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

Cash_Q · 12-11-2020 04:51PM

GrumPy wrote:

About 2 weeks before I check myself into an insane asylum. Here is the updated timeline of the attempted purchase of our first house. Contacted the EA yesterday and explained if the process rolls into Jan or beyond, we have to re-consider the purchase altogether.

I hear you, Sale Agreed since 4th August here. We moved in with my parents on 30th Sept/1st Oct to allow the sale of our house to go through as we were worried we could lose our buyer and with that the deposit required for the next house. In our case we are waiting on Probate to come through. We moved 2 weeks after I had a C section and we are here with a 2year old and the new baby, it is the most stressful thing we have ever done but it will be so worth it. As another poster says it would be a much bigger delay to go back to square one on another house. Keep the pressure on the estate agent and solicitors. Fingers crossed for you.

whatever99 · 12-11-2020 05:19PM

I'm sale agreed since 27th July, and still haven't signed the contract! Vendor's solicitor is waiting on something from the Land Registry. Going by other timelines here, I'm obviously not just being impatient - it seems that this is a ridiculous amount of time!

Neither I nor the seller are in a chain, no one living in the house, seller is as keen to sell as I am to buy, it's a regular house in a housing estate - I would have thought that it would be a straight forward process. I've been pushing where and whenever I can. I hope there's no further delays when it eventually comes to drawdown. Besides regularly contacting my solicitor (who seems on the ball), and contacting the EA for updates from the other side, I presume there's nothing more I can do to move things along?

This is a completely ridiculous and archaic process. As someone else said here, conveyancing is a solicitor's bread & butter, surely it's a process they go through hundreds of times a year?! And don't get me started on the Land Registry.

The whole thing is a complete disgrace. :mad:

brisan · 12-11-2020 05:37PM

Reins wrote: »

Did you ask if you could short term rent the vacant property you're bidding on?

That subject was brought up days ago either in this thread or another one
A veritable legal minefield that is best avoided by the owner of the house

brisan · 12-11-2020 05:40PM

CarMc wrote: »

You can put your house up on the market and ask the EA to tell any prospective buyers that you are house hunting too and can't move until you have secured a new house. Now most EAs will say anything to get a sale so might downplay this to get your house sale agreed and you could find yourself under pressure anyway but you can refer them back to the EA and say you did put your cards on the table from the beginning. If your house is really top quality and walk in condition then some buyers might be willing to wait, particularly first time buyers who have no chain.

We have just gone through similar scenario, our house was sale agreed within 2 weeks but we kept getting outbid on houses we were looking at. We got an email every week from the EA asking for an update for the buyers. The pressure was immense! We did get it all wrapped up and closed within 14 weeks which wasn't too bad but the EA had told our buyers they would be in the house within 10 weeks even though we had said from the start we can't move until we have a property to go to.

Also even though we were sale agreed on our own property we had some sellers reject our bid anyway in favour of a first time buyer with no chain. So you just can't predict how these things will go. Each exchange is so different and depends on your circumstances, your buyers circumstances and the sellers circumstances of the property you are interested in!

Best of luck.

Buyers will always go for
1 Cash buyers
2 FTB
Those in a chain

Some chains can have 4-5-6 moving parts
One fails and they all fail

Reins · 12-11-2020 08:19PM

brisan wrote: »

Buyers will always go for
1 Cash buyers
2 FTB
Those in a chain

Some chains can have 4-5-6 moving parts
One fails and they all fail

I'm a cash buyer who recently lost out to a FTB by 2k..

Agree on point No.3

brisan · 12-11-2020 08:26PM

Reins wrote: »

I'm a cash buyer who recently lost out to a FTB by 2k..

Agree on point No.3

Well all things being equal they will go 1-2-3
You may still get the chance to purchase the property
Plenty of sales falling through if the posts on here are true
Then you can go in 2k under your previous bid
I would go with a proven cash buyer all day long rather than a FTB for 2k
Probably less than 1% of the price and a much longer and riskier sale

Reins · 12-11-2020 08:32PM

brisan wrote: »

Well all things being equal they will go 1-2-3
You may still get the chance to purchase the property
Plenty of sales falling through if the posts on here are true
Then you can go in 2k under your previous bid
I would go with a proven cash buyer all day long rather than a FTB for 2k
Probably less than 1% of the price and a much longer and riskier sale

Totally agree with you. for the sake of 2k less it would be well worth it for the peace of mind at least.

