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

Lord Spence

https://www.boards.ie/discussion/comment/119246201#Comment_119246201

Sorry all just bumping this in case anyone has encountered this issue and knows how long it might take to get done

spudmonkey17

https://www.boards.ie/discussion/comment/119258323#Comment_119258323

https://www.boards.ie/discussion/comment/119260162#Comment_119260162

Who are your lenders?

We’re close to 3 weeks waiting on Bank of Ireland to issue the legal pack to our solicitor! Very frustrating since everything else is in order. We’re sale agreed on a new build and are now past the 21 day deadline to return the contracts because of this.

LunaLoo

https://www.boards.ie/discussion/comment/119260641#Comment_119260641

Have u followed up with the agent that carried out the valuation? We were waiting a couple weeks and it turned out the agent hadn't sent the valuation back to bank.

It's a pain in ass but for some reason you have to try follow up with everyone to make sure they've done what's needed of them.

Mr Hindley

After two years of false starts due to the pandemic / changing jobs, am finally at the stage of starting to make offers on properties. Was up against a cash buyer yesterday and dropped out when we just skated past my limit - reckoned they had deep pockets and I was going to lose anyway. Am onto property #2 now and am again up against a cash buyer, so debating whether it's worth even trying, as their offer already pushes it close to what I'd want to pay for this property.

Markitron

https://www.boards.ie/discussion/comment/119261546#Comment_119261546

It is always worth trying, I am about to close on a house where I was not the highest bidder but that sale fell through. Choose your max amount and see what happens.

Markitron

https://www.boards.ie/discussion/comment/119260641#Comment_119260641

Mine is AIB on this place but I was sale agreed on a place last year which fell through because BOI kept me waiting 3 months to issue to the loan pack. If you are relying on them for an exemption, that could be what is holding it up.

Glaceon

So my solicitor told me today that we could be ready to close the sale on Tuesday. A second snag found no show-stoppers except for the drainage issue I mentioned previously which still hasn't been done.

Here's our driveway taken today; you can see the signs of it being wet recently.

Here is my neighbour's...

I asked my solicitor if I'm making a big deal out of this but she said if she were in my shoes she wouldn't accept it either. I'm just conscious that this could hold us up for a lot longer.

bawnBeag

moved out of our house yesterday, supposed to close and move in to our new home on Friday but bank seem to be very slow as they haven't released funds yet. Getting a bit anxious as I would not have expected this to be a last minute job. I'll be hounding the bank again tomorrow

Icantthinkof1

Definitely worth trying, you could be kicking yourselves if you saw it went under what you were willing to pay for it in a couple of months on the property register.

Even if you weren’t the highest bidder something could potentially go wrong with the buyer who was and if you’re not in you can’t win as the saying goes

chops018

So, finally got signed contract back from the Developer's Solicitor. We had sent signed contracts to them around 2 months ago (I think!) and they kept delaying exchanging so we were wondering if they were going to try up the price.

Anyway locked in at €330k for a new build, which we are delighted about as new builds in the area and close by seem to be going for a good bit more, especially in further phases, also it's less than 10 mins from both our families and ticks a lot of boxes.

110sqm. Semi-D. Garden to the front with parking for two cars and seems like the garden to the rear will be a decent size. Only thing is it's gas heating - I thought with regulations all new builds had to be heat pumps but apparently if it's an energy efficient boiler then it's ok. PV Panels too, hopefully they are good.

About €25k being used from the HTB and then I'll add either €20-30k from my savings and get a mortgage of €270k or €280k. So an LTV of about 80%. Hopefully keeps its value or doesn't lose much in the next 5 years or so and I have room for refinancing.

The property won't be ready until October or November so I'll have to renew my loan offer in September as that's when it expires. Hoping interest rates don't rise much. My current loan offer is 1.9% over 4 years. If I could get 2.2% over 5 years on say €270k then that very manageable at around €922 a month (just want to keep it under the €1,000 a month mark). So again here's hoping no big increase in rates between now till end of the year!

iColdFusion

https://www.boards.ie/discussion/comment/119270466#Comment_119270466

Did your solicitor check the contract for a material prices inflation clause?

Alot of builders are writing in an almost blank cheque into new build contracts that the buyer is on the hook for any extra costs due to inflation.

chops018

https://www.boards.ie/discussion/comment/119270930#Comment_119270930

I'm a property solicitor myself by trade (work in-house now in a different area but I was previously a solicitor in private practise focusing on property) and ensured the price variation clause was deleted via my solicitor firm.

The house itself is pretty much built anyway so hopefully there won't be a need for them to try and seek more money!

https://www.boards.ie/discussion/comment/119271355#Comment_119271355

I never got that removed, as I thought it was normal practice, and now I'm nervous.

I know people who had to pay €30,000 more at closing.

Our house has been mostly completed for about 5 months, but was parked for the builder to concentrate on social housing section. They will probably go by the latest VAT rates, and not as it was five months ago.

Glaceon

We closed today! Picking up the keys tomorrow. 😊😊😊 The end of a very long journey and the start of a new one too.

