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

nhoj88

Noodles81 wrote: »

We got AIP today for a year from today.

Which bank was this with?

Noodles81

nhoj88 wrote: »

Which bank was this with?

Haven

I should say subject to updated statements that all is the same in 6 months

nhoj88

Thanks for the info

D'Agger

Got approval for an exemption today for a property I'm sale agreed on. Engineer, valuation etc. is all done, but having cold feet. Conscious that I may be paying over the odds (275k for a mid terrace 4 bed) admittedly, the concerns relate to it being a 2006 build, which needs a small bit of work but nothing major - this dip seems to have just accentuated the minor concerns I had about the property, given I'm buying on my own. It's an uncertain time to buy. Have bought a few weeks given I can't move so the EA isn't on to me the whole time as he was in the first two weeks of this but will need to mull it over

Conrad83

D'Agger wrote: »

Got approval for an exemption today for a property I'm sale agreed on. Engineer, valuation etc. is all done, but having cold feet. Conscious that I may be paying over the odds (275k for a mid terrace 4 bed) admittedly, the concerns relate to it being a 2006 build, which needs a small bit of work but nothing major - this dip seems to have just accentuated the minor concerns I had about the property, given I'm buying on my own. It's an uncertain time to buy. Have bought a few weeks given I can't move so the EA isn't on to me the whole time as he was in the first two weeks of this but will need to mull it over

Can I ask what bank you got the exception with please? We are waiting weeks from BOI. Have AIP but as far as I was aware exceptions are all on 'pause' with all the banks.

D'Agger

Conrad83 wrote: »

Can I ask what bank you got the exception with please? We are waiting weeks from BOI. Have AIP but as far as I was aware exceptions are all on 'pause' with all the banks.

Haven - I believe I had approval for the exception pending a gift letter when we went into lockdown - after I provided the letter I was asked for a statement from HR where I work to state my employment conditions wouldn't be changing due to COVID-19. To be fair, I forwarded that early this week and have the official confirmation today, they've been good to deal with - were quite quick in getting the valuation done on the house.

mcbert

After providing all documents and hearing from broker we got AIP, with full loan approval on its way shortly, heard there is now new standard conditions where employer needs to confirm no COVID19 impact on employment so far or in foreeable future. Think someone else mentioned this earlier in thread, but only getting this ourselves today. And we need to provide April's payslip when I get it next week. They are being very cautious, but cant blame them. Makes sense. ITs Haven.

Sheeps

fifth wrote: »

Might be a stupid question but how does this work exactly? Witness + digitally signing with your mouse? Or one of those check the box to sign things?

Witnessed over skype, and ill post the contract back to my solicitor.

Maitguel

There were rumours that bank valuers were valuing properties at 10% less than sale agreed price has this happened to anyone here who is currently buying?

mcbert

Maitguel wrote: »

There were rumours that bank valuers were valuing properties at 10% less than sale agreed price has this happened to anyone here who is currently buying?

We agreed a price almost 10% under asking, so easy for valuer to just go with that.

Dolbhad

notcarlos wrote: »

Hi thanks for the reply! I'm still confused though. Deed of transfer says it is 100K and Deed of Charge is 500K. Would that mean the previous total value was 600K and they had to mortgage 500K from the bank?

It could be the case the deed of transfer reflects the house sold first time as a new build. When you buy a new build, some builders issue a contract for sale and building agreement with the purchase split between the two. The transfer only reflects the price on the contract for sale only (Not the building agreement). That may be the case if they have such a big mortgage.

podgeandrodge

D'Agger wrote: »

Got approval for an exemption today for a property I'm sale agreed on. Engineer, valuation etc. is all done, but having cold feet. Conscious that I may be paying over the odds (275k for a mid terrace 4 bed) admittedly, the concerns relate to it being a 2006 build, which needs a small bit of work but nothing major - this dip seems to have just accentuated the minor concerns I had about the property, given I'm buying on my own. It's an uncertain time to buy. Have bought a few weeks given I can't move so the EA isn't on to me the whole time as he was in the first two weeks of this but will need to mull it over

In my view, it's probably down to whether you intend to live there long term. No point in always wondering about property fluctuations, if you find the house you want, ignore the price fluctuations after and enjoy the house.

In Dublin anyway there is still probably still a shortage of supply to an extent so hopefully prices won't go too far down. The last crash was different circumstances.

Maybe ask yourself, if you get the house and it then drops 10%, will that weigh on you continually or will you be able to just ignore it and enjoy your purchase!

_ZeeK_

Has anybody who went Sale Agreed before the lockdown was introduced managed to re-negotiate the price?

Concerned that going ahead with a sale at old market prices would be like those who bought in the dying days of The Tiger.

davedub2015

Managed to get 15k of property after pandemic started. House is round 400 mark so happy enough to proceed as it is house for life.

_ZeeK_ wrote: »

Has anybody who went Sale Agreed before the lockdown was introduced managed to re-negotiate the price?

Concerned that going ahead with a sale at old market prices would be like those who bought in the dying days of The Tiger.

