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

PommieBast

With regret I have decided to withdraw my offer on the Dublin city centre apartment I was about to exchange contracts on.

In the solicitor's own words, the contract was abusive. For instance it gave the vendor absolute discretion over what information they can demand from me for "know your customer" purposes, yet at the same time not even assisting with land registration queries or providing building certification. And they wanted me to sign by Friday. In the current climate buying property requires a lot of confidence, yet here are the hallmarks of a vendor I do not want to do business with.

bulmersgal

holystungun9 wrote: »

m for millions? Those are colossal numbers. I doubt there is any apartment complex anywhere with a decent sinking fund. Generally the decent people willl pay their management fees and carry all those who don't. It will come back if any of them try to sell as they will have to settle their fees. Anyway, if the complex is that big to have those kind of estimates, just wait till all the lifts come of age and need major maintenance, that's another huge bill that the 130k won't' cover. I'd be very very wary.

Yes m for millions was all in minutes of reading. It's not even the lack of sinking fund it's the fact you can see the cracks in rendering and they didn't increase fees over the years when issue was first noticed. It's a big complex of houses, duplexes and apartments. There was also note saying the timber balcony's are rottening but people don't want to pay to fix it so they are just advising people not to use the balcony's.

It's not going to get any better and the fees are just going to keep increasing while the value of the property decreasing and it may be hard to sell in 5/10 years time if the issues aren't fixed.

I pulled out this afternoon and I'm the second person to go sale agreed. Feel sorry for sellers but I'm a single parent buying a property I don't want to be buying into a problem at top dollar, when I can just wait for better property to come up.

0gac3yjefb5sv7

bulmersgal wrote: »

Yes m for millions was all in minutes of reading. It's not even the lack of sinking fund it's the fact you can see the cracks in rendering and they didn't increase fees over the years when issue was first noticed. It's a big complex of houses, duplexes and apartments. There was also note saying the timber balcony's are rottening but people don't want to pay to fix it so they are just advising people not to use the balcony's.

It's not going to get any better and the fees are just going to keep increasing while the value of the property decreasing and it may be hard to sell in 5/10 years time if the issues aren't fixed.

I pulled out this afternoon and I'm the second person to go sale agreed. Feel sorry for sellers but I'm a single parent buying a property I don't want to be buying into a problem at top dollar, when I can just wait for better property to come up.

Curious to know which complex this is? I'm currently in the market for an apt.

Shelga

What does it mean when an ad for an apartment for sale says **owner-occupied, no rental cap**? This one I’m looking at, I know the owner will be vacating the property, should I purchase, so I don’t get what that’s about??

Dylan94

Shelga wrote: »

What does it mean when an ad for an apartment for sale says **owner-occupied, no rental cap**? This one I’m looking at, I know the owner will be vacating the property, should I purchase, so I don’t get what that’s about??

That part of the ad is aimed at potential landlords, the current owner is living in the Apt so when the new owner has it and are renting it out they can set whatever price they want for rent and are not constrained by the 4% per year increase.

GraceFace12

Anyone notice that nothing has been put on the property price register since July 10th? Or is that much of a time delay normal? I've been checking the last few days and the last date a price has been registered anywhere is July 10th it seems.

megabomberman

It gets updated around 2pm every Wednesday, check it again at 3 today and it'll likely be updated with sales up to July 17th at least.

accensi0n

GraceFace12 wrote: »

Anyone notice that nothing has been put on the property price register since July 10th? Or is that much of a time delay normal? I've been checking the last few days and the last date a price has been registered anywhere is July 10th it seems.

I see this:

"Register Last Updated: 15/07/2020 14:17:43"

Nijmegen

After months of a covid delay and a buyer pulling out after letting contracts rest for an age, we're back in the saddle with a sale agreed, contracts issued and a surveyor coming over this week (the amount of ball ache in doing viewings / having surveyors in etc now vs pre covid, incidentally - if you're looking to view a property, please be serious about it is all I can say...).

