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

kev_s88

https://www.boards.ie/discussion/comment/119672120#Comment_119672120

Did you go through a broker or directly to the bank? We were in the same position as yourselves (FTB of a new build). We got our AIP in order to put deposit down on the house. Our broker advised us to not even go for loan offer until we were within 6 months of even a rough completion date. We got completion date of July so went for loan offer in March. Our loan offer was to expire 29th September and thankfully we're drawing down tomorrow (just in time)

We had contracts signed in April and mortgage protection organised and approved in April also. Started to upload all our docs (DD mandate etc) in late April so it could all be reviewed by the bank. We had to get a review on our mortgage protection done because it had been over 3 months.

I'd hold off until you're within 6 months of a rough completion date. At least if you run over you can apply for extension to your loan offer, as opposed to having to completely reapply for your loan offer

Thistley

https://www.boards.ie/discussion/comment/119673678#Comment_119673678

Eeek we are also with Finance Ireland. Has your broker given you an expected timeline?

Jet Black

https://www.boards.ie/discussion/comment/119669945#Comment_119669945

In the same position as yourself and Thestart. Last I heard was they were doing a survey, that was 3 weeks ago and I haven't heard anything since. My solicitor has everything from me and the deeds so I am just waiting on the buyers. When I started I had 12 weeks in my head as an end date, which should be the end of next month, but I'm not as optimistic with that timeline now.

smolinski

Hi we're waiting on our new build since booking deposit paid in early Feb, contracts were May and end date pushed out several times from July to now possibly November. Sold our house in July. Problem is that we went with KBC as had our 1st mortgage with them, they extended our loan offer 3 times but early Nov is the last date for drawdown. We assumed they would do a new loan offer at a higher rate but no its just a hard stop then. Trying to get a valuation for an early drawdown but paths etc are not done. Any experience of valuer providing final valuation weeks ahead of completion when still a site? We now have an application in with BOI via a broker but have had no word yet

sandyxxx

put our 3bed semi rental up for sale in late july.....

priced it at 2006 purchase price and accepted an offer at 10k under,......

delighted to be honest,market might look very different in 6 months time.....there was a lot less interest than expected!

handlemaster

https://www.boards.ie/discussion/comment/119681495#Comment_119681495

Interesting. Why sell up now ?

sandyxxx

https://www.boards.ie/discussion/comment/119681553#Comment_119681553

house was let, excellent tenants, decent rental income but the constantly changing goalposts meant letting was a mugs game......gave notice in January ,property returned in july.......sat idle idle but for sale in August!

KrustyUCC

Deposit transfered to our solicitor

In contracts closing date in November

Apparently earliest sellers were able to do

Waiting on them to sign contracts now

Bit of a frustrating process as we were informed that sellers were ready to go

They had House purchased, loan got before we even bid

Apparently not as they're now waiting on loan offer from Haven which is taking ages

pc7

That's a pain Krusty, hopefully November date holds, it isn't too long off.

Dodge

https://www.boards.ie/discussion/comment/119672624#Comment_119672624

Last year our friends had their house valued. They then spent about 60k doing it up. When it was revalued (by two separate agents), it was worth 40k more.

I think the agent is right. If it came down to a house for 300k with 50k of renovations to be done or a house for 350k with no renovations to be done, most people (including my family last year) would go with the first option

CR 7

We've signed contracts back in the summer for a new build in an estate, estimated handover of keys to be January/February. The builder/estate agent are being quite pushy with the fitted kitchen. Their "preferred" supplier is trying to get the kitchens installed in the next few weeks, but we can't tile the kitchen until after handover so we want to wait for that. Now they're telling us that the kitchen has to be fitted before handover, in case there's any issue with mortgage drawdown. They won't allow any external contractors in before handover, which would mean the only option is the "preferred" supplier. We've already confirmed with our bank that drawdown without a kitchen won't be an issue(they might hold back a small percentage similar to the PC sum allowance).

Anyone else dealing with similar issues? I don't understand the point of them detailing a PC sum allowance if they're insisting on having the kitchen put in like that.

Heighway61

https://www.boards.ie/discussion/comment/119683679#Comment_119683679

Thanks. There's a house for sale a few doors down newly refurbished. I'll get the valuer in and compare prices.

quokula

Would a house that "was fully remediated for pyrite and is certified" after past issues be something to worry about? I know I'd definitely get an engineer to check it but thinking I might save on the cost and just give the house a miss.