Techn0

D'Agger wrote: »

Haven - I believe I had approval for the exception pending a gift letter when we went into lockdown - after I provided the letter I was asked for a statement from HR where I work to state my employment conditions wouldn't be changing due to COVID-19. To be fair, I forwarded that early this week and have the official confirmation today, they've been good to deal with - were quite quick in getting the valuation done on the house.

This is somewhat reassuring news. I am just about to engage with my broker and looking for 3.8x LTI (250k house) this month. I'm a single applicant and was preparing for the worst (i.e. No chance of an exemption).

We're you putting down 90% or did you have a large deposit? I'm still concerned the banks will be very slow to even consider a single applicant looking for an exemption.

_ZeeK_

davedub2015 wrote: »

Managed to get 15k of property after pandemic started. House is round 400 mark so happy enough to proceed as it is house for life.

Had you been over/above/at asking price prior to that reduction downward?

davedub2015

_ZeeK_ wrote: »

Had you been over/above/at asking price prior to that reduction downward?

Was 5 k over the asking so 10k below asking now. Hope that helps? Dependa on the area also some areas are holding their price. I made a few calls last week checking and they are going sale agreed for the price or a a bit more ( well so estate agents tell me) what price is your house and where is it

JL555

Techn0 wrote: »

This is somewhat reassuring news. I am just about to engage with my broker and looking for 3.8x LTI (250k house) this month. I'm a single applicant and was preparing for the worst (i.e. No chance of an exemption).

We're you putting down 90% or did you have a large deposit? I'm still concerned the banks will be very slow to even consider a single applicant looking for an exemption.

The main things they want are:
Job security
Good financial history
Ability to repay
Low risk ie: when they stress test the loan they add a few % on top to see if you can still manage to repay your loan and have enough to live on, you need to below a certain amount on the debt-to-income ratio scale, for me it was about 18%, so I was ok, but I think they prefer nothing above 30%. So if your mortgage is 1000 pm and if you say have a car loan of 400 per month and your annual income is 60k before tax your debt to income ratio is 28%.
Also if you have kids, they will take into account the cost of each one per month, my bank told me their standard was 250eur pm per child.

Techn0

JL555 wrote: »

The main things they want are:
Job security
Good financial history
Ability to repay
Low risk ie: when they stress test the loan they add a few % on top to see if you can still manage to repay your loan and have enough to live on, you need to below a certain amount on the debt-to-income ratio scale, for me it was about 18%, so I was ok, but I think they prefer nothing above 30%. So if your mortgage is 1000 pm and if you say have a car loan of 400 per month and your annual income is 60k before tax your debt to income ratio is 28%.
Also if you have kids, they will take into account the cost of each one per month, my bank told me their standard was 250eur pm per child.

I'm hope this is the case then, my biggest worry was that the banks wouldn't take a punt on single applicants given the current environment.

My financialS are not too far off your example; debt free, 60k gross with €200 monthly commitments (maintenance - so can likely add the €250 pm you stated to this figure) and looking for a mortgage of circa €800 pm. So debt to income is right around 30% after mortgage is taken into account (only about 12% before).

I'll remain hopeful for the time being but thanks for the insight JL.

Necronomicon

Feeling a bit deflated today. Our purchase has fallen through because the vendor has lost their employment, which prevents them from following through on their own proposed purchase.

We had decided to press on with the purchase despite the current situation after much reflecting. I'm a touch concerned now about how lending criteria will change when the dust starts to settle - and we have a baby on the way, too, so that will put a lower ceiling on us regardless of anything else.

That said, we're very fortunate in that we haven't been affected financially, and we have a roof over our heads. We're living with my in-laws, so we're saving like crazy.

IvoryTower

Got a letter of offer there from boi. Buying a family home so probably straight forward than most.

Conrad83

IvoryTower wrote: »

Got a letter of offer there from boi. Buying a family home so probably straight forward than most.

Do you mind me asking if this included an exception at all or the standard 3.5x salary?

IvoryTower

Conrad83 wrote: »

Do you mind me asking if this included an exception at all or the standard 3.5x salary?

standard, no exception

lfen

Full loan approved by UB today. We didn’t have any exceptions and LTV was 78%.

witnessmenow

Necronomicon wrote: »

Feeling a bit deflated today. Our purchase has fallen through because the vendor has lost their employment, which prevents them from following through on their own proposed purchase.

We had decided to press on with the purchase despite the current situation after much reflecting. I'm a touch concerned now about how lending criteria will change when the dust starts to settle - and we have a baby on the way, too, so that will put a lower ceiling on us regardless of anything else.

That said, we're very fortunate in that we haven't been affected financially, and we have a roof over our heads. We're living with my in-laws, so we're saving like crazy.

Sorry to hear, but maybe it will end up being for the best.

We bought a house last month, we got the keys the day the lockdown was announced! We weighed up the pro and cons of pulling the plug on the house, with similar considerations to what you are suggesting. We had contracts signed since before all this kicked off, but I guess we could have found a way to pull out if we had to and take the hit on whatever fees we were already liable for.

