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

Sweet.Science

How long after going sale agreed would you chase a solicitor for sight of contracts ?

Starlord_01

Sweet.Science wrote: »

How long after going sale agreed would you chase a solicitor for sight of contracts ?

Straight away. A good solicitor is arguably the most important part of the whole process.

Ace2007

Starlord_01 wrote: »

Straight away. A good solicitor is arguably the most important part of the whole process.

Yea - especially coming into summer month - last think you want is your solicitor to go on holidays for 2 weeks. (granted unlikely in current environment)

Pussyhands

Lia_lia wrote: »

Wondering should we just wait. So hard to know what will happen with prices.

I personally think there's panic buying going on at the moment.

I don't think the pandemic has changed anything. Ok, so maybe people have a bigger deposit but I don't think it's enough to turn the market into a mania.

Houses going 20% above asking without even viewings.

I don't think the fundamentals have changed enough in the last 2 years to justify the madness in the current market. Prices were high 2 years ago, they're madness now.

Sebastian Dangerfield

Pussyhands wrote: »

I personally think there's panic buying going on at the moment.

I don't think the pandemic has changed anything. Ok, so maybe people have a bigger deposit but I don't think it's enough to turn the market into a mania.

Houses going 20% above asking without even viewings.

I don't think the fundamentals have changed enough in the last 2 years to justify the madness in the current market. Prices were high 2 years ago, they're madness now.

Yeah this is true in our case. Listed at X. At x plus 30k, we were calling the EA asking him to wrap it up, it was beyond what we hoped to get. He told us leave it another week, and another 30k followed. Its mental.

Jafin

Sebastian Dangerfield wrote: »

Yeah this is true in our case. Listed at X. At x plus 30k, we were calling the EA asking him to wrap it up, it was beyond what we hoped to get. He told us leave it another week, and another 30k followed. Its mental.

Fair play to you for actually trying to wrap it up and not drag it out, chasing after every last penny you could get. I'd say there aren't many people that would do that.

Himnydownunder

Sue de Nimes wrote: »

Moving back to Ireland after 20 years in the UK, my wife and I see huge differences in the house buying process. One thing we have seen is the difference in regulation. I don't think UK estate agents are any more trustworthy, but they are regulated very tightly. Dealing with Auctioneers/Estate Agents in Ireland is like the wild west in comparison. Time and time again we see "errors" in listings that always make the properties seem more valuable. Accidentally adding bathrooms or bedrooms. Dishonest measurements.....really all sorts of things.

Just out of interest did you find proporty in the U.K. to be better value? It seems like 100k goes a long way in the U.K. in Manchester, Liverpool and other areas?

brianc27

Sweet.Science wrote: »

How long after going sale agreed would you chase a solicitor for sight of contracts ?

First thing I did when I went sale agreed was ask the estate agent to relay back to the vendors solicitor to get the contracts over to my solicitor asap, then gave it a week and contacted the estate agent again to put a bit of pressure on, contracts arrived to my solicitor a few days later, so about two weeks after going sale agreed my solicitor got the contracts,not sure if that's standard, fast or slow but deffo felt keeping on top of things helped move it along

snow_bunny

Pussyhands wrote: »

I personally think there's panic buying going on at the moment.

I don't think the pandemic has changed anything. Ok, so maybe people have a bigger deposit but I don't think it's enough to turn the market into a mania.

Houses going 20% above asking without even viewings.

I don't think the fundamentals have changed enough in the last 2 years to justify the madness in the current market. Prices were high 2 years ago, they're madness now.

Yeah, same here, none of it adds up. Even if there was 2k extra per month saved, that's only around 28k extra by now.

Emma2019

snow_bunny wrote: »

Yeah, same here, none of it adds up. Even if there was 2k extra per month saved, that's only around 28k extra by now.

Their parents also saved an extra 2k a month though too...

snow_bunny

Emma2019 wrote: »

Their parents also saved an extra 2k a month though too...

Yeah, true. A foreign concept to me tbh.

Lia_lia

Emma2019 wrote: »

Their parents also saved an extra 2k a month though too...

I’ve come to realise that so many people get help from their parents. Also a foreign concept here! Although I’m sure if they had the money they would help. We do thankfully have a relatively large deposit due to years of saving but just can’t find anywhere to buy. Thankfully our rent is cheap enough.

RockIT

Hello everyone,

Quick question. At what point during the sale process do we need to produce a loan offer (not AIP)?

I recently applied for a mortgage and then changed my job. I got my AIP one week into my new job. Would it be okay if i bid for houses ? I'm confident that i will clear the probation period. Will i run into trouble when getting my loan offer? Or is it possible to pay up the deposit and draw the contract after my probation? Will developers / estate agents be okay with that?

Looking forward to hearing from you.

dubal

RockIT wrote: »

Hello everyone,

Quick question. At what point during the sale process do we need to produce a loan offer (not AIP)?

I recently applied for a mortgage and then changed my job. I got my AIP one week into my new job. Would it be okay if i bid for houses ? I'm confident that i will clear the probation period. Will i run into trouble when getting my loan offer? Or is it possible to pay up the deposit and draw the contract after my probation? Will developers / estate agents be okay with that?

Looking forward to hearing from you.