I know the PRA essentially shut up shop for a time during Covid. Does anyone have any current experience, are searches proceeding at normal pace or are they doing a working from home go-slow? Essentially that'll be the last hurdle other than if our buyers had any issues with their life assurance, which is the other common end-stage gotcha.

Duke of Url

Nijmegen wrote: »

After months of a covid delay and a buyer pulling out after letting contracts rest for an age, we're back in the saddle with a sale agreed, contracts issued and a surveyor coming over this week (the amount of ball ache in doing viewings / having surveyors in etc now vs pre covid, incidentally - if you're looking to view a property, please be serious about it is all I can say...).

I know the PRA essentially shut up shop for a time during Covid. Does anyone have any current experience, are searches proceeding at normal pace or are they doing a working from home go-slow? Essentially that'll be the last hurdle other than if our buyers had any issues with their life assurance, which is the other common end-stage gotcha.

I dont think life assurance is compulsory to taking out a Mortgage.

Mortgage Protection Yes. But life assurance I dont believe is.

Edit - I thought you said Life Insurance.

0gac3yjefb5sv7

How much does it cost to put your home up for sale? Assuming worst case you don't get the price you want so you don't sell it in the end

fleabag

Apologies if this isn't in the correct place, please move if necessary.

We're in the final stages of building a house and were pre-approved just before lockdown for a top up to complete. I was laid off in my job but my partner continued working and financially we are ok. We continue to pay rent and about 70% of the mortgage. We haven't needed a mortgage payment break and have paid it throughout.

One of the conditions of drawing down the top up was to provide a payslip upon my return to work without any Government Covid payment on it. I got my payslip last week and there's a Covid payment shown. I'd no idea my employer was claiming the Government Covid subsidy as I've been laid off from March till June 29th. The bank won't accept the payslip so we can't draw down the money to finish the house.

I accept that this is one hurdle (of many) that we probably won't get over. But it makes no sense. The Covid subsidy is a Government payment and surely nothing is as safe or as guaranteed as this. My bank is state owned. So one Government entity is transferring money to another. I don't know currently how long the Covid subsidy is going to be in place for but it could be months, potentially, before the Covid subsidy is removed.

In keeping us paying rent and mortgage, we're under more strain than if we just completed the house, moved out of our rented accommodation (freeing up another rental property) and used the extra income in our local economy to buy things for the house, get small jobs done, get the garden done, etc, etc which would be the case here.

Am I missing something here? Is anyone else in the same boat and if so, is there anyway around it?

Graham

Mod Note

This is the currently buying/selling a house thread. Please take discussion of proposed local authority purchases elsewhere.

Do not reply to this post.

Nijmegen

fleabag wrote: »

Apologies if this isn't in the correct place, please move if necessary.

We're in the final stages of building a house and were pre-approved just before lockdown for a top up to complete. I was laid off in my job but my partner continued working and financially we are ok. We continue to pay rent and about 70% of the mortgage. We haven't needed a mortgage payment break and have paid it throughout.

One of the conditions of drawing down the top up was to provide a payslip upon my return to work without any Government Covid payment on it. I got my payslip last week and there's a Covid payment shown. I'd no idea my employer was claiming the Government Covid subsidy as I've been laid off from March till June 29th. The bank won't accept the payslip so we can't draw down the money to finish the house.

I accept that this is one hurdle (of many) that we probably won't get over. But it makes no sense. The Covid subsidy is a Government payment and surely nothing is as safe or as guaranteed as this. My bank is state owned. So one Government entity is transferring money to another. I don't know currently how long the Covid subsidy is going to be in place for but it could be months, potentially, before the Covid subsidy is removed.

In keeping us paying rent and mortgage, we're under more strain than if we just completed the house, moved out of our rented accommodation (freeing up another rental property) and used the extra income in our local economy to buy things for the house, get small jobs done, get the garden done, etc, etc which would be the case here.

Am I missing something here? Is anyone else in the same boat and if so, is there anyway around it?

Sorry you're in this situation. The issue for the bank is that they have to assess risk, and if your company is accepting covid subsidies from the government (which come with conditions about revenue being down etc) it is probably at an increased risk of going under in the near future.

