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

They’ll accept equity for the (notional) deposit (as in you’ll get mortgage approval) but you’ll need cash for the booking deposit and later when contracts are exchanged. For us last year it was €8k booking deposit and the remainder of 10% when contracts exchanged

We got a short term loan from a relative for the remainder bit (had the 8k saved) and paid her back when the two houses (buying and selling) completed

They agreed to the clause after some back and forth however they added a clause that they can pull out after X amount of time and return the house to the market if I have not successfully drawn down the mortgage. So yes this situation keeps the pressure on me and means if myself / the solicitor drag out the process too long they have an opt out. Ultimately they want to sell the house ASAP and I want to get into it as ASAP so hopefully it all works out. I don't expect there to be any big issues at drawdown of the mortgage but we will wait and see. I know the above means the contract isn't as secure as a typical one would be but its dragging on way too long now just want to get it sorted.

Hey all, I’m looking to drawdown mortgage in the next few weeks. I just got home insurance with a start date of January 1st because realistically I won’t be moving in until January.

However if I want to draw down in December, does the policy need to start December 1st to be considered valid or does that not matter?

Hi

wondering if anyone can shed any light.

I placed an offer on a house and the EA came back to say they will ask the ‘company’. Turns out the ‘company’ is in fund mgt. they refused the offer. There is no other offer in only ours and it has been on the market a while.

has anyone any experience of these companies? We thought we were dealing with a family so the usual negotiation

thanks in advance

Hello all, went sale agreed on a house a few weeks ago, after being outbid on six previous properties. House needs work, but we've done up an old property before, so not too put off by the shonky extension (built without PP but long enough ago to be low risk) or cosmetic work needed inside. More apprehensive about the overhanging eave from next door neighbour with no permission, no easement in place etc. and a vague, hand-waving assurance from the vendor that it's never been a problem up to now, the fact that the next door neighbour bought a small triangular patch of land that is still included in the garden of the house we plan to buy, and their refusal to fix the broken boundary fence on the back garden 'because there's a tree stump in the way'. One issue I could possibly make peace with, but three boundary issues feels like a lot to take on.

I feel the vendor is being far too dismissive about issues that could come back to bite us in the future. And the icing on the cake - we're chain free, and the estate agent assured us they were good to go and would move in with parents, etc, wanted to get out of the city, then they put in a clause about delaying completion of sale until they find a property and no, they're not prepared to rethink that. Though they did insert a penalty clause charging 8% interest if we hold up the sale for any reason.

I know there's always going to be something, and I still love the house, the neighbourhood, and the garden, and there's very little else on the market at the moment. Not looking to beat the market, or wait for a price drop that may or may not come in the new year. I just want them to sort out the boundary issues and move out!

I would run if I was you. And no, the vendor won't get a higher price in the spring.

Border issues can be painful. The vendor sounds arrogant.

Thanks, @herbalplants. Writing to our solicitor now, explaining that boundary issues need to be rectified or we can't proceed.

Hi folks,

We went sale agreed on our own house 5 weeks ago today - a first time buyer with a very good offer. 4 weeks ago our EA told us the buyer is looking for a better deal on their mortgage (they had AIP with Finance Ireland who increased their rates to over 5% in October, so it's understandable). The buyer had their survey done 2 weeks ago, but we still haven't had their valuation done for their new bank.

Our EA told us last Monday that the buyer's valuation had been ordered, but we still have not received the date/time. Spoke to our EA this morning who still has no further update. We're pretty frustrated at this and are concerned that the buyer is having trouble getting another mortgage approval.

Has anyone had a valuation take this long? On the house we are buying ours was done 4 working days after we ordered it.

I've been nervous since I heard their AIP was with Finance Ireland and not with a mainstream bank (maybe an unusual financial setup or something?).

I realise we're probably just being impatient, but we are getting nervous as the buyer is not far on after 5 weeks and afraid we'll lose the new house that we are sale agreed on.... any thoughts would be helpful. How long should we give them before looking for another buyer? Am I just being too impatient?

Thank you, and sorry to hear you're on the other side of this.The rate increases are making an already stressful process more stressful! I'd really rather not change buyer. We have the sellers of our new house putting us under pressure (the joys of a chain!).

Once we get a date for their valuation we'll feel much better cos at least they will be closer to having their approval.

I think hearing they were with Finance Ireland also unnerved me - do you mind me asking why you had gone with them initially? Were they cheaper than mainstream banks before their huge rate increase?

Thanks COH. That makes sense. Hope you get sorted with a new lender, best of luck!

Moved in with parents 3 weeks ago. Waiting on probate to be granted for 19 weeks now.

Haven't signed the contract for the purchase yet as who knows what the interest rate will be.

Thinking of pulling the plug and moving on.

for the sellers in this chat, my wife and I will be (hopefully) putting our house up for sale early in the new year. How have ye found it lately especially with interest rates going up etc. I know house prices haven’t fallen so hopefully that stays steady.

in my area there’s still a lack of houses for sale and absolutely none to rent in the Kanturk/Mallow area of Cork

I see that as well, but looking locally and with the new lending rules for first time buyers my house valuation should be okay. Personally this is us hoping to make 100% profit on the house, clear our car loans etc, already an agreement with my wife’s parents that we can move in if no rental property is available, and at that we wouldn’t be in a rush to sell, and if the market completely goes tits up we just call a halt to it

Yip I agree with what you’re saying, the risk levels will increase of course but I suppose I’ll have my back up if needed. I get on fierce well with the in laws but of course that’s in small doses and that I can spiral into us becoming a dose. But look I’d love to say 12 months is the max we’d be staying at my in laws as well… I’ll 100% keep ye updated.