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Mortgage letter

  • 23-06-2020 7:10pm
    #1
    IanVW
    Registered Users, Registered Users 2 Posts: 589 ✭✭✭


    Hi just a quick question for you guys. Our original mortgage offer letter ran out of date due to covid our house wasnt finnished so we got onto bank of ireland and they are sending us a new second offer letter i presume valid for another 6 months. Do we have to go through a solicitors again to sign contracts again with the developer or are we pretty much good to go after valuation etc?


Comments

  • #2
    IanVW
    Registered Users, Registered Users 2 Posts: 589 ✭✭✭IanVW


    Anyone?


  • #3
    rn
    Registered Users, Registered Users 2 Posts: 1,094 ✭✭✭rn


    IanVW wrote: »
    Anyone?

    I can't fully remember as ours was 18 months ago. I think you may have to sign a mortgage contract before draw down.

    IIRC it's assessment, approval in principle. Then application and letter of offer. Finally contracts and drawdown.

    There's usually a few hoops you've to do before contracts and drawdown eg life policy. Land title transfer completed etc.


  • #4
    DubCount
    Registered Users, Registered Users 2 Posts: 1,094 ✭✭✭DubCount


    IanVW wrote: »
    Anyone?

    8PM to 7AM the next day….. this is a discussion board not an emergency service !!

    I'd expect the original contracts signed to be still valid, but your solicitor will know the exact details of your circumstances - call him/her and you'll get a definitive answer.


  • #5
    IanVW
    Registered Users, Registered Users 2 Posts: 589 ✭✭✭IanVW


    DubCount wrote: »
    8PM to 7AM the next day….. this is a discussion board not an emergency service !!

    I'd expect the original contracts signed to be still valid, but your solicitor will know the exact details of your circumstances - call him/her and you'll get a definitive answer.

    Didnt know it would bother you so much;)
    Thanks for replies


  • #6
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    You will absolutely need to engage with your solicitor.

    Has anything changed in the letter of offer? How do you know - have you proof read it? That's the solicitor's job.

    Also, you mention "sign contracts again with the developer". I'm not sure if/how the delay in the mortgage process will impact the contract with the developer. It really depends on the contract - this sounds like a perfect question for your solicitor!

    Finally, when everything is done, your bank also won't simply give you the funds into your personal bank account. The funds will be released to your solicitor, who in turn will provide the bank with the title once the transaction is complete etc.

    Ultimately, the solicitor needs to be engaged throughout the entire process. Once simply can't pick and choose what steps to include them on (as it would negate their ability to do their job properly on the steps you do include them in).


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  • #7
    Luluk
    Registered Users, Registered Users 2 Posts: 120 ✭✭Luluk


    I'm in a similar position with BoI. My offer expires on August 31st and my house will be complete in October. The bank told me that after the offer expires, I will just need to provide updated payslips to show that my circumstances have not changed. The cashback offer I am availing of has been extended til the end of the year.


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