Ciara26

https://www.boards.ie/discussion/comment/119272424#Comment_119272424

Congrats

Mr Hindley

https://www.boards.ie/discussion/comment/119269518#Comment_119269518

Thanks - I did indeed jumped into the bidding. I lost out, but at least I know I tried. I hate the sense, though, that I might just be pushing up the end price to no avail. On the one hand, I'm glad I was disciplined and stuck (well pretty much) to my limit that I had set myself. On the other, there'll always be the 'but what if I had just gone a little bit higher..?' regret. In a way, knowing I was up against a cash buyer makes it cleaner; more obvious that the bidding would have probably just kept going and going and I'd have still lost out.

byron55

Anyone else noticing a slight change in their preferred markets? We're looking in rural Meath (for past 18 months). For the first time I've started seeing houses' asking prices drop - 3 in last few weeks: 375k to 350k, 450 to 435k, 475k to 450k. Also noticing that houses are staying online for way longer. This time last year, some of these houses would be offline in a few weeks. Also getting way more correspondence from agents by email/phone about new houses being advertised and even the heads-up on new ones that will be coming soon. Not major changes, I know, but definitely an improvement on this time last year.

Tar.Aldarion

How much should building insurance be covering? I am not sure if the calculator I found only is accurate.

Jjohnrockk

Please advice if I should be worried about First Item on List Below in a new build.

2 and 3 are not a concern - Are these worth listing as snag?

1. Gap between door frame and Wall. Filled with paste. Builder said nothing can be done about it as if they move the frame back, then door will not close. Presently paint has matched that of the wall, however, concern is gap.

2. Left side is picture from Snag 1 and right side is picture from Snag 3.

2. Left side is picture from Snag 1 and right side is picture from Snag 3.

3.

Jjohnrockk

Is there a solution to this. These are not gaps, but something of a black colour.

Barnaboy

https://www.boards.ie/discussion/comment/119277150#Comment_119277150

@Jjohnrockk reckon you might be better posting these queries in the construction forum.

Brock Turnpike

https://www.boards.ie/discussion/comment/119275083#Comment_119275083

Definitely. I mentioned it a few weeks ago about EAs sending out correspondence for new listings/listings that have been up a while. Since then I've noticed houses staying up longer and prices bring dropped in order to encourage a sale.

odyssey06

https://www.boards.ie/discussion/comment/119275929#Comment_119275929

Yeah it's hard to know how to calculate it. I had to go with surveyor's amount which was low balled. I increased it significantly at next renewal.

Some pointers here:

https://www.boards.ie/discussion/2058249375/rebuild-cost-for-home-insurance-renewal#latest

D n G

Well, after a closing day when everything that could go wrong went wrong, we are now sitting in our new home surrounded by boxes! We were closing Thursday gone and our solicitor wanted the buyer's solicitor to send the money in trust on the Wednesday so she could do the sale & purchase on Thursday morning first thing. The buyer's solicitor refused saying she'd put it through by 12 on the Thursday. We had phonecalls going right, left & centre. Our estate agent ended up contacting the buyers to get things moving.

Movers came Wednesday and packed the house for us - highly recommend getting them to do the packing! They held the contents for 2 nights and delivered it Friday morning to Donegal.

Meantime we were leaving Thursday, fully packed car, to find a flat tyre and battery! An hour or so wait for assistance with a unpacking/repacking of car. The on the way the glow plug warning light appears and the car kept losing power. Finally got to our new home at 1.30 in the morning to find the sofas that were to be left there were not there so we had to sleep in the car for the rest of the night!!

But the craziness of the buying and selling a house, and all the madness in between, is over and we are finally here.

Barnaboy

https://www.boards.ie/discussion/comment/119280556#Comment_119280556

Absolutely delighted for you. I remember reading about your horror story purchase earlier in the year . Enjoy your new home.

QRaq

Hi we are currently selling our house and buying a house. We went sale agreed on our current house 4 weeks ago. The proposed buyers still haven’t instructed a surveyor nor has their banks own valuer attended. This seems like quite a delay to us. I’m wondering should we be concerned? Would it normally take this long to instruct a surveyor? We had a surveyor attend on the house we want to buy within the first week of going sale agreed on it.

QRaq

Hi we are currently selling our house and buying a house. We went sale agreed on our current house 4 weeks ago. The proposed buyers still haven’t instructed a surveyor nor has their banks own valuer attended. This seems like quite a delay to us. I’m wondering should we be concerned? Would it normally take this long to instruct a surveyor? We had a surveyor attend on the house we want to buy within the first week of going sale agreed on it.

iColdFusion

https://www.boards.ie/discussion/comment/119283734#Comment_119283734

Doesnt sound like anything to be worried about if your house is in good condition id say, mortgages are taking forever these days and theres a chance they might be applying for a mortage with a different bank than they had AIP with as rates have been rising across the board so waiting for that to go through before booking the survey and valuation, have they paid the booking deposit to your estate agent?

Barnaboy

https://www.boards.ie/discussion/comment/119283740#Comment_119283740

We are in the same situation as you but (hopefully) a little further along. We went sale agreed over three months ago now. Our solicitor told us not to get the survey done until he had inspected the contract.

Contract still not issued by the vendor. Seems that they are having a nightmare with BOI releasing the deeds of the property.

I'd say you have nothing to worry about at this stage. Keep in contact with your solicitor.

QRaq

Hi we are currently selling our house and buying a house. We went sale agreed on our current house 4 weeks ago. The proposed buyers still haven’t instructed a surveyor nor has their banks own valuer attended. This seems like quite a delay to us. I’m wondering should we be concerned? Would it normally take this long to instruct a surveyor? We had a surveyor attend on the house we want to buy within the first week of going sale agreed on it.