Loan offer will be subject to passing probation and a formal confirmation. You will be allowed draw down on probation

dubal

dubal wrote: »

Loan offer will be subject to passing probation and a formal confirmation. You will be allowed draw down on probation

Especially the bit where they ask you for last months payslip before drawdown and it doesn't match the ones for approval

Red Silurian

Well we got outbid today, our final offer was 12% beyond the initial asking price and the winning bidder was only 1k above us in the end but there was a lot of tit-for-tat bidding going on towards the end... In the end the price was just too much to justify

I just hope it wasn't the council that outbid me

RockIT

dubal wrote: »

Loan offer will be subject to passing probation and a formal confirmation. You will be allowed draw down on probation

Thank you for your response. In the meantime would it be okay for me to go sale agreed and sign a contract? And have the drawdown after the completion of probation?

kippy

Pussyhands wrote: »

I personally think there's panic buying going on at the moment.

I don't think the pandemic has changed anything. Ok, so maybe people have a bigger deposit but I don't think it's enough to turn the market into a mania.

Houses going 20% above asking without even viewings.

I don't think the fundamentals have changed enough in the last 2 years to justify the madness in the current market. Prices were high 2 years ago, they're madness now.

You've not been reading about major supply issues and cost increases in the building of new homes.
That's a major fundamental change on top of planned removal of some major mortgage players from the market over the short to medium term.
Still major supply side issues and a generation getting older and wanting to get some stability in their lives.

dubal

RockIT wrote: »

Thank you for your response. In the meantime would it be okay for me to go sale agreed and sign a contract? And have the drawdown after the completion of probation?

The bank won't check again until you go to offer stage. However, there are disclaimers where they ask you to notify them of material changes..

I'd not recommend them finding out you've changed job on the final payslip submission

dubal

RockIT wrote: »

Thank you for your response. In the meantime would it be okay for me to go sale agreed and sign a contract? And have the drawdown after the completion of probation?

The bank won't check again until you go to offer stage. However, there are disclaimers where they ask you to notify them of material changes..

I'd not recommend them finding out you've changed job on the final payslip submission

Paul_Mc1988

Red Silurian wrote: »

Well we got outbid today, our final offer was 12% beyond the initial asking price and the winning bidder was only 1k above us in the end but there was a lot of tit-for-tat bidding going on towards the end... In the end the price was just too much to justify

I just hope it wasn't the council that outbid me

How much did the house go for?

RockIT

dubal wrote: »

The bank won't check again until you go to offer stage. However, there are disclaimers where they ask you to notify them of material changes..

I'd not recommend them finding out you've changed job on the final payslip submission

Thanks a lot. Let me check with the bank then.

houseyhouse

I drew down a mortgage while on probation. I had been on probation when I applied though (1 year probation in my job) and most banks wouldn't even consider me because of that. I think AIB won't approve when you're on probation but BOI will, possibly with a letter from your employer. ICS will too if you're public service.

Stark

Ulster Bank approved me while on probation. I just needed a letter from my employer to say they were happy with my performance so far and expected me to finish probation on X date.

extrafluff

Hey all,

Is it normal for the sellers solicitor to say that the sellers are not returning the contracts until they receive their purchase contracts? (EA has said that's normal, our solicitor doesn't think it is) Also EA has said that they have their purchase contracts..
We signed the contracts last month. We're waiting to drawdown. Our solicitor has also said that he hasn't ordered the funds because there's no point until we receive their countersigned contracts.
There was a closing date of tomorrow agreed but now seems like we're in limbo for a few weeks.

Thanks.

Kerry25x

My husband's employer (multinational) agreed to end his probation period early so that he could close on a house a few years back.

Emma2019

extrafluff wrote: »

Hey all,

Is it normal for the sellers solicitor to say that the sellers are not returning the contracts until they receive their purchase contracts? (EA has said that's normal, our solicitor doesn't think it is) Also EA has said that they have their purchase contracts..
We signed the contracts last month. We're waiting to drawdown. Our solicitor has also said that he hasn't ordered the funds because there's no point until we receive their countersigned contracts.
There was a closing date of tomorrow agreed but now seems like we're in limbo for a few weeks.

Thanks.

It's normal in that nobody would want to be tied into a sale where they dont know that their purchase is going to go ahead, unless they've somewhere else to live in between.

Same thing is happening with mine, they wont confirm a closing date in case their purchase falls through so weve told the sellers not to give us back the contracts we've signed until we're actually closing so that we can still walk away if they take too long.

RockIT

houseyhouse wrote: »

I drew down a mortgage while on probation. I had been on probation when I applied though (1 year probation in my job) and most banks wouldn't even consider me because of that. I think AIB won't approve when you're on probation but BOI will, possibly with a letter from your employer. ICS will too if you're public service.

Hopefully i will be able to convince my employer.

I'm pretty sure i'll be out of probation during drawdown. But i am a bit worried about explaining the situation to banks and getting a loan offer once we go sale agreed.

houseyhouse

RockIT wrote: »

Hopefully i will be able to convince my employer.

I'm pretty sure i'll be out of probation during drawdown. But i am a bit worried about explaining the situation to banks and getting a loan offer once we go sale agreed.

I'd talk to the bank. They might give you AIP subject to the probation being sorted or they might change their minds all together but I don't see any advantage in keeping them out of the loop at this stage. They WANT to give you a mortgage - it's their business - so they should be reasonably helpful. If you had no gap in employment I think that helps too. I can't remember which bank, but one of them was happy with me being on probation only because I'd no gap between the last job and the current one.

Red Silurian

Paul_Mc1988 wrote: »

How much did the house go for?

Less than €250k