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

Cash_Q

Gaeilgeoir_Dub wrote:

We are now on 7 weeks since the last update from vendors solicitor which at the time was "we believe probate will be issued in 4-5 weeks".

Ourselves and others on the thread recently awaiting probate had a wait time of about 10-11 weeks. If there are any queries on the application it goes back to the start of the queue. Its insanely frustrating and we found the lack of communication so hard too but I suppose if they had anything to tell you they would. Our solicitor said there was a backlog of over 3,000 cases because a new system was introduced in September and lots of solicitors rushed applications in ahead of it, coupled with general Covid delays it's just caused a headache for all involved.

It's so draining but once you get the keys all the stress will just wash away!

Downloaded

Downloaded wrote: »

I'm worried how these 'big money' purchases would look to the bank, in the weeks and months leading up to drawn down, if we did the former...

How do most people approach this?

Haven't been through it myself as we didn't go for a new build, but the bank isn't that subjective. They wont revoke a mortgage offer because you've been spending money. As long as you're not eating into your deposit and your income hasn't changed I don't think you've any reason to worry.

Foodie2012

Hi All,

Really useful information on this, thanks!!

We're at the final stages in the process now after a long 6 months purchasing a new build. We signed off on final snag today and our solicitor sent off for funds requisition from PTSB. I saw posts on facebook that some banks have a deadline of the 11th for funds release which has me worried now that we won't get drawdown before Christmas... Does anyone here have more info on these dates? We have everything else in place since last week, we were just waiting on the snag items to be addressed, I just hope we haven't missed the deadline now?

Annoyedseller

Foodie2012 wrote: »

Hi All,

Really useful information on this, thanks!!

We're at the final stages in the process now after a long 6 months purchasing a new build. We signed off on final snag today and our solicitor sent off for funds requisition from PTSB. I saw posts on facebook that some banks have a deadline of the 11th for funds release which has me worried now that we won't get drawdown before Christmas... Does anyone here have more info on these dates? We have everything else in place since last week, we were just waiting on the snag items to be addressed, I just hope we haven't missed the deadline now?

Sorry to tell you but our mortgage advisor in Permanent Tsb told us that the deadline was 8th of December. We were delayed so we knew we weren't going to get ours back in time. Maybe you should give them a call and ask. They might let you through if they didn't get lots in 🀞ðŸ»

Cash_Q

Foodie2012 wrote:

I saw posts on facebook that some banks have a deadline of the 11th for funds release which has me worried now that we won't get drawdown before Christmas... Does anyone here have more info on these dates?

In our case KBC said the 11th was the last date to submit documents for final checks but there will still be drawdowns next week. Try to contact the Completions department in the bank to see if they're finished or not. Fingers crossed for you.

Milena009

Foodie2012 wrote: »

Hi All,

Really useful information on this, thanks!!

We're at the final stages in the process now after a long 6 months purchasing a new build. We signed off on final snag today and our solicitor sent off for funds requisition from PTSB. I saw posts on facebook that some banks have a deadline of the 11th for funds release which has me worried now that we won't get drawdown before Christmas... Does anyone here have more info on these dates? We have everything else in place since last week, we were just waiting on the snag items to be addressed, I just hope we haven't missed the deadline now?

If you are referring to First time buyers group on FB, I seen that completion documetns need to be in by 11th however (which is important to you) drawdown cheques etc can be issued up and including the 18th.

Good luck!

Vikings

Littleredcar wrote: »

We had a very specific requirement up to this year which meant we needed a downstairs bedroom for an elderly relative which unfortunately we no longer need so looking for 3 years also included dealing with a serious illness . Also we have upgraded our own home so much we really want to upgrade and not have a do-er upper . Lots of them in our catchment area

Sorry to hear about that side of it, makes it clearer now.

The only further advice I can give is that as soon as a turn key house comes up it will be attracting many suitors. It will likely attract a lot of bidding and go for North of asking. You really do need to be in position to move quickly when these come up.