Why would you offer less than your previous offer?
Would that just not piss them off and you''d lose out again Brisan?

brisan · 12-11-2020 10:36PM

Reins wrote: »

Totally agree with you. for the sake of 2k less it would be well worth it for the peace of mind at least.

Why would you offer less than your previous offer?
Would that just not piss them off and you''d lose out again Brisan?

You have paid fees for surveyors on other properties you were interested in and have spent 2k on those ,leaving you short 2 k for this bid
Their solicitors fees will be mounting with every failed vendor and the property they are after may be gone
All in jest
Pay the price you bid originally but ask that it is taken off the market immediately

GrumPy · 13-11-2020 11:59AM

Cash_Q wrote: »

I hear you, Sale Agreed since 4th August here. We moved in with my parents on 30th Sept/1st Oct to allow the sale of our house to go through as we were worried we could lose our buyer and with that the deposit required for the next house. In our case we are waiting on Probate to come through. We moved 2 weeks after I had a C section and we are here with a 2year old and the new baby, it is the most stressful thing we have ever done but it will be so worth it. As another poster says it would be a much bigger delay to go back to square one on another house. Keep the pressure on the estate agent and solicitors. Fingers crossed for you.

Thanks! Ditto. We really don't want to bounce out, we are really happy with the house, but so frustrated and mentally exhausted by the process. Even my own solicitor who has been very responsive is getting annoyed at both the lack of progress, and my consistent pestering.

I've aged about 5 years since August 5th! Even if we don't get in before Christmas, a date in January would be fine - we are just desperate for some clarity. At this rate, the least we will have to do is get the property re-valued, as that expires second week of December.

Salanky · 13-11-2020 12:42PM

Collecting my keys this afternoon. Sale agreed to closed was 16 weeks to the day. Went through Louth Coco using the RBI loan. Had a few hiccups along the way but I am proof that it is possible for a single person to buy their dream house. Its taken me maybe 10 years to get to this point between one thing and another but its so worth it. I'm not one for tooting my own trumpet but I am dead proud of myself for what I have achieved. There were plenty of times I wanted to throw the towel in and just give up but I'm too stubborn and stuck it out.

To all thinking of buying and those going through it now, stick with it, stay positive and always look towards the end results. It will be worth it.

brisan · 13-11-2020 12:46PM

Salanky wrote: »

Collecting my keys this afternoon. Sale agreed to closed was 16 weeks to the day. Went through Louth Coco using the RBI loan. Had a few hiccups along the way but I am proof that it is possible for a single person to buy their dream house. Its taken me maybe 10 years to get to this point between one thing and another but its so worth it. I'm not one for tooting my own trumpet but I am dead proud of myself for what I have achieved. There were plenty of times I wanted to throw the towel in and just give up but I'm too stubborn and stuck it out.

To all thinking of buying and those going through it now, stick with it, stay positive and always look towards the end results. It will be worth it.

Congratulations and well done
Best of luck in your new home

Cash_Q · 13-11-2020 01:48PM

GrumPy wrote:

At this rate, the least we will have to do is get the property re-valued, as that expires second week of December.

This happened to us on our first house and they just did a 'drive by' valuation to basically confirm the house was still standing, it cost a good bit less than the first time so hopefully that will be offered to you.

GrumPy · 13-11-2020 05:31PM

whatever99 wrote: »

I'm sale agreed since 27th July, and still haven't signed the contract! Vendor's solicitor is waiting on something from the Land Registry. Going by other timelines here, I'm obviously not just being impatient - it seems that this is a ridiculous amount of time!

And don't get me started on the Land Registry.
The whole thing is a complete disgrace. :mad:

Do you know what specific documents you are trying to obtain from the land registry out of curiosity? I'm completely ignorant to the process, are the documents *absolutely* necessary to complete the sale?

The property we are trying to purchase is vacant, and the sellers are still paying a mortgage, so they are very eager to get the sale over the line, too. However, between the land registry and the tortoise-like speed of the sellers solicitor, we are basically making no progress.

