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

JimmyVik

https://www.boards.ie/discussion/comment/119111736#Comment_119111736

That ridiculous. Get a proper snagger to snag it for you. propertyhealthcheck are cowboys.

Whodat19

Our solicitor has contacted lenders solicitors for the security documents of execution. Finally near the end now after 5 months. Does anyone know how long this takes, I'm assuming this means they are requesting funds for transfer also?

EvoEvo

HI Eveyone

quick question, just to be sure

I`m in sales agreed and waiting for the contract from the seller....

I know that I need the mortgage protection/contents insurance before the Drawdown...but If I start the process now, can I postpone the insurance activations till the drawdown date?

Thank you

Glaceon

https://www.boards.ie/discussion/comment/119113618#Comment_119113618

Yes, I was told that they can park the insurance until closer to drawdown.

joeguevara

Hopefully closing on Friday week. Been a nightmare but hopefully end in sight

Mollyb60

Who the fcuk wants to complete on a Monday? Ugh, whatever. We'll make it work. 27th June completion date.

slystallone

https://www.boards.ie/discussion/comment/119114221#Comment_119114221

Until you are a few days out from Completion date...correct?

Barnaboy

Haven't posted here in a while on this thread. Well in to the purchase of a new home and sale of ours.

The sale of our own home has been as hassle free as you could hope for. We already had the deeds, house in good condition, keen first time buyers. Everything great.

The purchase is a different story. It is a probate sale. We went in to this pretty ignorant on probate. If we were better informed we may have steered clear. We went sale agreed 8 weeks ago. Found out after a few weeks that the probate application had yet to be filed. After pushing for updates, we found out this week that probate application has only been submitted now, two months after the sale. The processing time at the probate office is currently 14-16 weeks. Then solicitor reckons another 2 weeks to close the sale.

So we are looking at late September early October for moving in. Very disheartening considering we planned early for a summer move.

Lots of work to be done on the property. Doing it over the summer would have been so much less messy.

Moving house sucks!

Glaceon

https://www.boards.ie/discussion/comment/119118067#Comment_119118067

I was just told until we were closer to drawdown as we were a good bit away that stage. I’ll be drawing down in the next couple of weeks and am in touch with the bank to have the insurance ready for next week.

shinser

We are in a similar situation. Sale agreed on our own house since March, thankfully very patient buyers. Went sale agreed on a probate sale in April, told probate would be granted July. Now I am worrying that it could be longer - not sure when they applied so must chase this up. We are really hoping to move in August at the latest. I’m sure our buyers won’t remain that patient. EA also pushing for us to sign contracts on our property but we aren’t willing to be locked in until our purchase is more certain.

Munstermissy

Finally contracts exchanged with 2 weeks closing date. Can I be confident that sale will close in that time frame? Everything done on my side (vendor), house cleared, etc. It has been years since I bought my own house so I have no idea on time frame.

Barnaboy

https://www.boards.ie/discussion/comment/119129077#Comment_119129077

Definitely. Get confirmation of when the probate application was actually submitted, then add 18 weeks, based on what my solicitor said. Better to know as early as possible.

demr

https://www.boards.ie/discussion/comment/119118067#Comment_119118067

Once you have a closing date you can inform the mortgage protection insurance people that you are ready but tell them you want the policy activated 2 weeks earlier than the closing date (as you need active mortgage protection to draw down with the bank - they will look for the policy certificate around that time). Most mortgage protection insurance providers will give you those few weeks free (at least Zurich did). Home insurance is quicker to sort (it takes minutes online) and does not need to be done till closer to the time provided you are not buying a home more than 100 years old.

Brego888

Signing contracts this week on property I'm selling. Looking towards closing date of early July and I've questions about mortgage payment and timing.

My monthly mortgage payment is due on the 7th of every month. Should I be aiming to complete the sale before the 7th of July (i.e 1st - 6th of July) to avoid another mortgage fee?

I assume if I paid the monthly installment on the 7th and then closed a couple of days later that I'm not going to see the installment money be repaid to me?

iColdFusion

https://www.boards.ie/discussion/comment/119139178#Comment_119139178

I would have assumed that if you make the July payment that comes off your mortgage total when you go to pay it off so it doesn't really matter either way?

You are going to have to allow a few days for the banks to process the payments and documents on both sides anyway.

Brego888

https://www.boards.ie/discussion/comment/119139598#Comment_119139598

Most of the monthly mortgage payment is interest though isn't it, not a capital payment off the mortgage?