During our search we were the 2nd people through the door to view a turn key house in Kildare, made an offer over asking on the day. A second bidder came in following the second date of viewings, we went back and forth until we were 10% over the asking. The vendors accepted a 5k lower offer from the other bidders as they were first time buyers. This despite the buyers of our home having signed and returned contacts to us.

Foodie2012

Milena009 wrote: »

If you are referring to First time buyers group on FB, I seen that completion documetns need to be in by 11th however (which is important to you) drawdown cheques etc can be issued up and including the 18th.

Good luck!

Thank you!
This sounds good, we had all our documents in by the 7th so hopefully we can drawdown and get the keys next week, fingers crossed! Would be devastated if we just missed it by a few days at this stage!

Best of luck everyone!

Vikings

Foodie2012 wrote: »

Thank you!
This sounds good, we had all our documents in by the 7th so hopefully we can drawdown and get the keys next week, fingers crossed! Would be devastated if we just missed it by a few days at this stage!

Best of luck everyone!

When signing contracts with our solicitor this week she was telling us how bad (slow) TSB are to deal with at the moment. So much so that she has refused clients who are getting funds from them. Hopefully works out for you!

Graham

Mod Note

some off-topic posts moved to the property market thread.

whiskeyman

Hi all.
Have an opportunity to move so looking to sell our house first and have just put it up.
Realise we really have to be at least sale agreed to be in with a chance to get offer accepted.
EA said it will sell well.

As we've 3 small kids, I don't fancy going sold them renting.

There's currently no suitable properties in the area we're looking at (small enough area).

What's best way to play this?
We mightn't see anything in our area until early new year.
Do we be honest with bidders from start or wait until offer accepted?

Ideally we want someone who isn't in a rush to move in.
Any advice appreciated.

theshtig

Hi,

We are currently bidding on a a 3 bed house built in 1975. It has a bathroom downstairs but no bathroom upstairs(I’d presume there was one upstairs before they extended and put the bathroom downstairs and removed the one upstairs). I am wondering what the rough costs of putting a bathroom back upstairs?

Also a rough cost of knocking a supporting wall between the kitchen and the dining room?

Thank you.

lcarrol3

theshtig wrote: »

Hi,

We are currently bidding on a a 3 bed house built in 1975. It has a bathroom downstairs but no bathroom upstairs(I’d presume there was one upstairs before they extended and put the bathroom downstairs and removed the one upstairs). I am wondering what the rough costs of putting a bathroom back upstairs?

Also a rough cost of knocking a supporting wall between the kitchen and the dining room?

Thank you.

I think the cost of relocating the bathroom would mostly depend on whether or not the plumbing and soil stack were moved when they originally moved the bathroom. It's relatively easy if they're still in situ, not so much if the plumbing has to be rerun up there.

We got a quote not long ago for just putting in the RSJ on a supporting wall, doing all the plastering etc ourselves and it was €1500.

zepman

First-time buyers here.

This is our timeline -

Mortgage AIP from KBC on 05/10 (went through a broker, and it took about a month)
Sale agreed on 19/10
Survey done on 23/10, and report received on 27/10
Valuation report released to KBC on 02/11
Full mortgage offer issued on 23/11
Contracts and mortgage documents signed by us on 30/11
Contracts signed by the vendors on 09/12, with an agreed closing date of 16/12.

The bank was supposed to release the funds today (14/12), but they had a query re my wife's payslip this morning (apparently, the credit department only review income documents at closing). Her cumulative gross income on her most recent payslip isn't what it should be based on her gross yearly income. This is because she was on wage subsidy for 4 months or so (which, of course, the bank is aware of) and the subsidy amounts don't get included in the cumulative figure.

So, we provided this explanation and they are happy with it. But apparently, they missed the cutoff today so the funds will be released lunchtime tomorrow. And we were told by our broker that it's usually a same-day transfer.

Does anyone know if released funds typically get credited the same day to solicitors' accounts? Just a little concerned if we are still on track for closing on Wednesday.

nerrad01

I just got funds released for my purchase today, to say its a relief is an understatement. So thankful to be escaping the crazy dublin rental market!

