Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

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

Options
1…4344464849…377

Comments

  • Options
    #1352
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    TomTanks wrote: »
    I am aswell, I think I'm resigned to it not going through! My job has availed of the wage subsidy and topped up. I might try and ask to come off it if possible. I'm not sure if you can come off it to be honest.

    What have they asked you to do, if you dont mind me asking!?!

    Ill pm you now,I'm happy to talk on forum once drawndown


  • Options
    #1353
    Jay Dee
    Registered Users Posts: 667 ✭✭✭Jay Dee


    lomb wrote: »
    Pm sent with top dude

    Hi,

    Thanks for the response.
    I was looking for someone in Cork.

    Thanks

    Jay


  • Options
    #1354
    JL555
    Registered Users Posts: 288 ✭✭JL555


    Jay Dee wrote: »
    Hi,

    Thanks for the response.
    I was looking for someone in Cork.

    Thanks

    Jay

    Just sent you a pm,


  • Options
    #1355
    Pivot Eoin
    Registered Users Posts: 564 ✭✭✭Pivot Eoin


    TomTanks wrote: »
    I am aswell, I think I'm resigned to it not going through! My job has availed of the wage subsidy and topped up. I might try and ask to come off it if possible. I'm not sure if you can come off it to be honest.

    What have they asked you to do, if you dont mind me asking!?!

    Very unlikely you'll be able to come off it as it also includes the PAYE breaks. If it was just a case of €1500 being taken off future paychecks to compensate then I'd be sacrificing that just to get a Subsidy free payslip to drawdown. But with the PAYE breaks, it's effectively saving about 2.5-3k per employee per month on average for businesses. So more unlikely the higher your wage is.


  • Options
    #1356
    SpencerJC
    Registered Users Posts: 56 ✭✭SpencerJC


    Is every bank asking for payslips now? I am with Ulster bank, contract signed and they asked for bank statements that do not show the subsidy from the government. It is only my girlfriend who is on getting the government subsidy, I am not. We would be borrowing 195k and I am on 45k, she is on 40k. Even with the government subsidy of 1500 to my girlfriend, we would still be around/ slightly under the 3.5 times our income so id assume that they'd still proceed in this case?


  • Advertisement
  • Options
    #1357
    TomTanks
    Registered Users Posts: 25 ✭TomTanks


    SpencerJC wrote: »
    Is every bank asking for payslips now? I am with Ulster bank, contract signed and they asked for bank statements that do not show the subsidy from the government. It is only my girlfriend who is on getting the government subsidy, I am not. We would be borrowing 195k and I am on 45k, she is on 40k. Even with the government subsidy of 1500 to my girlfriend, we would still be around/ slightly under the 3.5 times our income so id assume that they'd still proceed in this case?

    I'm going off what people are saying in here. I've all my ducks in a row, I'm ready to sign. I've been talking to my bank and they never mentioned anything so far about payslip. I dont know what way to proceed.


  • Options
    #1358
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    That's how they acted with me week before last. As soon as solicitor asked for cheque all hell broke loose. I would strongly advise signing subject to finance or walking away. If what I've seen is accurate the the banks are now fully closing their loan books. Part of the reason is the assets have an unknown value . Part of the reason is they suspect they will fall. Part of the reason is due to capital position, current breaks turning into non conforming loans affecting capital position , difficulty of raising capital due to share price drop, borrowers loosing job , unknown market forces , possible global depression , list goes on. Personally I'm bullish on the economy and house prices but I'm talking a 3 year view.


  • Options
    #1359
    TomTanks
    Registered Users Posts: 25 ✭TomTanks


    Yes, so much going on! I've come this far I might aswell see what they say at drawdown other than that it's another 1-2 yrs saving and start the process again! Cant wait....


  • Options
    #1360
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    TomTanks wrote: »
    Yes, so much going on! I've come this far I might aswell see what they say at drawdown other than that it's another 1-2 yrs saving and start the process again! Cant wait....

    Great, good luck, you might get a good underwriter. Make sure to protect deposit you need 2 insertions in contract, subject to finance and subject to full valuation valid on drawdown. You can sign contracts subject to these. If vendor doesn't accept for sure walk away.


  • Options
    #1361
    TomTanks
    Registered Users Posts: 25 ✭TomTanks


    Thanks, I will ask the solicitor about those clauses. I dont know about subject to valuation, I'll read up about it!


  • Advertisement
  • Options
    #1362
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    TomTanks wrote: »
    Thanks, I will ask the solicitor about those clauses. I dont know about subject to valuation, I'll read up about it!

    Subject to valid valuation for full amount on drawdown means that if the closing date is delayed and the valuation is invalid and you get it revalued and if the price is less then you can withdraw and get your money back.


  • Options
    #1363
    Aelun
    Registered Users Posts: 42 ✭Aelun


    TomTanks wrote: »
    Yes, so much going on! I've come this far I might aswell see what they say at drawdown other than that it's another 1-2 yrs saving and start the process again! Cant wait....

