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

AnnieinDundrum

Thanks, yeah they had a survey done, nothing unexpected… the house was built in 1960 so there’s stuff that could be done. We left some shelves in the garage that we don’t need and are fixed to the wall but I can’t see that being an issue. It’s just that they’ve been so awkward I’m paranoid. and I’ve told the EA that if they don’t close this week we will act. I’m fed up with the whole process.

the place we are buying isn’t going smoothly either but since we are out of our place now I want that done and dusted.

wanderer 22

Vendors finally signed contract today with a closing date of 24th. Still a bit confused about drawdown process - we've signed the loan offer etc but might PTSB stlll want recent payslips and bank statements etc?

to be honest that sounds like a nightmare Annie! I wonder why they are so cautious? Is this their first time buying and they don't know the etiquette? Who cares if you have a tatty carpet anyway? They would have had the chance to see all that during the viewings before sale! Thats not a reason reason to delay? Wishing you the best of luck, you really got a nightmare deal, hoping it goes ahead soon.

AnnieinDundrum

https://www.boards.ie/discussion/comment/119426013#Comment_119426013

It is not their first time buying.

theyve had a full survey, they viewed 3 or 4 times. Their solicitor kept putting in requests, all seemingly reasonable but each designed to delay matters a little. The EA told us they had sold a house and were renting. Apparently they had sale agreed on a property but that was part of a longer chain. The buyers were hassling the EA over “our” delays while their solicitor went away on holidays for a couple of weeks and didn’t tell them and didn’t leave a colleague or locum to cover, or so they told the EA. Then they claimed they couldn’t move last week as they couldn’t get a removal company, now they want a last minute inspection… im smelling rats..

oh and they left us €20 short on the 10%. Since we accepted their offer in I think March, surely they could have worked out what 10% is in 4 months.

what’s bugging me is we had plenty of interest in our house, we accepted their offer as we believed they weren’t in a chain and also they wanted to complete and move in mid July which suited our plans. another buyer offered the same amount but he was just about to out his house on the market, we’d seen a place we wanted so the faster closing suited us.

i don’t know if they lied to the EA or she lied to us. And I don’t know if their solicitor is a crook or incompetent

ETA it is done! Money is in the bank and the new owners are moving in! No last minute delays! Only 3 weeks after we were supposed to, which would have cost us about 4K in additional moving and storage costs if we hadn’t got the caretaker arrangement with the new place,

teh new place is a whole new series of issues but that’s future Annie’s problem! Right now I’m celebrating

Barnaboy

https://www.boards.ie/discussion/comment/119426648#Comment_119426648

Delighted for you! So stressful. Makes our massively drawn out, painful progress seem like a walk in the park.

We are slowly going insane at this stage. Started the whole process in late January with no end in sight. The property we are buying is vacant, the couple buying ours are desperate to get in. They have young kids and want them starting new school year in the local primary school.

Like you, I think the solicitor for the property we are buying is either incompetent or a charlatan. Everything takes forever with them.

https://www.boards.ie/discussion/comment/119426648#Comment_119426648

congratulations! Enjoy the celebrations before the work begins!

Barnaboy

https://www.boards.ie/discussion/comment/119423456#Comment_119423456

It is possible. It depends on how long it is since you got the loan offer. They may ask you to confirm no change in circumstances since offer. Change of jobs pregnancy etc...

No harm in asking them now to avoid unnecessary delays.

wanderer 22

https://www.boards.ie/discussion/comment/119429798#Comment_119429798

Great, thanks. They sent me the form to confirm there's been no change in circumstances so hopefully that's it!

EvoEvo

Hi Guys I hope you can give me some advice.

I'm currently on sales agreed since May for 1 bed apartment.

My solicitor/management company told me that very soon there will be an alarm system replacement in the block and I might pay a levy on that.

Since the beginning of July, I have requested a quote or a price range but still, the management company doesn't know for now..and they will provide the details as soon as possibile ....

But more than 1 month passed and I would like to close the purchase process asap before any mortgage rates and rent increment...

How much does cost this " fire alarm replacement? I have checked online and I see that can cost from 5k up to 20k....

In order to the speed up the process and sign the contracts, would be a good move request to the vendor to have a 10k deduction from the purchase price?