I actually found the closing part more stressful as BOI seemed to constantly come back for more information often times on things they had already been given. I found using a broker for this stage quite time consuming as the new person who was assigned to deal with the closing from my brokers end wasnt great (which was disappointing as they had been brilliant up to this point), thankfully my solicitor was brilliant and was constantly ringing and chasing up with BOI.

Either way, finally over the line as i was terrified of not getting things done this week or issues cropping up as my exemption would have been pulled if i hadn't closed by year end and the sale would have collapsed.

Cash_Q

zepman wrote:

Does anyone know if released funds typically get credited the same day to solicitors' accounts? Just a little concerned if we are still on track for closing on Wednesday.

Sorry I hope you got sorted, our funds were released by KBC last Wednesday and hit the solicitors account by close of business the same day. He transferred to vendors solicitor the next day and we got the keys that day too.

nerrad01 wrote:

Either way, finally over the line as i was terrified of not getting things done this week or issues cropping up as my exemption would have been pulled if i hadn't closed by year end and the sale would have collapsed.

Congratulations! It is such a stressful process at any time but I agree this close to the end of the year made it especially so. Will you move in before Christmas?

cubatahavana

Cash_Q wrote: »

Sorry I hope you got sorted, our funds were released by KBC last Wednesday and hit the solicitors account by close of business the same day. He transferred to vendors solicitor the next day and we got the keys that day too.




Congratulations! It is such a stressful process at any time but I agree this close to the end of the year made it especially so. Will you move in before Christmas?

Delighted you got sorted!

Moving!

Anyone like myself looking to buy a house in Dublin will have seen supply dry up completely over the last few months. Traditionally, supply picks up in January, but I'm worried that the projected rise in COVID cases will lead to renewed restrictions and that those who were thinking about selling will be reluctant to list their houses.
Any other thoughts on this? Are we looking at a dry January?

zepman

Cash_Q wrote: »

Sorry I hope you got sorted, our funds were released by KBC last Wednesday and hit the solicitors account by close of business the same day. He transferred to vendors solicitor the next day and we got the keys that day too.

We did, fortunately, but just by the skin of our teeth! Did the final inspection at 10am, funds landed in our solicitor's account by 11am, they arranged a transfer to the vendor's solicitor by 12pm. Then, there was a whole afternoon's wait to get the closing documents etc. Both solicitors' offices are in the same area, so it looks like they had some in-person interaction to get it all sorted today. My wife and I were just parked outside the property and simply waiting to hear something.

Finally at 4pm, we were told that the sale was closed, and that we should be able to collect the keys soon after the EA hears from the vendor's solicitor. From that point onwards, it was a rush. To the EA's office to get the keys, then to our solicitor's office to sign the transfer deeds, and then to the property to dump some bits of stuff we had filled our car with this morning just because we were making the trip. But couldn't stay for a while and savour it. Couldn't even get the locks changed as planned. It was 5.30pm, and we had to head back to our current area to collect our child from crèche since it is a 45-min drive away. Phew!

tianna

Moving! wrote: »

Anyone like myself looking to buy a house in Dublin will have seen supply dry up completely over the last few months. Traditionally, supply picks up in January, but I'm worried that the projected rise in COVID cases will lead to renewed restrictions and that those who were thinking about selling will be reluctant to list their houses.
Any other thoughts on this? Are we looking at a dry January?

I'm also concerned about this. Very little has come on the market in Dublin the past few months and I think we have a decent budget for what we're looking for. Hoping to see more activity in the new year!

lcarrol3

Has anyone else had issues with a failure in the IT system in the companies office? We were due to get keys yesterday but there's been a delay in our closing searches because apparently their IT system has sat down. My solicitor has now said they don't know when it'll be reinstated. Has anyone else been told the same or given any better idea of when it'll be sorted?