    Best of luck, you might let us know how it goes as in a similar position ourselves.


  • Options
    #1364
    Pomplamousse
    Registered Users Posts: 582 ✭✭✭Pomplamousse


    For anyone buying a new build, just wondering who your main point of contact is for updates?

    Our only contact has been with the EA, who is extremely difficult to get in touch with & to get information out of. She has refused to give us contact details of the builders.

    I've looked up the building company online & can see contact details but not sure of the etiquette here.


  • Options
    #1365
    rsl1976
    Registered Users Posts: 824 ✭✭✭rsl1976


    We were approved back in December, one if the conditions was for me to pass my 1 year probation in April. That has happened so the plan had been to drawdown in April. However we are now in a situation where the sellers (family member) solicitor seems to be moving at a snails pace.

    Nearly 2 weeks now waiting for them to send the contracts to our solicitor. However the offices are closed and they are working from home. Really frustrating now as we will have to go through the whole process again. Anyone any idea generally how long it should take for the contracts to be drawn up?


  • Options
    #1366
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    rsl1976 wrote: »
    We were approved back in December, one if the conditions was for me to pass my 1 year probation in April. That has happened so the plan had been to drawdown in April. However we are now in a situation where the sellers (family member) solicitor seems to be moving at a snails pace.

    Nearly 2 weeks now waiting for them to send the contracts to our solicitor. However the offices are closed and they are working from home. Really frustrating now as we will have to go through the whole process again. Anyone any idea generally how long it should take for the contracts to be drawn up?

    We had ours with our solicitor less than 2 weeks after going sale agreed.....


  • Options
    #1367
    rsl1976
    Registered Users Posts: 824 ✭✭✭rsl1976


    SpencerJC wrote: »
    Is every bank asking for payslips now? I am with Ulster bank, contract signed and they asked for bank statements that do not show the subsidy from the government. It is only my girlfriend who is on getting the government subsidy, I am not. We would be borrowing 195k and I am on 45k, she is on 40k. Even with the government subsidy of 1500 to my girlfriend, we would still be around/ slightly under the 3.5 times our income so id assume that they'd still proceed in this case?

    We are with KBC and we had to give more payslips and confirm we hadn't been affected financially by the pandemic


  • Options
    #1368
    rsl1976
    Registered Users Posts: 824 ✭✭✭rsl1976


    TheSheriff wrote: »
    We had ours with our solicitor less than 2 weeks after going sale agreed.....


    Hopefully we are not waiting much longer, the thoughts of going through it all again:(


    I did see someone on another thread mention about the bank giving them a 1 month extension so hopefully if we need it the bank may consider it.


  • Options
    #1369
    gavvvvers
    Registered Users Posts: 21 ✭gavvvvers


    rsl1976 wrote: »
    We are with KBC and we had to give more payslips and confirm we hadn't been affected financially by the pandemic

    Just to make sure I understand, you were approved pending probation being passed (congrats btw!) and for you to move from AIP to Loan offer stage, they wanted more payslips and a signed document from you to say you haven’t been impacted? What did they look for?

    Cheers!


  • Options
    #1370
    rsl1976
    Registered Users Posts: 824 ✭✭✭rsl1976


    gavvvvers wrote: »
    Just to make sure I understand, you were approved pending probation being passed (congrats btw!) and for you to move from AIP to Loan offer stage, they wanted more payslips and a signed document from you to say you haven’t been impacted? What did they look for?

    Cheers!

    Thank you!!!

    Basically Aprils payslip from my husband and 4 from me (paid weekly) and just to respond to their email confirming that

    1. we remained in paid employment as documented in original salary cert
    2. no negative change in financial circumstances
    3. remain satisfied that mortgage repayments are affordable.


  • Options
    #1371
    gavvvvers
    Registered Users Posts: 21 ✭gavvvvers


    rsl1976 wrote: »
    Thank you!!!

    Basically Aprils payslip from my husband and 4 from me (paid weekly) and just to respond to their email confirming that

    1. we remained in paid employment as documented in original salary cert
    2. no negative change in financial circumstances
    3. remain satisfied that mortgage repayments are affordable.

    Interesting!

    We are AIP with KBC, no exception required, both jobs safe and permanent (for now) and just waiting on the builder for the new build house we want to agree on price (he increased it by 20k a month before COVID kicked off) - we want to pay normal price everyone else paid)

    Do you know, if we stay within normal time lines of drawing down within 6 months of loan offer stage - will we need to provide any further documents on draw down?


  • Advertisement
  • Options
    #1372
    Jay Dee
    Registered Users Posts: 667 ✭✭✭Jay Dee


    Hi,

    Thanks,

    Jay


  • Options
    #1373
    notcarlos
    Registered Users Posts: 77 ✭✭notcarlos


    Hi everyone. We are buying a house and nearly at final steps. We received the docs from land registration and I'm just wondering how much they paid for the house itself. They are the first owner of the property. I have attached the documents page. Thanks for those who will reply.


