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

https://www.boards.ie/discussion/comment/118709550#Comment_118709550

The deeds for my apartment bought in 2002 went missing. I wasn't selling.....just though I would check, given that it was First Active, which was dodgy as hell and gobbled up by Ulster Bank in the crash. Had a bad feeling given that the details on my mortgage in UB were light and erroneous.

I think that operational standards in banks through the noughties were very poor, and there was so many closures and mergers and re-organisations post crash, that there will be a lot of title deeds out there in vaults that are no longer linked to the relevant loans and have never been scanned nor have duplicates.

So, no, it doesn't surprise me that there are issues with locating title deeds from that time

xElDeeX

https://www.boards.ie/discussion/comment/118709550#Comment_118709550

Took my bank 4 weeks to send the title deeds to my solicitor early last year and same with my own purchase in November so not ridiculous yet. It's stressful but keep pushing past the niggles. Got the keys today finally!

Emma2019

It was taking up to 8 weeks to get deeds from the bank in 2021. Hopefully that time is reduced now that things have opened up.

You shouldn't be allowed to list your house until you have your deeds in hand.

AnnieinDundrum

https://www.boards.ie/discussion/comment/118712277#Comment_118712277

But if you have a mortgage don’t the bank/building society hold them? They certainly held ours until the mortgage was cleared

slystallone

When the sales letters are sent from the agent to the solicitor after going sale agreed, what is the next step for the solicitor to do with those sales letters?

jluv

https://www.boards.ie/discussion/comment/118719786#Comment_118719786

In my case, my solicitor requested them from the bank as soon as I put my house on the market and they had them in their possession even before I went sale agreed. I asked my REA when she came to value the house what should I be doing to get things moving and it was one of the steps she recommended to me..

AnnieinDundrum

Ok so I wonder why more solicitors don’t do that… maybe the banks don’t like handing them over

tobsey

https://www.boards.ie/discussion/comment/118720157#Comment_118720157

Nothing is done with them really. They’re just for information. The seller’s solicitor should draw up contracts and send them to the purchaser’s solicitor. The agent letter just tells the seller’s solicitor who to send the contracts to.

As someone else has described here the solicitor needs to get the deeds first, presumably from the bank of the seller still has a mortgage. Once they have those they can draw up the contracts and send them out.

cnocbui

https://www.boards.ie/discussion/comment/118649154#Comment_118649154

A permanent ban would be more appropriate. I believe in Germany they are seriously restricted. If they want something then they have to build it, not buy it in competition with individuals.

cnocbui

https://www.boards.ie/discussion/comment/118709550#Comment_118709550

It's probably a bank hold-up. They basically dysfunctional at the moment from my recent experience, where the delays were measured in months, not weeks.

No, not that sort of hold-up...

Emma2019

https://www.boards.ie/discussion/comment/118719786#Comment_118719786

Yes. It was taking 8 weeks from request for thr banks to locate and send them to the solicitors.

AnnieinDundrum

A new (to me) aspect of the rent cap… we were outbid on a property as the investor buyer was uber-keen to get that property as it hadn’t been let before therefore didn’t have a rent ceiling…so owner occupied homes have an additional premium. Might not impact much on a lot of sales but I think might be relevant for apartments.

JimmyVik

https://www.boards.ie/discussion/comment/118751992#Comment_118751992

Was flagged when rent controls came in. Investors find certain properties more desirable because no rent control on it or at least it is at market rate and avoid other ones if they are below market rent.

At the moment they are selling properties that are capped at a low rent and if they decide to stay investing, will then buy properties with higher rents achievable to market rates.

Brego888

Might be odd question but I'm selling my first property so unfamiliar with the process.

Where does the money go initially once the sale is complete?

Does the buyers bank pay the fee to my solicitor, to me, or directly to bank I have my mortgage with?

Obviously my mortgage has to be paid off but where does the money reside initially? Is there an escrow account?

I had never considered this when I first bought the place!

jluv

https://www.boards.ie/discussion/comment/118752604#Comment_118752604

In my case the money was transferred from buyers solicitor to my solicitor, who then settled the outstanding mortgage with the bank and transferred the rest minus their fee to my account.

Littleredcar

****. The whole process is ****. Once again cash buyer coming in. Thought I had a really good chance with this house it’s overpriced but I wanted it. Made an offer which was only offer. Agent came back this morning and said he has a counter bid after 2 weeks of 5000 over , I’d counterbid but buyer is in rental and ready to go.

i can’t take a risk and sell and rent temporarily as I’m unlucky and not willing to risk family being homeless

I’m fed up with the whole process and considering just staying in a house I’m miserable in

Littleredcar

https://www.boards.ie/discussion/comment/118642267#Comment_118642267

I’m the same soul destroying - and I’d get a much higher price for my own now

Angelica24

It's an impossible position. We're stuck having to be sale agreed in order to buy at a price that's now too low to trade up successfully especially we're finding loan approval much harder to obtain this time as it took us so long to find anywhere it's expired twice now.

