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

JL555

Our lender has come back to us about the qualification of title issue and they have no problem with it, so we are ready to go. I've requested our solicitor to go ahead with the drawdown.

I know this question has been asked before on here by somebody else, but does anybody know how long it takes between request for drawdown and actually having keys in your hands?

thanks.

Jess2019

BrosnanL27 wrote: »

We're in a bit of a similar situation ourselves (first time buyers, loan approval from PTSB, I'm working from home on normal wage and husband's wage has very recently started being topped up via the gov subsidy). We put an offer in on a house a couple of weeks back - still waiting for an answer on it being accepted or not - but I informed our broker about my husband's wage and he said PTSB will not drawdown until his payslips show there's no covid-19 subsidy payments. Not ideal! However, I bypassed our broker and called PTSB themselves and was told they could still drawdown but would base it off my husbands new payslips - presumably offering a lower max amount that we could borrow. It would be worth your while calling them to double check. Hope it all works out for you!

Thanks for your response. I wonder how they can base it off the new covid payslip if there are still taking home the same wages. We are going for a much cheaper second hand house so hopefully this will help us when it comes to drawdown.
Buying a house is so stressful without this uncertainty on top of everything else. I hope everything works out for you.

Jess2019

Thanks for your help. Sorry to hear they pulled the plug, do you know what you can do now? Can you approach another bank?
It seems to be PTSB who are pulling the plug more so than other banks. Just from what I’ve seen online.
Yeah we’re hoping by the time we’re ready to drawdown that he will be back on his normal wages. He works in the motor industry which is reopening today. So fingers crossed he won’t be on it for too long. It’s the uncertainty of it all that is making everything even more stressful.

lfen

JL555 wrote: »

Our lender has come back to us about the qualification of title issue and they have no problem with it, so we are ready to go. I've requested our solicitor to go ahead with the drawdown.

I know this question has been asked before on here by somebody else, but does anybody know how long it takes between request for drawdown and actually having keys in your hands?

thanks.

It can vary greatly (new build/second hand) but our solicitor advised us 2-3 weeks. We are buying a new build which has been pre-snagged to speed things up.

coughdrops

Jess2019 wrote: »

Thanks for your help. Sorry to hear they pulled the plug, do you know what you can do now? Can you approach another bank?
It seems to be PTSB who are pulling the plug more so than other banks. Just from what I’ve seen online.
Yeah we’re hoping by the time we’re ready to drawdown that he will be back on his normal wages. He works in the motor industry which is reopening today. So fingers crossed he won’t be on it for too long. It’s the uncertainty of it all that is making everything even more stressful.

I think this was for me
We are looking into other options, well the broker is, because we've already signed our paperwork and were ready to close in the next few weeks. Otherwise, we could wait until the Covid payments end, and I am back on a normal payslip, but we'd rather keep going now. It has been a stress we didn't need to be honest.

The Covid payment on my wages caused an issue because it can imply that a business is in trouble and unable to pay wages long-term, therefore the borrower's job could be in danger. Which isn't the case in my personal situation, but it just seemed to be a "no" without getting details on how our business is actually doing.

Best of luck though - hopefully by the time you get to our stage, things will be back to normal.

techie

BOI have just been back to us now, and said we can continue with Purchase, but have asked if our circumstances change in any way to let them know?

Captainsatnav

techie wrote: »

BOI have just been back to us now, and said we can continue with Purchase, but have asked if our circumstances change in any way to let them know?

Tilikum17

Probably a stupid question but - what counts as “drawing down the mortgage”? Is it as soon as the solicitor contacts the bank (when he has everything) or is it actually the day you receive the money from the bank?

Our buyers are getting the mortgage today/tomorrow. Then we’re going for ours. Our last day to draw down if Monday 👀

awec

Tilikum17 wrote: »

Probably a stupid question but - what counts as “drawing down the mortgage”? Is it as soon as the solicitor contacts the bank (when he has everything) or is it actually the day you receive the money from the bank?

Our buyers are getting the mortgage today/tomorrow. Then we’re going for ours. Our last day to draw down if Monday ��

Once you get the money.

gavvvvers

Hey folks, loving this thread - great to hear other people's perspective and stories, fair to say it arms us all with a bit of extra knowledge and context. :-)

Just a question around the sequence of events when buying a house - I'd appreciate if someone could clarify steps around new build:

- Apply for mortgage
- Get approval in principle (6 months allowed for this period)
- Find house and agree price
- Pay reserve to EA (fully refundable until contract is signed)
- Your solicitor receives contracts from builder
- You convert your AIP to letter of loan offer from your bank (6 months allowed for this period)
- Sign contracts when you're happy with all conditions, clauses etc
====== WAIT FOR HOUSE TO BE FINISHED ==========
- Builder issues completion notice???
- You snag it and builder fixes bits
- Builder issues another completion notice??
- You instruct solicitor to get money from bank and give it to builder
- Builder gives keys to solicitor
- You pay solicitor and get your keys
- Post picture on instagram of you posing at front door with keys for maximum likes and comments


Any steps I've missed or anything I'm wildly misunderstanding? also when does help to buy access code/code get used?