  • Options
    #1374
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    Bargain_Hound wrote: »
    In our case, we insisted it to be added to our contract, which it was last minute. So our deposit is safe (hopefully).
    If I hadn't of asked, it wouldn't have been in the contract. Crazy that this isn't standard practice to protect the buyer against circumstances out of their control.

    Following up on my above posts, PTSB allowed us to drawdown last thursday and we received our keys this morning. The most stressful experience ever. We feel very fortunate considering the number of people experiencing the same issues who want to still push ahead with their purchases.


  • Options
    #1375
    GavMan
    Registered Users Posts: 1,919 ✭✭✭GavMan


    Hey guys,

    I've a loan offer (Not AIP, the actual loan offer) with BOI but have been held up as our solicitor closed down for a while. We're re-mortgaging with BOI.

    Is anyone in a similar situation with BOI? Were you asked for more documents at any point? Our situation has not changed but I'm just wondering what the process looks like these days?

    Gavin


  • Options
    #1376
    TomTanks
    Registered Users Posts: 25 ✭TomTanks


    Bargain_Hound wrote: »
    Following up on my above posts, PTSB allowed us to drawdown last thursday and we received our keys this morning. The most stressful experience ever. We feel very fortunate considering the number of people experiencing the same issues who want to still push ahead with their purchases.

    Congrats! Enjoy your new home.


  • Options
    #1377
    Conrad83
    Registered Users Posts: 155 ✭✭Conrad83


    GavMan wrote: »
    Hey guys,

    I've a loan offer (Not AIP, the actual loan offer) with BOI but have been held up as our solicitor closed down for a while. We're re-mortgaging with BOI.

    Is anyone in a similar situation with BOI? Were you asked for more documents at any point? Our situation has not changed but I'm just wondering what the process looks like these days?

    Gavin

    BOI are requesting copies of most recent payslips and a letter from your employer confirming your job isnt and wont be impacted by Covid-19.


  • Options
    #1378
    Conrad83
    Registered Users Posts: 155 ✭✭Conrad83


    Pomplamousse wrote: »
    For anyone buying a new build, just wondering who your main point of contact is for updates?

    Our only contact has been with the EA, who is extremely difficult to get in touch with & to get information out of. She has refused to give us contact details of the builders.

    I've looked up the building company online & can see contact details but not sure of the etiquette here.

    Following on from this just wondered for anyone who has asked for a discount on a new build would this be through the solicitor or contact EA directly?

    We have a booking deposit on a new build since early March. Before Covid 19 but we need an exception and that is on pause for the moment. However we are hopeful that given the probably minimum 3 month delay with the build that the builders might be a bit flexible.

    I wouldnt think builders are giving discounts on new builds atm until they have to? But if we get to the point where they push us to sign contracts we would need approx an 8% discount to proceed with purchase without exception.

    I'm thinking the EA might be the best person to contact?


  • Options
    #1379
    amyed198
    Banned (with Prison Access) Posts: 25 ✭amyed198


    Bargain_Hound wrote: »
    Following up on my above posts, PTSB allowed us to drawdown last thursday and we received our keys this morning. The most stressful experience ever. We feel very fortunate considering the number of people experiencing the same issues who want to still push ahead with their purchases.

    The ones who decided to opt out and wait until prices crash will be the ones considered very fortunate in hindsight.


  • Options
    #1380
    Pivot Eoin
    Registered Users Posts: 564 ✭✭✭Pivot Eoin


    amyed198 wrote: »
    The ones who decided to opt out and wait until prices crash will be the ones considered very fortunate in hindsight.

    Mate, you are comical. You were only gagging to get an exception a week ago on here. And you were CONVINCED that housing prices were only going to rise. Now your situation has drastically changed and you're singing from a different hymn sheet.

    Here's your thread - just to remind you: https://www.boards.ie/vbulletin/showthread.php?t=2058076039

    People said you were fortunate as you had broken down that you received a €28k gift for a Downpayment of €35k. And that in general, it sounded like you were completely maxing yourself out to take on a Mortgage that you wouldn't have been able to afford with ANY slight decrease in your monthly earnings.

    No need to be getting smart with people who have been able to get their purchase over the line in an affordable manner.

    P.S You didn't "decide to opt out" - the bank pulled the plug on your exception because you were at a very high risk of not being able to afford it.


  • Advertisement
  • Options
    #1381
    JimmiesRustled
    Registered Users Posts: 290 ✭✭JimmiesRustled


    I wouldn't bother feeding the troll. There's no way they can be serious.

    Asking around about loan sharks in order to secure enough money for their house. Being advised on here against doing it. Being convinced house prices were going to do nothing but rise.

    Cut to the same poster that can now no longer draw down and they are now advising that anyone going through with a purchase is foolish, house prices are only going to decline in the near future. This person should not be taken seriously. It doesn't matter what your view of the current market is. They've done a complete 180 and should honestly just be ignored.


Advertisement