all,
We have put a deposit down on a new build, won’t be ready until June/July next year. We are due to sign contracts in the next few weeks and I understand we have to pay the 10% deposit by then (availing of HTB so assuming this will cover the majority). What sort of protection do we have (if any) on the deposit as we will have to reapply for mortgage in 2021 (touch wood no change in circumstances)? Is it possible to protect the full deposit?

Littleredcar

sparkle109 wrote: »

Could you Pm me this too- have a feeling who it isl...

Could you pm me too