What are you going to do? Can't decide if we need to withdraw the sale when it comes to the six month mark as we are getting nowhere and the price has gone up and we have the restrictions of our contract with our agent where we cannot sell to anyone else who has previously contacted them within 12 months. I didn't understand why some houses keep on going on and off the market but now I do as it seems like we have to start afresh every time. Thinking of just taking it off the market and waiting until things calm down though that's risky too as prices seem like they will keep going up.

JimmyVik

I know a coupe who have pulled the plug on their buyer who they were sale agreed with since last July because they couldnt find anything in their price range to move to. Prices of the type of houses they are looking at have all gone way up.

They got another estate agent to to a fresh valuation on their house and they valued it 20% more than it was sale agreed at.

Of course the person who had agreed the sale with them wasnt going to go for the new price, so they just had to pull the plug and start again.

From the outside looking in I can see both points of view. But you cant possibly buy a house thats gone up 20%, but neither can you trade up where the ones you are trading too are gone up too, but your own house is selling at a price 20% below the market rate now.

Yet another disaster in our housing market.

Shelga

I am very close to drawdown now, thankfully. Just have a question- how did people co-ordinate delivery of furniture with closing date?? I’d like to move in ASAP and want to get a sofa delivered. However, if the closing date slips by a few days this could get messy- if I order it to be delivered on the current closing date.

I’m kind of hoping the estate agent would be understanding and just let me have it delivered there regardless, at that point??

Just beginning the process now, house will probably be up in a couple of weeks.

I've been looking around since Christmas and haven't seen much, and I really hate the thought of going Sale Agreed in the hope that something might just pop up, but we are where we are.

Who is the patron saint for selling in a property chain?

Giblet

Currently buying, lovely house, I don't need to sell, vendor is looking for flexibility which I can afford them, but my god... the bidding war has them licking their lips; couldn't wrangle a price to take it off the market yet, but currently highest bidder. I don't have the stomach for this, will make a final offer if countered and just move on, regardless if their sale falls through or not. This market sucks.

Sinister Kid

https://www.boards.ie/discussion/comment/118764603#Comment_118764603

Have you selected / ordered the sofa yet? If you haven't, just keep in mind that anything that has to be ordered in can take months. If it is in stock you're grand. I manage a furniture shop & for anyone in your situation that has placed an order for an item that is in stock, we can schedule you're delivery for the day / day after you get the keys, if there is any delay & you need to move the delivery out a few days, just let us know as soon as you can & we do our best to accommodate. Not every furniture shop can do this, we have an in-house delivery team so we can be a bit more flexible than most. I would highly recommend doing your research now & if you find something you like, explain your situation to the salesperson.

AhhHere

Got AIP and started bidding. Wife is pregnant and may be on maternity leave when we draw down. Will this impact our application?

GoldFour4

https://www.boards.ie/discussion/comment/118767174#Comment_118767174

You will have a dependent at the time of drawdown which may impact on the amount a bank will lend to you.

iColdFusion

https://www.boards.ie/discussion/comment/118767174#Comment_118767174

Yes it will, they will ask for updated payslips when you go to buy and if they don't match your AIP docs that will be a major issue unless your income is high enough to buy the house on its own, ive heard of self builds being stopped half way through because the bank asked for current payslips during a drawdown phase, saw one person was on maternity leave and withheld the payment until they were back to work but that was also during corona so banks were getting very jittery about peoples incomes the last couple of years.

_Brian

Tenants moving out on 16th

Have exterior work completed, power washing & painting..

Few days painting inside, nothing much.

Then house will be going on the market, hopefully not back to rent unless market goes to hell.

bluelamp

https://www.boards.ie/discussion/comment/118757146#Comment_118757146

There are roadblocks in every situation now, whether it be first time buyers, trading up, trading down.

I was helping a retired relative look around at smaller places (they live alone in a large house, great location, great garden - the perfect family home, now too big for their needs).

The poor value and supply in the lower end of the market has made them decide to stay put. We will never free up these large empty nest houses until there is something decent for the current owners to move in to. Everything we looked at was terrible value, terrible condition, and every one of them was bid up to astronomical amounts.

The cheaper houses were generally in estates that were rental - heavy, which doesn't suit older people who like the security of knowing their neighbours, and estates being kept looking well. There were apartments in nice locations, but we have to just accept that older Irish people have a serious aversion to them, plus 90% of them were rentals which they also hate.

I know it's all anecdotal - but it made me realise that downsizing is never going to happen here, and that the pressure in the lower end of the market is holding absolutely everything up across the board.

We keep being told we need one bed apartments... but to me it seems that we are really lacking is smaller houses. The days of the two-up two-down house are gone it seems, when that's actually what a huge amount of people are looking for. Great for a single person, couple, downsizer, one child family etc.

youcancallmeal

In the scenario where we put our house up for sale, go sale agreed, apply for AIP, don't find anything to trade up to when AIP expires and finally just go back to where we started and remain where we are. Would there be any costs for us involved in this scenario? For example do we need to engage a solicitor, pay estate agent etc

JimmyVik

https://www.boards.ie/discussion/comment/118767854#Comment_118767854

I think your major cost would be house price inflation. If you are sale agreed for a long time your house peoce will remain static, but the houses you are bidding on will probably increase over time.

But with the estate agent i think your upfront costs cover you until they sell the house. And with the solicitor they wont do anything til you have a house to buy anyway.