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

Glory83

busylady wrote: »

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.

Thank you very much indeed for your kind and elaborate response.
I am lucky because I am not in a chain sale where as the vendor is. That expalins why the contracts were exchanged shortly after we went sale agreed. My loan offer is ready. The issue is vendor's solicitor is reluctant to certify that the copy he shared with my solicitor contains all the conditions and entitlements as the original one. Hence we are waiting for them to cooperate. I believe the vendor will not be able to sell their property anyway if they do not provide such a document to any potential buyer, is that correct?

rookieMan

We went sale agreed this week and the contracts have been exchanged. The solicitor is asking for "a letter of loan offer" before they "consider the contracts and the title". Is this normal? I am just worried that solicitor will end up sitting on the contract while bank will take 6 weeks to send the letter, thus delaying the process unnecessarily.

Glory83

rookieMan wrote: »

We went sale agreed this week and the contracts have been exchanged. The solicitor is asking for "a letter of loan offer" before they "consider the contracts and the title". Is this normal? I am just worried that solicitor will end up sitting on the contract while bank will take 6 weeks to send the letter, thus delaying the process unnecessarily.

My solicitor requested 50% payment upfront to go through the contract documents while I was waiting to get my loan offer.

rookieMan

Glory83 wrote: »

My solicitor requested 50% payment upfront to go through the contract documents while I was waiting to get my loan offer.

Thanks, I can certainly do that if they give me the option. I'll ask.

rookieMan

Glory83 wrote: »

My solicitor requested 50% payment upfront to go through the contract documents while I was waiting to get my loan offer.

Question on this: did you make the 50% payment upfront after the structural survey report or before?

Reins

My Solicitor tells me this is normal. Unfortunately this is part of the process .A solicitor won't look at a contract until they have loan approval letter. Am currently in the same situation..

Glory83

rookieMan wrote: »

Question on this: did you make the 50% payment upfront after the structural survey report or before?

I am dealing with the same solicitor who helped with my first property's purchase a few years ago. So, I still have good relationship with. He requested the upfront payement when he got the contracts and the documents. I did that before the survey because the house is in a pretty good condition 17 years old. Maybe I rushed But anyway, the survey report was good anyway.
Once my loan offer came, my solicitor was happy with the documents except that Instrument Burden section on the folio copy that we are trying to push the vendor's solicitor to confirm it contains all the conditions and convenants as on the original one before signing the contracts.
Maybe, you can get a surveyor to inspect the house and make sure it is in a good condition. Then you can ask your solicitor to start working on the documents while you are waiting for your loan offer.

Jay D

Is it normal to have a local county council fee on your final bill from solicitor? I get the strong impression this fee was charged for something I actually did myself. There was no other discussion about county council other than when I dealt with them.

Also, is it fair to ask for a breakdown of miscellaneous costs?

cubatahavana

Jay D wrote: »

Is it normal to have a local county council fee on your final bill from solicitor? I get the strong impression this fee was charged for something I actually did myself. There was no other discussion about county council other than when I dealt with them.

Also, is it fair to ask for a breakdown of miscellaneous costs?

When I got the quote from my solicitor, everything was detailed and broken down.

Dave3030

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?

Im in a similar situation-my advice is to get 3-5 EA's in to value your current house ASAP. (Beware of some hitting you with fantasy valuations in order to impress you and get your business.) Go with the optimistic side of what you think is realistic. If you have no idea then go with the average. Get your current place up for sale ASAP.

Now you have a good idea of what you can get-you can subtract the balance of whats left on your mortgage to know what you can expect to have in your bank once the sale goes through. Add this to your savings, and apply for Approval in principle for a new mortgage with your estimate of total money to contribute to the purchase .

Now you know what your price range is. (you also need to factor in other expenses like EA's fees, Solicitors Fees, Survey, Stamp duty and any work needed on the place you buy).

For me-i focused on getting my current place sale agreed before I started getting too invested in looking a new place. Its just less stressful and also I dont think many EA will take your offer too seriously if you are not sale agreed. (Maybe I am wrong but-I had an EA fob me off, saying a house i was interested in was sale agreed when it wasnt quite. He knew i had only just put my place on the market and therefore was at least 4 weeks away from being in any position to make a real offer-and he didnt want me in the mix delaying the sale).