Cheers guys

Sheeps

gavvvvers wrote: »

Hey folks, loving this thread - great to hear other people's perspective and stories, fair to say it arms us all with a bit of extra knowledge and context. :-)

Just a question around the sequence of events when buying a house - I'd appreciate if someone could clarify steps around new build:

- Apply for mortgage
- Get approval in principle (6 months allowed for this period)
- Find house and agree price
- Pay reserve to EA (fully refundable until contract is signed)
- Your solicitor receives contracts from builder
- You convert your AIP to letter of loan offer from your bank (6 months allowed for this period)
- Sign contracts when you're happy with all conditions, clauses etc
====== WAIT FOR HOUSE TO BE FINISHED ==========
- Builder issues completion notice???
- You snag it and builder fixes bits
- Builder issues another completion notice??
- You instruct solicitor to get money from bank and give it to builder
- Builder gives keys to solicitor
- You pay solicitor and get your keys
- Post picture on instagram of you posing at front door with keys for maximum likes and comments


Any steps I've missed or anything I'm wildly misunderstanding? also when does help to buy access code/code get used?

Cheers guys

That's my understanding of it. I'm awaiting the wait for builder to sign contract part/wait for house to be finished part of it.

Giggles90

Hi,

Is anyone with finance ireland, we were conditionally approved and as of today I have all the documents submitted, including most recent payslip. My solicitor also received the contracts today..how soon can we drawdown the mortgage? The vendors had a special condition that the sale closes in 3 weeks or earlier...

JL555

Giggles90 wrote: »

Hi,

Is anyone with finance ireland, we were conditionally approved and as of today I have all the documents submitted, including most recent payslip. My solicitor also received the contracts today..how soon can we drawdown the mortgage? The vendors had a special condition that the sale closes in 3 weeks or earlier...

Closing date is fine but that makes it more critical that everything is gone through with a fine tooth comb by your solicitor, and hopefully your solicitor is sharp and has a sense of urgency. You don't wan't to find out something at the last minute, however if the issue is on the vendor's side, then that closing date should be out the window.

I've been though the purchase process twice now and the biggest problem I've had on both occasions is people delaying because they are prioritising other things.
On my current purchase between the vendor's solicitor, the vendor themselves and our solicitor, we lost 7 weeks, each time for review of paperwork or chasing something down, when I took action myself, I got the answer immediately only to find out that we could have ticked each box a couple weeks earlier.
The first time 'round we ended up chasing the vendor ourselves when we were getting nowhere with our own solicitor and pushed the closure. At that time we managed to get a discount on our legal fees as a result.

chevra13i

gavvvvers wrote: »

Hey folks, loving this thread - great to hear other people's perspective and stories, fair to say it arms us all with a bit of extra knowledge and context. :-)

Just a question around the sequence of events when buying a house - I'd appreciate if someone could clarify steps around new build:

- Apply for mortgage
- Get approval in principle (6 months allowed for this period)
- Find house and agree price
- Pay reserve to EA (fully refundable until contract is signed)
- Your solicitor receives contracts from builder
- You convert your AIP to letter of loan offer from your bank (6 months allowed for this period)
- Sign contracts when you're happy with all conditions, clauses etc
====== WAIT FOR HOUSE TO BE FINISHED ==========
- Builder issues completion notice???
- You snag it and builder fixes bits
- Builder issues another completion notice??
- You instruct solicitor to get money from bank and give it to builder
- Builder gives keys to solicitor
- You pay solicitor and get your keys
- Post picture on instagram of you posing at front door with keys for maximum likes and comments


Any steps I've missed or anything I'm wildly misunderstanding? also when does help to buy access code/code get used?

Cheers guys

Am I right in thinking the remainder of the deposit is paid after the contracts are signed and before you wait for the house to be finished? This is where you'd make the Help to Buy Claim?

I'm in the same process at the moment so this is a helpful checklist...

JimmiesRustled

chevra13i wrote: »

Am I right in thinking the remainder of the deposit is paid after the contracts are signed and before you wait for the house to be finished? This is where you'd make the Help to Buy Claim?

I'm in the same process at the moment so this is a helpful checklist...

Yes. Contracts are signed and the remaining deposit is paid after the signing. For HTB you'll need copes of signed contracts etc before the developer draws down on the funds. With the HTB you'll get 2No codes at the start and another code at the end once everything is uploaded and Revenue approve it.

