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

KrustyUCC

https://www.boards.ie/discussion/comment/119877860#Comment_119877860

Yeah I thought they would have followed Bank Of Ireland

Wab0607

https://www.boards.ie/discussion/comment/119877997#Comment_119877997

Was hoping you would say 40sqm or less and problem solved, no planning needed. You're looking at 8 weeks minimum and that's from application submitted and no appeals or further info needed by local authority. Painful alright and I don't envy you. You could use the time to see if something better comes up. Maybe there will be something come on the market in the 8 weeks that tickles your fancy more and you'll be ready to go as a cash buyer. Otherwise you've not lost anything and get this place, all legit, with planning sorted.

https://www.boards.ie/discussion/comment/119878522#Comment_119878522

thanks for that! Both Solicitors are trying to work on a solution, namely letting me move in under a caretaker agreement where I pay nominal rent............pending the vendor getting retention. Sale will close at that point. It would save me a lot on rent and I'd sooner be in my potential home than renting some very basic place for Winter. Vendor is agreeable to this and has assured me retention will be got asap.

Thistley

https://www.boards.ie/discussion/comment/119877520#Comment_119877520

Yay Happy days! Hope it is a smooth move.

Marcusm

https://www.boards.ie/discussion/comment/119877997#Comment_119877997

If you have 100% of the funds then it is actually your choice whether or not to require the planning consent. You can buy a building with unauthorised development and take the risk as to whether you can get retention etc. I would be surprised if it could be done in as little as 3-4 months given need to draft and submit application, wait for comment period, wait for grant if permission and then wait to see if there is annABP appeal.

Your money, your choice but I would want a discount to take the risk/hassle.

ClaudeVercetti

Vendor contracts finally with my solicitor 2 weeks ago and first queries went out last week. Was sale agreed with AIB since second week of September and I knew I wasn't making that interest rate deadline.

Just felt like there was less urgency on Vendors side. Was told it could take 8 weeks from now to exchange so fingers crossed nothing delays things. Admittedly as a FTB I'm very green to all this but was hoping for a quicker turn around. C'est la vie!

FedoraTheAura

….

C0N0R

Hi guys, couple of quick questions it would be great if someone was able to answer them? Currently we're in the process of buying a property for cash, when it comes to the exchanging money stage how does it work? Do we transfer the money to our solicitor? Does this have to be done in a short time frame or can it be done over a number of days? The reason I ask is we're currently working overseas so are relying on internet banking to transfer money, and with aib that appears to be 10k per day and BOI 20k per day. Thankfully Revolut seems to allow larger transactions but we're just curious as to how the final stages work?

Also we're Sale agreed and have surveys done, what are the steps between now and receiving the keys? If there is a goos source of information anywhere feel free to point me in that direction.

Appreciate the help.

https://www.boards.ie/discussion/comment/119879095#Comment_119879095

My Solicitor advises against buying and applying for retention myself in case (worst case scenario) I didn't succeed and was told to knock the extension (again worst case scenario).

Option we are going for now is that I am allowed into property on a "caretaker" basis, paying nominal rent, as soon as contracts are exchanged. Everything is completely in order on my side, there is nothing for me to do except pay the money, but vendors Solicitor is apparently notoriously slow is issuing contracts..... and everything.

Tar.Aldarion

Finally closed this evening and got the keys!

https://i.imgur.com/SO8UxeK.jpg

Tar.Aldarion

https://www.boards.ie/discussion/comment/119880185#Comment_119880185

Chat to your solicitor and see can you arrange transferring over several days I'd guess, as usually people are local and can just send it all.

CIP4

Question in the process of buying a house at the contracts stage. My solicitor wants to put in a clause that basically if I sign the contract and for whatever reason the bank refuse to lend me the money when we go to drawdown I’ll get my deposit back. He says it’s standard enough these days. The vendors are point blank refusing to accept the clause and say it’s unreasonable. So my question is how common is the clause above ? I am not sure how much to fight it but then without it I am potentially down 10% of the purchase price if I can’t drawdown the money from the bank. I have full mortgage approval but not sure how guaranteed that is really. Any advice would be much appreciated.

pc7

it is 100% normal to have that clause in, seems very unreasonable

Q&A

https://www.boards.ie/discussion/comment/119884147#Comment_119884147

As above pretty standard and designed to protect you and your money.

Unfortunately it's a game of brinkmanship. They can threaten to say no and walk away but they want to sell. Do that really want to go to the trouble of relisting and going through the selling process versus inserting the clause.

pc7

https://www.boards.ie/discussion/comment/119884423#Comment_119884423

And you can be sure next buyers solicitor will want the exact same clause in it! You can't risk something going wrong with the draw down (as does happen) and then forfeiting your deposit, its madness.

CIP4

Thanks all yes that is what I was thinking. I have asked nicely again if they still say no looks like I’ll have to put it as an ultimatum I’d hate to lose the house over it but losing 10% of the purchase price is madness too. It really is hardship trying to buy a house it’s just been endless issues and the thoughts that it might fall through over this make me sick. The owners would be mad to pull out of the sale because of this clause but people can be stubborn over stupid things.

houseyhouse

It would be very easy as a buyer to create a situation where the bank won’t let you draw down the mortgage. So from the seller’s perspective, it basically gives you a get-out-free clause, while they’re not afforded the same.