Sure its no harm to keep and eye on daft, and go view a few to get an idea of whats out there (and make sure to follow up to find out what they actually sell for), but dont get your heart set as it will prob be gone by the time you are in a position to offer.

Once you are sale agreed and you have your AIP, you can start bidding with some knowledge of the going rates for similar houses.

Its up to you whether its feasible to get your current place sold before you buy an new home. Its certainly the easiest option-but i can see how it isnt feasible for alot of people.
All things equal you should have your own place sold with cash in the bank by the time you come to signing a contract on your new home. This however may mean renting in the short term.

If thats not an option it would seem like you need to be on top of everything to try and time the sale and purchase in sync. I can imagine the stress involved here-especially as you are at the mercy of both the purchaser of your current home, and vendor of your new home (and their solicitors). Its not something I have experience of though!

Best of Luck!!

megabomberman

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.

We had rounded up to the nearest thousand for what we were approved for. Was only a small difference but the bank didn't mind.

Sweet.Science

sparkle109 wrote: »

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

Me too

Leozord

folks, how long did it take for ye to get the loan offer letter?

I've got my AIP when I sale agreed. Now, it's been 4 weeks and yesterday my bank manager came and said that I need almost another 2% of the property price (1% for the stamp duty + almost 1% in taxes and other ****e) in order to get the loan approved - which is fair enough and the amount is in the account, but when I went sale agreed, it wasn't all there. This happened in the beginning of Sept.

seller's solicitor already sent the contracts to my solicitor and they asked to have the loan sorted with the bank

Reins

My solicitor was waiting 8 weeks for it!

ElitesTeam

Reins wrote: »

My solicitor was waiting 8 weeks for it!

Please say your not with AIB

Reins

It's my purchasers solicitor who was waiting on their loan approval letter to arrive from their bank,hence my contract not getting looked at for 8 weeks. No idea who they're borrowing from.

Dubs1990

ElitesTeam wrote: »

Please say your not with AIB

the buyers who purchased my house were with AIB , from sale agreed to keys handed over it was 14 weeks

brisan

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?

Crikey if they are taking the shed I would have it set in stone what they are leaving
You could go into a house with no light fittings and Brushed steel sockets replaced by white plastic ones
Do not laugh I have seen it happen
Put a clause in where you do a walk through an hour before you sign contracts

brisan

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.

You may be better asking that question in the legal section of boards

lindtee

Hi there, I’m extremely interested in a house that is being sold by Auction Era. It’s a private treaty sale but the bids are put in online in an auction style. Has anyone had experience with buying from them before? I’m in a good position to move quickly with a purchase. Any advice from anyone who’s bought or even sold with them. Thanks!

El Guapo!

Got our keys today!

Even though I haven't posted much here, I've been following this thread since I started the process.
This forum can be a goldmine of information at times.
But also, as a word of warning to others going through it; there's also a lot of sh1te posted here from people who either mean well but are misinformed, or from people who just like to spout crap like they know everything. These one or two posters can be extremely negative at times and could potentially scare some people away from the whole process.
For example: we got AIP, Letter of Offer, and successful drawdown while on the Covid subsidy. It can be done.
If I was to believe some posters here I would've given up months ago. And these people flat out denying that you can be successful are plain wrong.
Is it difficult? Yes.
Impossible? Absolutely not.

My advice would be to take everything here with a pinch of salt.
If you have questions; ask the bank. Or a good broker. Or your solicitor. Don't pin all your hopes on what some stranger on the internet tells you.
And stick with it. It's absolute torture, but it's worth it in the end.

Best of luck to everyone here still going through the whole process. I hope it works out for you.
And thanks to the people here who did give me some valuable insight.

Pink11

I think I pm'd everyone who asked, if I missed you, please PM me.

Congrats to all those who have bought and sold recently. Seems quite a few of you got some great news and progress this week.

shatners bassoon

lindtee wrote: »

Hi there, I’m extremely interested in a house that is being sold by Auction Era. It’s a private treaty sale but the bids are put in online in an auction style. Has anyone had experience with buying from them before? I’m in a good position to move quickly with a purchase. Any advice from anyone who’s bought or even sold with them. Thanks!