It's like the way banks generally won't take people on probation and you often have to get a letter signing you off probation to get a mortgage - actually I'd bet relatively few people fail their probation, but the risk is obviously elevated for a bank issuing a mortgage. The same could be said for businesses taking covid subsidies and therefore your job security.

It's very crappy for you, especially if you weren't previously aware the employer was in receipt of the subsidy.

SamH88

MattS1 wrote: »

How much does it cost to put your home up for sale? Assuming worst case you don't get the price you want so you don't sell it in the end

We got a quote of 900ish for photos and virtual video, brochure and initial listings.

Salanky

Offer accepted today pending survey.......holy crap I'm buying a house :eek:

Alrigghtythen

Does anyone know if the sellers solicitor has any responsibility for making sure that the planning docs are available for the sale?

Will Yam

Alrigghtythen wrote: »

Does anyone know if the sellers solicitor has any responsibility for making sure that the planning docs are available for the sale?

Don’t think so. It’s the vendors responsibility to have the docs available, as far as I know.

Alrigghtythen

Will Yam wrote: »

Don’t think so. It’s the vendors responsibility to have the docs available, as far as I know.

Is it not something the solicitor would check though early on in the process?

If I go to sell my house and go to solicitor to do it for me I would have expected to be told you need x,y,z before the sale. They do house sales day in day out and would know what exactly is needed.


To give buyers the run around for 5 months after going sale agreed only to then announce that the docs aren't available doesnt seem very professional.

I feel like I've been played. It was a total waste of my time and money going sale agreed and the silence on the issue was becoming deafening. I am sickened.

Will Yam

Alrigghtythen wrote: »

Is it not something the solicitor would check though early on in the process?

If I go to sell my house and go to solicitor to do it for me I would have expected to be told you need x,y,z before the sale. They do house sales day in day out and would know what exactly is needed.


To give buyers the run around for 5 months after going sale agreed only to then announce that the docs aren't available doesnt seem very professional.

I feel like I've been played. It was a total waste of my time and money going sale agreed and the silence on the issue was becoming deafening. I am sickened.

Again, I’m not quite sure, but I think it’s the vendors responsibility to ensure all docs are in order.

One would think the vendors solicitor would take on that job, but in the final analysis it’s up to the vendor.

That said I had a situation years ago where I discovered my solicitor was acing the mick.

So I don’t really trust any of them.

Vikings

MattS1 wrote: »

How much does it cost to put your home up for sale? Assuming worst case you don't get the price you want so you don't sell it in the end

Our house is online very recently with a total outlay of €450 including professional photographer.

Alrigghtythen

Will Yam wrote: »

Again, I’m not quite sure, but I think it’s the vendors responsibility to ensure all docs are in order.

One would think the vendors solicitor would take on that job, but in the final analysis it’s up to the vendor.

That said I had a situation years ago where I discovered my solicitor was acing the mick.

So I don’t really trust any of them.

I know doesnt make a difference but the seller is an 80 year old woman. Just seems wrong.

Dolbhad

Nijmegen wrote: »

After months of a covid delay and a buyer pulling out after letting contracts rest for an age, we're back in the saddle with a sale agreed, contracts issued and a surveyor coming over this week (the amount of ball ache in doing viewings / having surveyors in etc now vs pre covid, incidentally - if you're looking to view a property, please be serious about it is all I can say...).

I know the PRA essentially shut up shop for a time during Covid. Does anyone have any current experience, are searches proceeding at normal pace or are they doing a working from home go-slow? Essentially that'll be the last hurdle other than if our buyers had any issues with their life assurance, which is the other common end-stage gotcha.

Land registry are more or less back to normal.m so searches can be requested. Think law society gave up a stink to the PRA when they closed as banks wouldn’t release funds until PRA could confirm up-to-date searches.

Good luck with the sale!

0gac3yjefb5sv7

MattS1 wrote: »

How much does it cost to put your home up for sale? Assuming worst case you don't get the price you want so you don't sell it in the end

Any advice here?

Dolbhad

Alrigghtythen wrote: »

I know doesnt make a difference but the seller is an 80 year old woman. Just seems wrong.