This whole process has been a disaster start to finish. Getting seriously frustrated now.

zepman

lcarrol3 wrote: »

Has anyone else had issues with a failure in the IT system in the companies office? We were due to get keys yesterday but there's been a delay in our closing searches because apparently their IT system has sat down. My solicitor has now said they don't know when it'll be reinstated. Has anyone else been told the same or given any better idea of when it'll be sorted?

This whole process has been a disaster start to finish. Getting seriously frustrated now.

How frustrating indeed! We managed to close late afternoon yesterday. But didn't hear of any problems with closing searches.
Are the problems in the IT systems of the searchers your solicitors are using?

GrumPy

Here is our latest timeline. As you can imagine, we are beyond exhausted, mentally & physically! The vendor solicitor has been an absolute nightmare, and delays with the land registry are still a huge problem for us. We were told on Monday, that the outstanding instrument document *might* be made available on Friday... It will probably be another 4 weeks at this rate before we get sight of keys.

We moved out of our apartment on Oct 31st, staying with friends for 2 weeks, thinking that would be sufficient. We had a buffer of 4 weeks, which we fully utilised, before moving back in with my parents.

Torture, every step of the process has been unnecessarily convoluted, had incompetent people and delay after delay after delay. Nothing worse when you are in a process that you have no control over. It's beyond frustrating, and me & my fianceé are at our wits end. Thank god it's almost Christmas and we have some down time to try and breath.

nerrad01

In contrast i went sale agreed on Nov 3rd and will be collecting keys tomorrow, so pretty much 6 weeks. Ive obviously been very lucky as there was no big issues to resolve and great solicitors and broker on both sides.

The only advice i could offer is to be all over your broker, solicitor and bank as they will all make mistakes so you have to be on the ball to pull them up on things. Also having a good solicitor that you can access easily saves so much time. I had one close to work so was able to drop signed documents in when needed and numerous bits and pieces that cropped up as missing, having to rely on post for this would have slowed the process down an unbelievable amount

GrumPy

nerrad01 wrote: »

In contrast i went sale agreed on Nov 3rd and will be collecting keys tomorrow, so pretty much 6 weeks. Ive obviously been very lucky as there was no big issues to resolve and great solicitors and broker on both sides.

Congrats! Did you have documents furnished from the land registry? What was your experience? I'm not even sure what the document is, or why we need it, but my solicitor is insisting it's a requirement before we can move to contract signing and closure.

Golfusr

Just gone sale agreed on a place.
Nervous...to say the least..that we may have done so at the top of the market. What with the mortgage holidays expiring soon and the impact of COVID/Brexit.
But equally been watching prices continuing to rise over the past few months and any property in decent condition going for well above the asking price.

beanyb

GrumPy wrote: »

Congrats! Did you have documents furnished from the land registry? What was your experience? I'm not even sure what the document is, or why we need it, but my solicitor is insisting it's a requirement before we can move to contract signing and closure.

Everything to do with the Land Registry is even slower than usual at the moment in my experience. Took 8 weeks for the final documents submitted in October as part of my sale to be processed and that was apparently 'expedited.'

nerrad01

GrumPy wrote: »

Congrats! Did you have documents furnished from the land registry? What was your experience? I'm not even sure what the document is, or why we need it, but my solicitor is insisting it's a requirement before we can move to contract signing and closure.

I was asked to review the land registry boundary, via a scanned document from my solicitor. There was no issues with it so i confirmed via email and that was all the input i had. I wasnt required to obtain anything myself, solicitor sorted it all out.

dev_ire

Got the keys a few days ago after years of looking, thanks everyone in this thread all very helpful. The rest of this forum is mad but this thread has been amazing.

pleh

More than 6 weeks since offer accepted and Vendors solicitors still hasn't sent contracts to our solicitor, just found out when enquiring how the sale was going. On the one hand it gives me more time to get some money together on the other hand I'm worried the seller is backing out. If they drag it out long enough maybe they're hoping we withdraw and they get a better offer in the new year with this mini boom we seem to be having. It's very disheartening the whole process up to now.