I just don't want to be paying extra interest to the bank that I could maybe avoid!

D n G

We are hoping to sign this Thursday as everything has finally come together (a long, stressful and exhausting road traveled). We're looking to close asap and are trying to figure out how quick we can get to completiion. We're selling our home and moving to one down the country. Our holidays were booked to help us move but they are looking to be slipping away lol. I really don't want to be in our old home when on hols.

D n G

Well we're signed at last! It's been an absolute roller coaster of stress. Between being "robbed" of the house we signed for in January to finding this one, to having to reapply for the mortgage protection waiver and the mortgage, it has not been the best of times. The easies part was selling our own house lol and, thankfully, the buyers are sound. But here we are at last and the vendor has agreed on 3 weeks to closing. We were hoping for less but heyho we are a moving!!

MoneyPrinterGoBuurrrr

We narrowly lost out on 2 properties in Dublin 9 a couple of months ago, within the past two weeks EAs have contacted us to see we are still interested. It seems a lot of people are getting cold feet! Can't blame them, probably the worst time to buy with what's coming ahead. Already seeing price drops in that market we were looking in.

Should be plenty of bargains in a few years if people can hold out.

Cork2021

my wife and I have put the breaks on completely now. We’ll save away, wind down our debt etc. we’re fixed in our mortgage for another couple of years so, won’t be making any drastic moves.

it was great to see the value of our house nearly double since we bought in 2016. I’m sure there won’t be any huge negative collapse and as we pay down our mortgage and when the time might come we’ll have decent equity and savings to move on.

got notification today from the national childcare scheme that .50c an hour is what we’ll get for our 2 little ones attending crèche from September. So approx €65 more a week onto our crèche costs

Littleredcar

https://www.boards.ie/discussion/comment/119151058#Comment_119151058

Where in Dublin 9

Tonesjones

https://www.boards.ie/discussion/comment/119151058#Comment_119151058

Read an article from Canada that says there are increasing cases of people who are now experiencing buyers remorse and are scrambling to find a way out of legal contracts while sellers are trying to push the sale through quickly on the basis of same contracts.

House prices have dropped two months in a row

thunderdog

https://www.boards.ie/discussion/comment/119119270#Comment_119119270

Not to put you off too much but it took just under 7 months for the probate to be granted on the property I bought last year. Some parts of the country are quicker than others though-I was buying in Dublin. It’s a pain alright and no real way to know where in the probate ‘queue’ you are. Just a case of being patient and waiting it out.

The one concern in the back of my mind was that has prices had increased a good bit over those 7 months so nothing stopping the seller putting the house up for sale again after the probate is granted at a higher sale price.

MoneyPrinterGoBuurrrr

https://www.boards.ie/discussion/comment/119152080#Comment_119152080

I would absolutely believe it, a couple we know purchased a 3 bed in Dublin 3 months ago for 90,000 over asking and are now having epic buyers remorse. They were already maxed out with the lending and exception, coupled with the cost of living increase they are well and truly house poor with a house that will drop in value shortly.

newmember2

Currently applying for a mortgage, what is the current outlook - get a fixed rate for as long as possible or are there other strategies?

Barnaboy

https://www.boards.ie/discussion/comment/119152115#Comment_119152115

Thanks for sharing and brightening up my weekend! We are aware that it could drag on. Our solicitor checked with probate office so hopefully not too inaccurate and fingers crossed no complications.

One thing that is a little worrying is the continuing lack of contracts. Just passed 2 months sale agreed and no sign of them. The contract for our place was issued in just a few weeks.

MoneyPrinterGoBuurrrr

https://www.boards.ie/discussion/comment/119154234#Comment_119154234

Get a fixed rate as long as you can, but honestly, if i was thinking of buying i would hold off around a year or two and wait for the prices to crash. I know this was mentioned during Covid but we are in a completely different economic environment now. Money is no longer being printed and will become more expensive, hence the fall in property prices, plus we will officially be in a recession soon.

newmember2

https://www.boards.ie/discussion/comment/119154983#Comment_119154983

Thanks yes, just getting the application in now to get the ball rolling. I've to vacate where I am before the end of the year so will see how things are shaping up then.

diceyreilly

https://www.boards.ie/discussion/comment/119140461#Comment_119140461

Not so sure house prices will drop. Just don’t see how they can. Supply is a fraction of demand.

Xidu

Have u compared to buy now vs buy in 2 years, pay 2 more hrs rent, 2 hrs later mortgage rate higher.

which one actually is less cost?