Faith · 13-11-2020 06:25PM

I don't think this question warrants its own thread, so I'm just going to sneak it in here, but mods please feel free to split it out if its more appropriate.

Is it possible to buy/sell a house without it going through an estate agent and being open to offers? Let's say person A is looking to buy a house, and their friend/family member B says "You know, I'm thinking of selling my house. Do you want it?". Can person A buy the house directly from B at an agreed price? Would that be a logistical nightmare or a straightforward scenario, especially in terms of getting a mortgage?

brisan · 13-11-2020 06:31PM

Faith wrote: »

I don't think this question warrants its own thread, so I'm just going to sneak it in here, but mods please feel free to split it out if its more appropriate.

Is it possible to buy/sell a house without it going through an estate agent and being open to offers? Let's say person A is looking to buy a house, and their friend/family member B says "You know, I'm thinking of selling my house. Do you want it?". Can person A buy the house directly from B at an agreed price? Would that be a logistical nightmare or a straightforward scenario, especially in terms of getting a mortgage?

Not an issue
ALL the EA does is get people interested in the house
That part has already been accomplished in your case
Valuation will be the sticking point
Are they prepared to accept your valuation and you theirs
If both of you get a valuation you could meet in the middle
The vendor will be getting a quick sale ,assuming you have your ducks in a row and saving on EA fees and time
Both your respective solicitors will sort out the rest
We sold our house to our daughter
She had her solicitor ,we had ours

antiskeptic · 13-11-2020 09:52PM

Faith wrote: »

I don't think this question warrants its own thread, so I'm just going to sneak it in here, but mods please feel free to split it out if its more appropriate.

Is it possible to buy/sell a house without it going through an estate agent and being open to offers? Let's say person A is looking to buy a house, and their friend/family member B says "You know, I'm thinking of selling my house. Do you want it?". Can person A buy the house directly from B at an agreed price? Would that be a logistical nightmare or a straightforward scenario, especially in terms of getting a mortgage?

To add to the above. There's no issue doing what you propose. When it comes to a mortgage however:

- assuming they have a mortgage outstanding, the seller will need to either clear the remainder of the outstanding loan or get agreement from the lender regarding the sale.

- the buyers mortgage company will need to be happy with the valuation placed on the property by yourselves. They will send out their valuer (often a local estate agent) to assess.

brisan · 13-11-2020 10:03PM

antiskeptic wrote: »

To add to the above. There's no issue doing what you propose. When it comes to a mortgage however:

- assuming they have a mortgage outstanding, the seller will need to either clear the remainder of the outstanding loan or get agreement from the lender regarding the sale.

- the buyers mortgage company will need to be happy with the valuation placed on the property by yourselves. They will send out their valuer (often a local estate agent) to assess.

Solicitors will sort the rest out (clearing mortgages etc ) once the valuations have been met.

actuar90 · 13-11-2020 11:26PM

Following this thread for a long time and have got some great advice. I've finally gone sale agreed and had the engineer out last week. 1 major issue and a number of smaller issues arising out of it.

The major issue is that the sewers to septic tank/soak pit may be set up incorrectly in that it seems water from various showers/taps may be bypassing the septic tank and going directly to the soak pit.
Recommended to get a sewer inspection done, however, there is a lack of access points to even make this possible.
We've gone back to the vendors to see if they will install additional access points. Failing that what could our next steps be?

The small issues are lack of/no insulation in the converted attic and there is no ventilation installed in the bathrooms so not up to code for rental. In total, the engineer is suggesting about 2.5k for these smaller items. Is this usually something you would go back to the vendor and ask to reduce the price accordingly?

There are a number of smaller issues again to do with bad finishes on skirtings/walls/radon barriers exposed but these are in the low hundreds to put right and we saw some of these at viewings anyway so I assume we wouldn't ordinarily so back to sellers with these?

Smiley11 · 14-11-2020 01:58AM

Viewed a house in Cork city yesterday..dear god photos can be so deceiving! EA felt "price point is accurate for the current climate" & tried to compare a definitive kip to others nearby that sold for similar & +100k houses in better &/or far superior conditions. I felt so deflated to be honest. This house isn't cheap but has never had a heating system, damp everywhere, "not sure" if its been underpinned, asbestos lean to & thats just the start of it. 10+ viewings lined up for one day next week. I actually think the EA was surprised that we said it was a project too far for us &#55358;&#56611; This veritable kip would need a minimum of 200k to upgrade it & looking at the PPR, would soar past any sale on the same road on record in terms of purchase + renovation cost total. I'm sure it will sell well but I can't bring myself to spend that kind of money for a shell of a house. The market is so strange & unpredictable at present. Saw a sale agreed sign going up on a house I'd love yesterday. Listed at 1.25 mill & sale agreed within 6 weeks. The country seems to be awash with money at the moment.

