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

SpencerJC wrote: »

Yeah, we did not have anything signed no, that was the next step. I wouldn't expect something like this to apply to anyone who has already signed as they are already in a contract.

I signed a loan offer and returned it before covid struck and contracts and have heard nothing from BOI. Hopefully drawing down soon.

lfen wrote: »

Yes. Pretty much identical call. We were sale agreed but like yourself, contracts not yet signed.
We asked when we can expect to hear more but we’re told they have no timelines so have to just wait it out I suppose.

Had ye already had the valuation done before this call?

setanta1984 wrote: »

Had ye already had the valuation done before this call?

I hadn’t. We were waiting for a date to be confirmed.

lomb wrote: »

Obviously your bank isn't much of a bank. Did you sign and return the loan offer to make it binding on them?

We signed our offer witnessed by the solicitor outside their office on Tuesday, she forward this straight to the bank, but due to the current circumstances, there still might be an issue with drawdown coming down the tracks

We draw down tomorrow. Our delays were with the builder but have have had zero issue with bank and solicitor.

Bargain_Hound wrote: »

What bank? (If you don't mind me asking)

KBC

true-or-false wrote: »

We're going to start contacting people this week (bank/solicitor/agent) to see if there's any way we can move forward during lockdown. So far, the bank (AIB) hasn't said anything to us in terms of taking back the loan offer or needing a new valuation. I realise some posters here have said conveyancing is halted, but I'm hoping that over the next few weeks there'll be something put in place to facilitate house purchases.

If somehow we do get the go-ahead, hand over the 10% deposit and get contracts signed, and then the bank pulls out of the mortgage, would we lose our deposit?

I'm unsure where people stand on losing their deposits, these are strange times. I think if the bank pulls out, the main reason will be due to the concern that Covid19 will cause serious downturn in the property markets therefore impacting valuations, so they might well seek to hold off. On the other hand, if the property is unoccupied I see no reason why a bank appointed valuer cannot go and inspect it as banking services are considered essential.

akesha wrote: »

Once you sign the loan offer (along with the purchase contracts), banks can't pull out. We were discussing this some pages ago - they were only freezing the process if you didn't sign yet.

I don’t believe once you sign the loan offer thats enough. My solicitor would say you never have the money from the bank until the money is in the client account. They can look for updates documents from you and if not happy, decline to issue funds. If they are not happy with the valuation, can decline to issue funds. There are some ways around it.

true-or-false wrote: »

We're going to start contacting people this week (bank/solicitor/agent) to see if there's any way we can move forward during lockdown. So far, the bank (AIB) hasn't said anything to us in terms of taking back the loan offer or needing a new valuation. I realise some posters here have said conveyancing is halted, but I'm hoping that over the next few weeks there'll be something put in place to facilitate house purchases.

If somehow we do get the go-ahead, hand over the 10% deposit and get contracts signed, and then the bank pulls out of the mortgage, would we lose our deposit?

If your solicitor has a loan clause in the contracts, your covered as it will basically say if you can’t get the moment from the bank you get the deposit back. I would not be signing contracts without it so check with the solicitor on that.

Has your loan offered issued from AIB? Letters are going out to solicitors who have clients with aib loan offers requesting the solicitor to give additional undertakings that they cannot actually give - especially related to registering the mortgage in PRA (which being closed, means they solicitors can’t give the undertaking).

Also solicitors need to witness the signing of paperwork in the presence of the person signing so that’s going to create some delays in itself to get paperwork signed for both purchasers and sellers.

I say until PRA opens, not much will happen for those who are near closing.I find once one bank has a new restrictive policy, the rest follow.

Dolbhad wrote: »

I say until PRA opens, not much will happen for those who are near closing.I find once one bank has a new restrictive policy, the rest follow.

Hsbc in the UK allows the drawdown unless advised otherwise. They have released info to brokers on this.

Kind of giving up on PTSB. Been waiting 3 weeks for a full loan offer to issue for a sale agreed property. Both parties solicitors emailed stating they are ready to sign contracts and close but we cant move forward.

Got AIP from Ulster Bank this week, applied through Broker about 4 weeks ago. Employment not secure at the moment unfortunately, although have 6 months to see how it plays out I guess.

AIP letter even references Covid19.

Just an update as I had said early last week that we were sale agreed & UB contacted us to say things are on hold. Well today they emailed looking for a statement as the one we had given is just out of date. No mention of the conversation last week. So things seem to be moving along again. At least it seems that way.

We've just had the valuation approved by the bank. The original approval in principle was back in Sept and now they are asking for bank and credit card statements, letters and payslips from employers. Does this mean it's back to square one and we have another month or two to wait for approval and that we could get turned down?

Drifter50 wrote: »

Hardly essential services so it will have to wait for another month or two

Would you not have pulled out as the market will have to re align downwards and prices will reduce 20/35% in the East and be up to 50% outside the Dublin conurbation.

People will have to come to terms with this, look at the last 2008 debacle, that was reducing prices by up to 50% for a recession. This will be a depression that will affect us for a generation at least

We will have some restrictions being lifted in my opinion come May 5th. So im hoping floor fitters will be one. If not we shall wait and see.

This is going to be our home for the foreseeable future so movement in value isn't important to us.
That being said we were signed in and legally in no position to pull out either without loosing our deposit.
I also dont thin house prices will fall that much.