It’s up the the sellers solicitor to look at the planning and ensure all documents are in place. But if planning isn’t available then the sellers incur the costs to go and fix it. And not all sellers will do it.

Also sometimes the planning file can not be taken up. Cork County Council has years of planning files that were destroyed in the floods in 2009 so if they aren’t with planning deeds, it’s tough luck.

Alrigghtythen

Dolbhad wrote: »

It’s up the the sellers solicitor to look at the planning and ensure all documents are in place. But if planning isn’t available then the sellers incur the costs to go and fix it. And not all sellers will do it.

Also sometimes the planning file can not be taken up. Cork County Council has years of planning files that were destroyed in the floods in 2009 so if they aren’t with planning deeds, it’s tough luck.

Right the flood of cork 2009 would be a similar thing that happened the house I was sale agreed on deeds. A different type of disaster but the end result is the same planning files destroyed.

Does it really take a solicitor 5 months after going sale agreed to discover this event had occurred? I would have thought this would be discovered earlier in the process.

mojesius

I have a question regarding Boardsies house buying experiences and timelines.

We have written AIP, gone sale agreed last week, initial deposit paid. Buying a vacant house and we are FTBs so there is no chain.
Survey & valuation done, mortgage protection/life insurance done. Broker is getting formal approval from bank, which we should have next week (all going well).

Just waiting for the legal stuff to start, vendor's solicitor has to send the contract to our solicitor. How long usually does the legal process take? We'd like to close by end of August if possible. Is this completely unrealistic? From reading threads on here, the advice is to keep pushing solicitor, which we intend to do

Vikings

MattS1 wrote: »

Any advice here?

An EA will generally call out to view your property, talk you through the process and give you their valuation before any payment is necessary. At that point you can assess their fees both in terms of upfront costs and percentage of sale they will take.

There is nothing stopping you from shopping around multiple EA's until you find the cheapest/one you like the best.

Cutie_mcfruity

fleabag wrote: »

Apologies if this isn't in the correct place, please move if necessary.

We're in the final stages of building a house and were pre-approved just before lockdown for a top up to complete. I was laid off in my job but my partner continued working and financially we are ok. We continue to pay rent and about 70% of the mortgage. We haven't needed a mortgage payment break and have paid it throughout.

One of the conditions of drawing down the top up was to provide a payslip upon my return to work without any Government Covid payment on it. I got my payslip last week and there's a Covid payment shown. I'd no idea my employer was claiming the Government Covid subsidy as I've been laid off from March till June 29th. The bank won't accept the payslip so we can't draw down the money to finish the house.

I accept that this is one hurdle (of many) that we probably won't get over. But it makes no sense. The Covid subsidy is a Government payment and surely nothing is as safe or as guaranteed as this. My bank is state owned. So one Government entity is transferring money to another. I don't know currently how long the Covid subsidy is going to be in place for but it could be months, potentially, before the Covid subsidy is removed.

In keeping us paying rent and mortgage, we're under more strain than if we just completed the house, moved out of our rented accommodation (freeing up another rental property) and used the extra income in our local economy to buy things for the house, get small jobs done, get the garden done, etc, etc which would be the case here.

Am I missing something here? Is anyone else in the same boat and if so, is there anyway around it?

Hi. I’m in the same situation except we’re buying a house. Partner getting the subsidy but working his normal hours! UB won’t let us drawdown and we’ve everything else in place, we were due to close on May 29th!
I’ve gone to several brokers and called different lenders myself, all coming back with the same thing that he has to show one payslip off the subsidy.
His employer has said they can’t take him off it even just for the sake of one month!!
I’m really up the walls with it all. I’ve gone to my local TD not that he will do much but I can’t take this laying down.
It’s just madness how they can allow this to go on, especially with talk of it being extended into next year. I honestly dunno what to do

lisabiscuit

The seller finally finally signed the contracts yesterday! Four weeks after we signed ours. And now our solicitor is on holiday next week so it will be at least after the bank holiday before anything else happens! Aaaagh!!
Anyway, just glad they finally signed I guess but why they big wait!?