Thank you

https://www.boards.ie/discussion/comment/119436594#Comment_119436594

couple of observations

1. the costs you’ve seen won’t be per apartment
2. some of the cost will likely be paid out of the sinking fund and so an additional levy per apartment, over and above that already taken as a service charge, will probably be smaller again

In my development I only ended up paying about €500 for really extensive fire remediation works and fire alarm upgrades, as we had built up a good sinking fund. And that would be a lot more expense than an alarm system that you are talking about

so, no, I don’t think you’ll get anywhere with a request to take any meaningful amount off the price

EvoEvo

Thank you woody.

AnnieinDundrum

Soooo one half done. Property is sold and we have the cash in the (solicitor’s) bank.

the sellers are stuck it seems, no PPS number and no LPT returns ever made. Apparently they didn’t know about it and they aren’t and never were resident. They are dealing with it, it’s slow…

BUT they did register a lease with the RTB… seems like you need a PPS to do that. Or am I missing something?

theboringfox

Question and apologies if wrong forum.

Looking to close on house but hit a roadblock. House is in area at risk of subsidence. I must get insurance cover with subsidence cover as every bank needs it (UB did not but now leaving).

The house had drains changed and vendor says at time it was confirmed no underpinning needed. But theyve no documentation.

Anyone come across this issue or have a solution please?

Thanks

Marcusm

https://www.boards.ie/discussion/comment/119453375#Comment_119453375

LPT mightn’t be the worst if it. NPPR might have been due and that got to a high penalty before being frozen some years ago. Problem is if returns are required it’s not just a financial thing so it might not be satisfactory to have a retention.

manniot2

Has anybody here purchased a new build before having their own house sold? Is it possible to reserve a new build subject to selling your own? Does the house need to be sold before contracts for the new build are signed? Thanks

tscul32

We lost a house because if this. The vendor had a deposit on a new build but was given a deadline by the builder to have contracts for the sale of their house signed by the end of the month or they'd lose the new build. Someone without a house to sell got it instead of us, money didn't even come into it. Vendor had already lost one new build over a deal falling through, builder wouldn't sign until they had signed contracts for their own.

Naked Lepper

is anyone buying a new build and having issues with irish water?

we were supposed to be moving into our new home in august (this month) - we have not signed contracts yet but are waiting to sign and close quickly once the house is ready. unfortunately it went all quiet from EA and co until this week when i got in touch. apparently delayed until october due to irish water (i am skeptical with the latest timeline considering IW were, according to the EA, supposed to finish the works at the start of the year and have been delaying constantly.

is this common at the moment? anyone have similar experience? i guess there is nothing we can do. the new build is in an estate with around 50 new houses so i expect others are in the same boat but as we have not moved in yet (and its an hour outside of dublin where we live) we do not have any contacts for new potential neighbors.

not to go off topic too much but if there is also going to be delay with getting floors and all the stuff for the house, it would be nice to be sure of the timelines so we could sort of start ordering everything in advance (but not sure if this is the done thing or we just need to wait to have the keys anyway)

Ciara26

https://www.boards.ie/discussion/comment/119457443#Comment_119457443

I was delayed with Irish water for few months. I was meant to close March but only starting now. I do think issues were coming from my builders too.

It is common. I know someone who works across many new developments and says its quite common.

We are in the same boat. Although builders were happy to blame the for their own delays/ hesitations, we did have issues with IW.

AnnieinDundrum

https://www.boards.ie/discussion/comment/119457084#Comment_119457084

Apparently they have already paid the NPPR. no idea whether they sorted that recently or actually paid it back when it was due, either way I’d have thought a PPS number was needed, maybe not as it was non residents so they might not have worried about a historic ownership where the owners didn’t have a PPS as long as they paid the tax.

they are claiming the delay in sorting the LPT is that the owner has no PPS number and that’s taking weeks to sort out due to holidays and the larger than usual number of applicants (Ukrainian). But they put this place on the market in March so they should have tackled it back then, not after the offer was accepted and we paid over 10%

Father Hernandez

Hi folks, going through the process of buying our first home and have a Q.

We are AIP and with a fairly generous exemption - 4.1x. Any houses we have looked at and bid on, we are generally being outbid as they are going for 10-15% market value pricing ourselves out.