PommieBast · 14-11-2020 11:42AM

actuar90 wrote: »

Failing that what could our next steps be?

Walk away. If you think that stuff tha has been uncovered means that you cannot justify the offer price, there is little else you can do in practice.

The first time I went sale agreed my solicitor uncovered legal issues which to me looked like potentially unbounded liabilities. I doubt the seller would have accepted the €100k discount I would have demanded to take that mess off his hands.

whatever99 · 14-11-2020 03:33PM

GrumPy wrote: »

Do you know what specific documents you are trying to obtain from the land registry out of curiosity? I'm completely ignorant to the process, are the documents *absolutely* necessary to complete the sale?

The property we are trying to purchase is vacant, and the sellers are still paying a mortgage, so they are very eager to get the sale over the line, too. However, between the land registry and the tortoise-like speed of the sellers solicitor, we are basically making no progress.

I think it was the instrument...not sure what that is, probably a folio-type thing. I do think it’s necessary to complete the sale. That said, I got an update yesterday, and my solicitor has it now! I’m getting there. Keep pushing if you can, I contact the EA to push the other side.

Vikings · 14-11-2020 04:15PM

actuar90 wrote: »

Following this thread for a long time and have got some great advice. I've finally gone sale agreed and had the engineer out last week. 1 major issue and a number of smaller issues arising out of it.

The major issue is that the sewers to septic tank/soak pit may be set up incorrectly in that it seems water from various showers/taps may be bypassing the septic tank and going directly to the soak pit.
Recommended to get a sewer inspection done, however, there is a lack of access points to even make this possible.
We've gone back to the vendors to see if they will install additional access points. Failing that what could our next steps be?

The small issues are lack of/no insulation in the converted attic and there is no ventilation installed in the bathrooms so not up to code for rental. In total, the engineer is suggesting about 2.5k for these smaller items. Is this usually something you would go back to the vendor and ask to reduce the price accordingly?

There are a number of smaller issues again to do with bad finishes on skirtings/walls/radon barriers exposed but these are in the low hundreds to put right and we saw some of these at viewings anyway so I assume we wouldn't ordinarily so back to sellers with these?

We walked away from a property we were sale agreed on due to a similar scenario. One large issue (garage foundations and walls) and a number of smaller ones in the house itself. Through the EA asked the vendors were they prepared to lower the price before we spent any further money on engineer reports & further surveys. Got a flat no so we walked away.

We were prepared to get further structural and other surveys done if we knew there was scope for the price to be reduced or problems to be fixed by vendors. Almost 2 months on we are same agreed on another house and their is still for sale waiting for another unsuspecting buyer to find the same issues.

cnocbui · 14-11-2020 05:47PM

actuar90 wrote: »

Following this thread for a long time and have got some great advice. I've finally gone sale agreed and had the engineer out last week. 1 major issue and a number of smaller issues arising out of it.

The major issue is that the sewers to septic tank/soak pit may be set up incorrectly in that it seems water from various showers/taps may be bypassing the septic tank and going directly to the soak pit.
Recommended to get a sewer inspection done, however, there is a lack of access points to even make this possible.
We've gone back to the vendors to see if they will install additional access points. Failing that what could our next steps be?

The small issues are lack of/no insulation in the converted attic and there is no ventilation installed in the bathrooms so not up to code for rental. In total, the engineer is suggesting about 2.5k for these smaller items. Is this usually something you would go back to the vendor and ask to reduce the price accordingly?

There are a number of smaller issues again to do with bad finishes on skirtings/walls/radon barriers exposed but these are in the low hundreds to put right and we saw some of these at viewings anyway so I assume we wouldn't ordinarily so back to sellers with these?