KillerShamrock

https://www.boards.ie/discussion/comment/119888373#Comment_119888373

So who would get the 10% in this situation? What if the seller is the reason the sale falls through sould they also have to forfeit 10% if the value?

Like the booking deposit, I would understand, even if it's not fair, but anything more no. Things happen for both parties.

It's inconvenient for the seller yeah but they could have it sold quick enough again especially currently.

whatawaster

Currently in the process of trading up - buying and selling.

Own house (4-bed semi) is on the market and offers are currently €30k above asking (though in reality the EA priced it very low to generate interest). There is a lot of interest and still 3 active bidders. We are nearing the price level we would be happy with and I'd say it's likely we go sale-agreed in the not too distant future.

The house hunt on the other hand is not going as well. Supply of the kind of house we are looking for (4-bed, detached) is very low. And not expecting much more to come on-stream before the year-end.

Now with the new mortgage rules coming in the new year, I am panicking. If these rules lead to a spike in prices which many are speculating they will, we may be agreeing a selling price at a lower end of the market, and buying in the new year when prices go up.

houseyhouse

https://www.boards.ie/discussion/comment/119888985#Comment_119888985

How would the seller cause the sale not to go through? Legally, the seller cannot back out once contracts are signed. You can take them to court to force them to complete. The contract is binding. And I’m guessing you’ve never sold a property! It can take ages!! And what if the buyer is in a chain etc etc? The repercussions can be huge.

I’m not saying nobody should have that clause in their contract, by the way, I’m just trying to explain why some sellers are really against it.

Angelica24

Sale agreed for a year now and trying to trade up but we need more time to sort out the legalities of our purchase and under massive pressure to sell our house which would potentially leave us homeless. I rang another estate agent to get a valuation in case our sale fell through and was told the value was the same but it was a risk as prices would be likely to fall next year with the interest rate rise so it's very hard to know what to do or believe. I too can imagine a rise in prices either when lending rules are relaxed. It's not easy to try to trade up.

https://www.boards.ie/discussion/comment/119889463#Comment_119889463

whatawaster

https://www.boards.ie/discussion/comment/119889664#Comment_119889664

Wow, a year. Some patient buyers you have. Hope you get sorted soon

Angelica24

https://www.boards.ie/discussion/comment/119889664#Comment_119889664

Thanks 👍

Purchasers and estate agent been screaming at us and trying to force us to sign contracts for 10 months now which is not fun but we kept getting outbid and the supply is so low that it took us ages to finally go sale agreed and there are issues. The purchasers would be long gone too if they could find an equivalent property at last year's prices which is understandable. The market is very dysfunctional. Best of luck and hope you find the right house soon.

pc7

My buyer pulled out, knew last week when no reply things sounded dodgy especially with more banks putting rates up (they were a single buyer), really not the news I wanted.

Burti16

https://www.boards.ie/discussion/comment/119740673#Comment_119740673

Things started really fast and smooth at the beginning but everthing is moving so slow nowadays. Recently, the contracts that we were exchanging got lost in the post. If we don't sort things this week, I'm going to pull my offer as I already purchased at the peak and can't get another cost hit with the higher interest rates.

Hi all, considering moving in the not to distant future

We don’t really have any significant savings as such, but have maybe 200k in equity in our current property. As a mover do you still need to save the 20% or do banks accept that as deposit, I guess there is a bridging loan or something if required?

Angelica24

https://www.boards.ie/discussion/comment/119903239#Comment_119903239

Unfortunately, I do not think bridging loans are offered any more. The bank did accept the equity in our house as a deposit but you will still need a 10% deposit upon signing contracts which is very hard to save. Most people seem to borrow or receive it from family. You're not supposed to take out a personal loan for the purposes of buying property but I don't know how the lender would find out.

DownByTheGarden

Ive a rental property which i have decided to sell. Tenant has gone now and the touching up is done. Had the estate agent out and i was looking for a quick sale. He says dont put it on the market until Feb because there will be no movement until then and you dont want a property sitting there with no interest for that length of time.

Also he said the bank stop drawing mortgages in the next couple of weeks until the new year anyway, so it wont be sold before Christmas anyway. The best i'll get is sale agreed, but with the market limited due to Christmas I should just wait.

In discussions with the other half whether we should just put it on the market now or wait. Honestly cant wait to get rid of it. We'll see what the boss says :)

pc7

I'd get a second opinion DBTG, lots trying to draw mortgages down before rate rises, mine only went back up and had a viewing already so you could get lucky.

blarb

https://www.boards.ie/discussion/comment/119903239#Comment_119903239

We are in the process of selling a house we own outright and buying a new one. Similarly, we don't have the 20% saved. We had enough for the estate agent booking deposit, survey, valuation etc.

We went to a broker and he never mentioned this being a potential issue. We were given approval in principle with the condition that we clear existing personal loans (which we'll do with the proceeds of the sale of our house, they took these loan payments into account as proof of repayment capacity as we hadn't been saving a big amount) and no mention of needing the cash savings for deposit before the sale. We will be using a chunk of the cash from the proceeds as our 20%.

We're now sale agreed on old and new house, and awaiting loan offer from the bank.