Markitron

At what point do you start to explore/apply for the HTB scheme? I am actually still only in the early stages of saving but that scheme will massively change my timeframe. I'm 99% sure I would qualify but it wouldn't hurt to have some early confirmation.

Sheeps

Markitron wrote: »

At what point do you start to explore/apply for the HTB scheme? I am actually still only in the early stages of saving but that scheme will massively change my timeframe. I'm 99% sure I would qualify but it wouldn't hurt to have some early confirmation.

You can apply now through my account on the revenue website. That will give you your approval/denial and for how much you qualify.

Once you've signed your contract for mortgage and the house you will be able to upload the signed documents through myaccount for the funds to be drawn down by the approved builder.

Markitron

Sheeps wrote: »

You can apply now through my account on the revenue website. That will give you your approval/denial and for how much you qualify.

Once you've signed your contract for mortgage and the house you will be able to upload the signed documents through myaccount for the funds to be drawn down by the approved builder.

Is this valid for a certain amount of time? Likely I won't be buying till early next year

Sheeps

Markitron wrote: »

Is this valid for a certain amount of time? Likely I won't be buying till early next year

Your approval is valid I think. I got my approval in 2018. The finalisation is done whenever you sign.

Markitron

Sheeps wrote: »

Your approval is valid I think. I got my approval in 2018. The finalisation is done whenever you sign.

That's great thanks!

Giggles90

Can someone clarify the next stage for me.

Our solicitor is due to receive the loan pack tomorrow, once we have that signed and sent back is that us finished with the lender? As in all conditions have been met, can they look for more documentation?

I'm just so anxious during this time hearing horror stories of the banks withdrawing there offer at drawdown. Both our jobs are secure but I'm still just so anxious at this process.
The vendors wish to close in 3 weeks or earlier.

Giggles90

JL555 wrote: »

Closing date is fine but that makes it more critical that everything is gone through with a fine tooth comb by your solicitor, and hopefully your solicitor is sharp and has a sense of urgency. You don't wan't to find out something at the last minute, however if the issue is on the vendor's side, then that closing date should be out the window.

I've been though the purchase process twice now and the biggest problem I've had on both occasions is people delaying because they are prioritising other things.
On my current purchase between the vendor's solicitor, the vendor themselves and our solicitor, we lost 7 weeks, each time for review of paperwork or chasing something down, when I took action myself, I got the answer immediately only to find out that we could have ticked each box a couple weeks earlier.
The first time 'round we ended up chasing the vendor ourselves when we were getting nowhere with our own solicitor and pushed the closure. At that time we managed to get a discount on our legal fees as a result.

What type of boxes did you have to tick?

Cienciano

I'm in the middle of a sale which the person I'm buying from has dragged on. Was supposed to be closed end of January. We went above asking, is it a dick move to give them a lower revised offer now?

mcbert

Cienciano wrote: »

I'm in the middle of a sale which the person I'm buying from has dragged on. Was supposed to be closed end of January. We went above asking, is it a dick move to give them a lower revised offer now?

No. Do what you feel is best for you.

Giggles90

Cienciano wrote: »

I'm in the middle of a sale which the person I'm buying from has dragged on. Was supposed to be closed end of January. We went above asking, is it a dick move to give them a lower revised offer now?

Definitely worth a try

TheSheriff

Cienciano wrote: »

I'm in the middle of a sale which the person I'm buying from has dragged on. Was supposed to be closed end of January. We went above asking, is it a dick move to give them a lower revised offer now?

I would be insisting on a lower offer. Very unlikely they will want to go back to market in the current uncertainty.

Captainsatnav

TheSheriff wrote: »

I would be insisting on a lower offer. Very unlikely they will want to go back to market in the current uncertainty.

Great point, also, f*ck them, they held out hoping to get a last minute higher bid I presume. The tables have turned now.

Cienciano

I think the fact that they were slow and the deal would have been done makes it a bit better. Sale of my place fell through as signing was to be done the week of the lockdown starting. Investor got cold feet. We finally got another offer, slightly lower. Our revised offer was refused straight away.

Cienciano

Captainsatnav wrote: »

Great point, also, f*ck them, they held out hoping to get a last minute higher bid I presume. The tables have turned now.

They weren't holding out for a higher offer, just dragging it out till they could find somewhere else to buy. We didn't push to hurry. It went 10k above the original asking, we offered 5k less. We'd pay the original asking

James 007

Cienciano wrote: »

They weren't holding out for a higher offer, just dragging it out till they could find somewhere else to buy. We didn't push to hurry. It went 10k above the original asking, we offered 5k less. We'd pay the original asking

Did they find somewhere else to buy, if so go back to them with the original offer, it puts them in a situation, but if they really like the place that they have offered to buy then they may well look to close the deal, 10K is not a big deal at the end of the day.