Why does such water need to go to a septic tank? Such water, incuding the discharge from washing machines, is called 'grey water' in Australia and is sometimes diverted to water gardens due to water cost and shortages.

antiskeptic · 14-11-2020 07:16PM

actuar90 wrote: »

Following this thread for a long time and have got some great advice. I've finally gone sale agreed and had the engineer out last week. 1 major issue and a number of smaller issues arising out of it.

The major issue is that the sewers to septic tank/soak pit may be set up incorrectly in that it seems water from various showers/taps may be bypassing the septic tank and going directly to the soak pit.
Recommended to get a sewer inspection done, however, there is a lack of access points to even make this possible.
We've gone back to the vendors to see if they will install additional access points. Failing that what could our next steps be?

The small issues are lack of/no insulation in the converted attic and there is no ventilation installed in the bathrooms so not up to code for rental. In total, the engineer is suggesting about 2.5k for these smaller items. Is this usually something you would go back to the vendor and ask to reduce the price accordingly?

There are a number of smaller issues again to do with bad finishes on skirtings/walls/radon barriers exposed but these are in the low hundreds to put right and we saw some of these at viewings anyway so I assume we wouldn't ordinarily so back to sellers with these?

There is no right and wrong or norm ... it depends on whether you want it enough and whether the seller wants to shift it enough. And who is the better poker player.

Dolbhad · 14-11-2020 09:22PM

actuar90 - I don’t think you can do much about the insulation. That’s a take it or leave it usually.

You may have more luck with the soak pit. Get the drains test done and get a quote for the works done and send it to the auctioneer to send onto the sellers.

Say either they need to knock the price off and you do the works (which is preferable as you will have control of the works). If they want to do the works, say you need engineers to agree the specs and have it signed off at the end.

The market is mental at the moment and is in the favour of the sellers. But issues with drains and sewerage is the one area you can come to an agreement with. Even if they meet you half way on the costs.

If they say no, then you know the costs to fix it and see if you want to take it on.

GrumPy · 14-11-2020 10:46PM

whatever99 wrote: »

I think it was the instrument...not sure what that is, probably a folio-type thing.

That's about my understanding of it too, ðŸ€£
What?

Dolbhad · 14-11-2020 11:32PM

GrumPy wrote: »

That's about my understanding of it too, ðŸ€£
What?

It’s more than likely the instrument. There is huge backlogs in getting these from land registry. Even before covid there were 6-8 weeks to get. The land registry was closed for a few weeks during first lockdown and this had added further delays to the timeline.

As the instrument is registered as a burden on the folio, a copy of the instrument so needed for closing but does add massive delays.

whatever99 · 14-11-2020 11:58PM

Dolbhad wrote: »

It’s more than likely the instrument. There is huge backlogs in getting these from land registry. Even before covid there were 6-8 weeks to get. The land registry was closed for a few weeks during first lockdown and this had added further delays to the timeline.

As the instrument is registered as a burden on the folio, a copy of the instrument so needed for closing but does add massive delays.

Is it not just a case of printing off/pulling out a document? Or does it have to be created from scratch? I get that there’s a backlog, but it’s such a ridiculous, needlessly drawn out process.

Dolbhad · 15-11-2020 05:44AM

whatever99 wrote: »

Is it not just a case of printing off/pulling out a document? Or does it have to be created from scratch? I get that there’s a backlog, but it’s such a ridiculous, needlessly drawn out process.

The land registry hold every instrument on every folio in Ireland. As you can imagine that’s a lot of documents! As far as I am aware these are not online and the land registry hold the documents physically in another site which means they need to be physically picked up and copied. The land registry need to go through instruments now before copying, due to GDPR, and may have to omit part of the instrument which has also added to delays.

cubatahavana · 15-11-2020 08:09AM

Dolbhad wrote: »

The land registry hold every instrument on every folio in Ireland. As you can imagine that’s a lot of documents! As far as I am aware these are not online and the land registry hold the documents physically in another site which means they need to be physically picked up and copied. The land registry need to go through instruments now before copying, due to GDPR, and may have to omit part of the instrument which has also added to delays.

Of course!
Ireland is a third world country in terms of bureaucracy and paperwork. Even if it is not computer based, there should be a clear process for something that is requested every single day.

2-4 months to buy a property is crazy. I would understand a delay now with the lockdown, but this happens as well on a normal day.

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

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