I bid on a house listed by Auctioneera a few weeks back. If an offer is made above 90% (I think) of the asking it sets a deadline for bid - possibly 14 days, and you'll see a timer on the site together with the current highest offer. If a bid is made within 30 seconds of the deadline, it's extended by two mins to allow for counter offers.

It's nice to be able to see the current bid but the system just led to bedlam at the end of the process with the house i was looking at. It was at €475k up until the last half hour or so and then a bidding war erupted. It ended up going for €565k and the timer got down to 2/3 seconds a few times.

My advice would be to ensure that you have your upper limit in mind and stick to it. I would be very easy to get caught up in the excitement.

Leozord

El Guapo! wrote: »

congrats

would you mind sharing how long it took from sale agreed to the payments and the keys?

Newdawn11

El Guapo! wrote: »

Got our keys today!

Even though I haven't posted much here, I've been following this thread since I started the process.
This forum can be a goldmine of information at times.
But also, as a word of warning to others going through it; there's also a lot of sh1te posted here from people who either mean well but are misinformed, or from people who just like to spout crap like they know everything. These one or two posters can be extremely negative at times and could potentially scare some people away from the whole process.
For example: we got AIP, Letter of Offer, and successful drawdown while on the Covid subsidy. It can be done.
If I was to believe some posters here I would've given up months ago. And these people flat out denying that you can be successful are plain wrong.
Is it difficult? Yes.
Impossible? Absolutely not.

My advice would be to take everything here with a pinch of salt.
If you have questions; ask the bank. Or a good broker. Or your solicitor. Don't pin all your hopes on what some stranger on the internet tells you.
And stick with it. It's absolute torture, but it's worth it in the end.

Best of luck to everyone here still going through the whole process. I hope it works out for you.
And thanks to the
people here who did give me some valuable insight.

Congratulations. Would you mind sharing how long it took from approval to loan letter being issued to solicitor? Thanks

givyjoe

shatners bassoon wrote: »

I bid on a house listed by Auctioneera a few weeks back. If an offer is made above 90% (I think) of the asking it sets a deadline for bid - possibly 14 days, and you'll see a timer on the site together with the current highest offer. If a bid is made within 30 seconds of the deadline, it's extended by two mins to allow for counter offers.

It's nice to be able to see the current bid but the system just led to bedlam at the end of the process with the house i was looking at. It was at €475k up until the last half hour or so and then a bidding war erupted. It ended up going for €565k and the timer got down to 2/3 seconds a few times.

My advice would be to ensure that you have your upper limit in mind and stick to it. I would be very easy to get caught up in the excitement.

Precisely the same thing on a house I was watching. 325 asking, high bid of 341 for a week or so, 345 for the last day and then during the last three hours it ended up at 375. Madness.

Claw Hammer

lindtee wrote: »

Hi there, I’m extremely interested in a house that is being sold by Auction Era. It’s a private treaty sale but the bids are put in online in an auction style. Has anyone had experience with buying from them before? I’m in a good position to move quickly with a purchase. Any advice from anyone who’s bought or even sold with them. Thanks!

I wouldn't touch it.

givyjoe

Claw Hammer wrote: »

I wouldn't touch it.

Any particular reason?

brisan

givyjoe wrote: »

Any particular reason?

How can you be sure the bids are genuine.
Could be the vendors family pushing price up.
Not like a normal auction where you are legally obliged to hand over cash on the day and lose it if you cannot complete

El Guapo!

Newdawn11 wrote: »

Congratulations. Would you mind sharing how long it took from approval to loan letter being issued to solicitor? Thanks

My timeline was as follows:

April 20th: Submitted initial mortgage application.

April 29th: Received AIP

Lockdown delayed viewings.

June 8th: Sale Agreed on new build.

Big delays on paperwork etc. Valuation took 5 weeks to complete due to restrictions. During this time we received multiple letters from developers threatening to pull deal if we didn't move quicker. This was out of our control though and we managed to calm them down.

Aug 20th: Received letter of offer. Due to backlogs, this took 3 weeks to receive from the time it was requested.

Then there were numerous other delays. My solicitor waiting for paperwork, waiting for HTB funds etc.

Sept 28th: Requested drawdown.

Sept 30th: Mortgage funds received by solicitor.

Oct 1st: Received keys.