So we are changing tactic and looking at something a bit more modest with the intention to use this as our starter home and go for our 'dream home' in a couple of years if/when the market settles down. (no guarantee I know)

One house we're looking at in particular is lovely and in a nice area although we would prefer to move to a neighbouring town as this is where we both grew up. It's circa 15-20% less than our maximum and we're confident we could get it at that price.

My question is, as we have been given the exemption, should we look to use it to it's fullest so we will have a more expensive asset to sell in years to come giving us a better chance to move to neighbouring town. We're both sick of renting and hoping to settle down to have a family asap but I'm afraid if we buy a 'cheaper' asset now, we mightn't hold the same strength in the market in future given the extra money we have access to now as we'll have dependents in future. Hope that all makes sense.

LunaLoo

We done exactly what you described doing 4 years ago. Bought a starter home smaller than what we wanted in slightly less desirable area. We made it very clear to everyone we would be in it no more than 10years. It was the higher end of our budget but we got lucky and got it for slightly under asking price. Fast forward 4years and after saving through covid and a bit more freedom in where we could work we sold it on for an increase of almost 40% and bought our dream forever home.

We sold the house through the same agent we'd bought it off and although we made a few updates, mostly to the garden the house was more or less the same. So what I'm trying to say is once you go into it knowing that you don't plan to be there forever, so don't go buying anything needing too much work, maintain it and have it always in back of mind that you might end up moving sooner than you expect.

pinksoir

You got lucky in your timing. Folk buying at the top of the last bubble were stuck in negative equity for years, many still are. They also thought the crazy house inflation would just keep going, just like folk today do. It's always a gamble. I'd buy the best house you can afford in the best area with the mindset that you may be there indefinitely. If your timing is lucky and you can trade up, happy days. But don't bank on it.

Markitron

https://www.boards.ie/discussion/comment/119459933#Comment_119459933

If I was in your position I would at the very least buy a house in the area you actually want to live in. That way even if the market goes nuts and you are stuck in your starter home, at least it will be in the right place. You can do up a starter home to your liking and make it a nicer place to live, but you can't change where it is.

wanderer 22

Anyone know how long the cheque requsition takes with PTSB these days? Thanks!

AnnieinDundrum

https://www.boards.ie/discussion/comment/119461333#Comment_119461333

Agreed

the place we are buying is costing us 30% less than our seller paid for it in 2006. They paid less than the original buyers 4 year earlier.

Plasandrunt

Have my apartment up about 5 weeks and currently have an offer of asking price, got told yesterday by estate agent that she got an enquiry off "one of the housing bodies" to view the apartment and she says this would be a pretty promising development if they were to make an offer as they would very rarely back out.

Presuming it's the council would they be inclined to get involved a bidding wars of is it just one offer and if's not accepted they move elsewhere? I've also heard the whole process with them can even slower than usual.

AnnieinDundrum

I don’t think “ housing bodies” is the same as councils.

are you in a hurry to sell?

wanderer 22

https://www.boards.ie/discussion/comment/119462358#Comment_119462358

Closing date next Monday...Cheque requisition was sent in Friday but no news yet...getting a bit nervous!

ticktickboom

Hi all, just looking for a bit of advice as not really sure how to proceed.

I'm currently sale agreed on a property that ticked all the boxes apart from rather dated decor and superficial stuff. While bidding, there wasn't huge interest but it still ended up at 40k over the asking price. This was the absolute max I could afford, all in. Its also around 30k over what comparable local properties have sold for in the last six months. I made my peace with that if it meant getting a good house.

The issue now is that after having an engineer in to look at it, there are a number of issues:

1. The boiler is 30 years old and on its last legs, absolute miracle it still functions. It's likely extremely inefficient and It'll cost at least 2.5-3k to replace.

2. The septic system is very old school, almost 50 years old. Has been repaired and maintained over the years but will also likely need to be replaced with a more modern system in the very near future. This will cost anywhere from 12-16k...

I obviously don't have that kind of money leftover now and if either of these broke down in the next year I'd be up ****'s creek. I'd no way of knowing until the engineer got in and had a look, I'd never have bid so high if I'd known I needed 20k reserve for existing issues.

My main question here is have I any recourse or standing to ask the agreed price be reduced down in light of this? How would I even go about that?

Any advice appreciated.