KrustyUCC

https://www.boards.ie/discussion/comment/119683647#Comment_119683647

Fingers crossed as we really want to be in before Christmas

I'll update closer to the time

Officer999

Sorry if it’s been asked before but does the lending bank normally ask for the most recent payslip before draw down?

I have switched employer since we went sale agreed and do not plan to notify the bank about this

TheRona

https://www.boards.ie/discussion/comment/119684829#Comment_119684829

I was told I'd have to, but I didn't in the end.

Of course, your lender will probably ask you several questions before drawdown, including whether there has been any changes to your employment.

kodak

https://www.boards.ie/discussion/comment/119684829#Comment_119684829

I had two loan offers , one bank required it and stated in loan offer .. the other one didn’t (we bank with them) so they can see wages etc.

Lavinia

...

ibrahimovic

First time buyers. Made a bid on a house last week now, was in a bidding war with one other bidder but stayed within our budget and at the moment are the top bidders, the estate agent told us originally that they expected to have it sale agreed by today, after making the top bid last week they told us they would be sending the top two offers to the solicitor who is dealing with the executor. As well as this ask the owners if they want to continue taking viewings or not. Still haven't heard anything back.

Is this normal? We are new to this but thought the top bid would be put through, not the top two bids, makes us think the other bidders may have an advantage over us in some way, eg may be cash buyers. Also not sure whether to ask the estate agent for an update, or put a time restraint on our bid. We don't want to come across as too eager, but also don't want to be in limbo for weeks.

sandyxxx

https://www.boards.ie/discussion/comment/119681495#Comment_119681495

......quick follow up,within 24 hrs of goin sale agreed the deposit has been transferred to our EA,documents, have been transferred to our solicitor,our doc's are already in there,BER cert has been sent over,property tax bill (couple of cents!) cleared, buyers have been in touch with a surveyor,waiting for contacts to be drawn up,hoping to get this wrapped up sooner rather than later😃

smolinski

Just wondering again if anyone has pushed for mortgage down due to loan offer expiring, before completion date given?

we're waiting on our new build since booking deposit paid in early Feb, contracts were May and end date pushed out several times from July to now possibly November. Sold our house in July. Problem is that we went with KBC as had our 1st mortgage with them, they extended our loan offer 3 times but early Nov is the last date for drawdown. We assumed they would do a new loan offer at a higher rate but no its just a hard stop then. Trying to get a valuation for an early drawdown but paths etc are not done. Any experience of valuer providing final valuation weeks ahead of completion when still a site? We now have an application in with BOI via a broker but have had no word yet

COH

https://www.boards.ie/discussion/comment/119673878#Comment_119673878

No. Just an endless list of excuses... now we've to swallow this mornings rates increase. Could not be more disappointed with them

TheMilkyPirate

Country council solicitors have a transfer order for our mortgage for well over a week now. Confirmed by a councillor to us that it was sent to them the Friday before last. We are waiting on this to close on the sale, would we be out of line to contact the council solicitors directly ourselves to see what is going on? We're not buying from the council.

Thistley

https://www.boards.ie/discussion/comment/119695280#Comment_119695280

Same! What a coincidence having all these delays and *bam you have 1 day notice that your expected mortgage will be 20k more expensive in the long run....

I hope they will have a faster turnaround now.

Shivvs

Has anybody here drawn down with BOI in the last couple of weeks, I feel like I’m banging my head off a brick wall with them and I don’t know if I should be worried they’re going to pull the loan offer or are just waiting to announce an interest rate hike?

kev_s88

We drew down with BOI last Wednesday. They were actually really helpful with getting our funds out. We did go through a broker though, and they put in a huge amount of work for us, along with our solicitors

Giblet

Pretty much started and finished drawdown with BOI in a matter of days. Started Friday, ended Tuesday.

Padre_Pio

Sorry if this has been asked before.

I'm buying a new build and the loan offer has just come through. I chose a 5 year fixed mortgage at 2.5%

I'm signing contracts tomorrow, but the house won't be finished for another 2 months and I'm worried the interest will rise in the time before I draw down.

They won't finish the house until I sign, and I can't draw down until they finish.

Is there a way to lock in the interest rate immediately?

SmokyMo

https://www.boards.ie/discussion/comment/119699496#Comment_119699496

as far as I am aware, no.

what_traffic

What happens when your solicitor overpays the Bank to pay off one's OLD mortgage? Sold house about 1month ago and statement I got yesterday shows the old mortgage account in Credit by a few hundred euros. Do the banks mortgage team just issue a check for that amount?