We obviously decided to proceed as we had been looking for houses for a while and this one ticked all the boxes, so we were prepared to potentially take a financial hit.

I think what we didn't really fully consider is the logistics of moving. This post might be a little bit rambly, but I just wanted to give people an idea of the challenges of moving during this time

We didn't know there would be a full lockdown, but we were already isolating anyways so I'm not sure the announcement had much impact on us practically

We are still in the process of moving for the last few weeks. We have been moving completely on our own to adhere to isolation. I'm sure some people will say that moving wasn't essential, but we can't pay rent and a mortgage for long so we kind of had to move. Also the houses are only about 10km apart so we aren't impacting a different area or anything.

In full disclosure we rang the guards twice, once the week after the initial lockdown and then after the powers were introduced. The first time we rang the Guard said that it was fine to do it, the second time (we were now half moved at this stage) a different Guard said "the guidelines are very clear, if you don't stick to them you can get fined or imprisoned" and did not want to entertain anything else, so we have been moving since without their "blessing" for want of a better word

We also have two very young kids, and now we have no baby sitters. So a lot of the moving was very strategic to try keep a place for them in both houses. I have had to do a lot of the moving on my own so my wife can stay with the kids. I'm getting fairly sick of it to be honest! Especially with the weather we are having where I'd love to be doing nothing more than BBQ out in the new garden (one of the main reasons we got the house!) instead to be making trips over and back on my own. (I realise this is a first world problem, I'm still working so I'm lucky, but I just wanted to share how I'm feeling about it)

Nothing to do with moving really, but it is also demoralising to see several houses with loads of cars outside it just for Easter Sunday as you are moving stuff on your own! I have a big family, in normal circumstances we would have blitzed this move in a weekend or so!

I was able to borrow a van from my Dad's company for a couple of weekends to move the bigger stuff, don't think we would have been able to move without this. Although I collected the van without interacting with anyone and I wiped the handles and down before and after I had it, I guess this one of the weakest parts of our isolation strategy.

We have been living in the new house now for a couple of weeks, and the motivation for moving the stuff from the old house is getting less and less with every trip :pac:

We have a tonne of stuff that was originally destined for charity shops as we tried to clear out the house before we started moving, that we have had to also move and store. Even taking trips to the recycle center or dump is challenging (although surely is an essential journey)

We were lucky that the house didn't need any work done to it really. From an essentials point of view we had to get broadband installed as I work from home (Eir installed it in about a week) and we had to get a washing machine (Harvey Norman delivered in about 3 weeks).

We mostly had all other furniture we needed other than a bed for us. We were able to borrow one of my brother, again a weak point in the isolation as I had to go collect it from him, but I'm not sure how else we would have been able to get one. Neither my Wife or I would be super athletic/strong or anything, so moving the bigger stuff like our couch (it's a couch bed, but a terrible bed) was a challenge, but there is no way we could have done it if she was pregnant

Ideally moving into this house we were going to enclose the back garden for our dogs and kids, but that had to be put on hold as we can't get anyone in to help with it. So for now we are bringing the dogs out on leads (one would love nothing better to roam and there is plenty of livestock nearby so that would be bad). There are a couple of other non essential things we would have liked to get done with the house before moving, like running network cable, but we can manage without that.

Overall we are very happy with the house, but super fed up of moving!

Spencer Brown

Moving house is considered essential so it's strange that the second person said that. We also moved a few weeks ago approx. 10km and had to pass through numerous checkpoints, Gardai never had an issue with it when we explained what we were doing.

Claw Hammer

Spencer Brown wrote: »

Moving house is considered essential so it's strange that the second person said that. We also moved a few weeks ago approx. 10km and had to pass through numerous checkpoints, Gardai never had an issue with it when we explained what we were doing.

The second guard did't say not to do it. He was just covering his ass.

baldshin

Went sale agreed at the start of February and everything was going well. Decided not to lower our offer as we felt the house matched all we needed for the medium term future. Just got the engineer's report back though and it's not good reading, lots of hidden gremlins in the house and structural work which needs repair or replacement. Possibly talking €30k worth, almost 15% of the value of the house. Really disappointing but I guess we have some decisions to make.

davedub2015

Where abouts ? D12? Had sale agreed on house like this but pulled out the stress of all the work is not worth it

baldshin wrote: »

Went sale agreed at the start of February and everything was going well. Decided not to lower our offer as we felt the house matched all we needed for the medium term future. Just got the engineer's report back though and it's not good reading, lots of hidden gremlins in the house and structural work which needs repair or replacement. Possibly talking €30k worth, almost 15% of the value of the house. Really disappointing but I guess we have some decisions to make.

jrosen

baldshin wrote: »

Went sale agreed at the start of February and everything was going well. Decided not to lower our offer as we felt the house matched all we needed for the medium term future. Just got the engineer's report back though and it's not good reading, lots of hidden gremlins in the house and structural work which needs repair or replacement. Possibly talking €30k worth, almost 15% of the value of the house. Really disappointing but I guess we have some decisions to make.

Sorry to hear that. Was one of the things that put us off, its all well and good negotiating a price but you still have to have the cash.