Saving/Applying for a mortgage 2015/16/17/18/19

TheShow · 02-09-2018 11:17pm

jaffa20 wrote: »

In comparison to estate agent fees when selling, i think Solicitor fees are not all that bad. A lot of solicitors will only charge around 900euro professional fee.

€900? No chance. Min of €1500+vat + land registry fees of about €800 or more.

I’d be weary of any solicitor charging €900 for the professional fee. With all the additional clients they would take on would they Have the capacity to ensure they can deal with everything correctly and within the timeframe. Or are they just trying to generate quick cash to keep their heads above water?

ILikeBoats · 03-09-2018 8:22am

TheShow wrote: »

€900? No chance.

I paid 950 professional fees for my solicitor, he was great.

myshirt · 03-09-2018 2:04pm

ILikeBoats wrote: »

I paid 950 professional fees for my solicitor, he was great.

I am going to take a guess that you were purchasing a small barge, or a dingy.

hots · 03-09-2018 2:27pm

myshirt wrote: »

I am going to take a guess that you were purchasing a small barge, or a dingy.

I've had quotes for the same or as high as 1900 ex-vat, there's a fair range out there.

ILikeBoats · 03-09-2018 2:45pm

myshirt wrote: »

I am going to take a guess that you were purchasing a small barge, or a dingy.

Why?
The professional fee is a set price, doesn't matter what you're buying.
I don't think it reflects the level of service you get either. I'm sure a lot of solicitors have raised their professional fees along with the house price trend, not all of them though.

hanaimai · 03-09-2018 2:47pm

Anyone know when you do a valuation for a new build, when the house isn't built yet??

Also, can you get a formal loan offer before getting the valuation done and it's just a condition of drawdown, or does it have to be done before the formal loan offer can be issued?

GingerLily · 03-09-2018 2:51pm

hanaimai wrote: »

Anyone know when you do a valuation for a new build, when the house isn't built yet??

Also, can you get a formal loan offer before getting the valuation done and it's just a condition of drawdown, or does it have to be done before the formal loan offer can be issued?

We bought a new build, the bank arranged the valuation after we had credit approval and they were finalising the loan pack, it took about two phone calls and was done in an afternoon - very simple!
The loan pack needs to be completed before we signed contracts.

There is a second valuation after snagging and just before drawdown, it costs a good bit less, maybe 60e.

04-09-2018 5:11pm

hanaimai wrote: »

I'm applying for loan offers at the moment and I've been specifically asked what rate and term I want put on the application. If you've already gotten the offer you can still change the rate/term but the application will have to go to the underwriters again (since the affordability assessment part is dependent on what rate and term you pick).

Got a call saying aip and its not dependent on the rates but we will have to confirm them soon. Phew. Was my first q after seeing this post.
Only took a week

AppleBottle · 06-09-2018 10:45am

Got full approval today!!

Put in an offer on a house on Monday and now just waiting to hear back from the estate agent on this.

Juwwi · 06-09-2018 11:33am

AppleBottle wrote: »

Got full approval today!!

Put in an offer on a house on Monday and now just waiting to hear back from the estate agent on this.

Best of luck .

Bawnmore · 07-09-2018 8:51am

2 questions someone here might know the answer to:

1. We went sale agreed at the very beginning August but haven't received paperwork from the vendors solicitor yet - is this normal? I've been chasing it with the estate agent, but it started with "they should have sent those already" and now it's "I'll check with them again". Could be perfectly normal - just to check.

2. We're shopping around for home insurance quotes. We're meeting with our own bank to talk about this next week at some stage and we've been told that they do the 1st 4 months home insurance for free, and we're free to move away to another insurance company after this is we want without any penalty. Does this sound right? I'm well aware banks prices on insurance will be inflated, but if we were to get 4 months free and be able to swap over without any penalty it might be worth a shout to save a few bob.

whatever76 · 07-09-2018 10:36am

QQ - Went sale agreed and paid the 5 k deposit to EA - Decided not to go ahead with purchase in end and backed away ( over 2 weeks now) - haven't received deposit back yet from EA . How long on average should it take to get deposit back ?

AppleBottle · 07-09-2018 11:00am

Question for you guys;

When you’ve made an offer with the estate agent to buy, how long were you waiting to hear anything back?

We made an offer on Monday and haven’t heard anything yet. Just wondering what people’s experience of this is. And if I should follow up today?

catrionanic · 07-09-2018 11:09am

Question about deposits. We are second time buyers and sale agreed on our next home.
We need a 20% deposit. The bulk of this will come from the proceeds of the sale of our first home (which is also sale agreed).

We are to pay a holding deposit of 10k. Does the remainder of the 20% deposit get paid on completion? The people buying our own house are first time buyers, and have paid their 10% deposit upon signing contracts. Obviously we would be unable to pay it at that stage ourselves until our own house sale is completed.

stargazer 68 · 07-09-2018 11:20am

AppleBottle wrote: »

Question for you guys;

When you’ve made an offer with the estate agent to buy, how long were you waiting to hear anything back?

We made an offer on Monday and haven’t heard anything yet. Just wondering what people’s experience of this is. And if I should follow up today?

We usually got a call or text the next day on any of the ones we offered on.

Mark1916 · 07-09-2018 11:21am

AppleBottle wrote: »

Question for you guys;

When you’ve made an offer with the estate agent to buy, how long were you waiting to hear anything back?

We made an offer on Monday and haven’t heard anything yet. Just wondering what people’s experience of this is. And if I should follow up today?

I would follow up, we heard within a couple of hours of our bid being accepted (we bid close to the asking price). However the Estate Agent should also be keeping you up to date with any other offers but it could be a case where you're the only bidder thus far and the vendor wants to give it time before making a final decision. No harm in asking the questions though.

TheShow · 07-09-2018 11:42am

whatever76 wrote: »

QQ - Went sale agreed and paid the 5 k deposit to EA - Decided not to go ahead with purchase in end and backed away ( over 2 weeks now) - haven't received deposit back yet from EA . How long on average should it take to get deposit back ?

As soon as you declare yourself out, he should refund the monies. By law the funds must be held in a "clients account" so the funds don't get mixed up in the normal office cashflow. There should be no reason for a delay in returning these funds to you. Follow up with them asap.

TheShow · 07-09-2018 11:46am

Bawnmore wrote: »

2 questions someone here might know the answer to:

1. We went sale agreed at the very beginning August but haven't received paperwork from the vendors solicitor yet - is this normal? I've been chasing it with the estate agent, but it started with "they should have sent those already" and now it's "I'll check with them again". Could be perfectly normal - just to check.

2. We're shopping around for home insurance quotes. We're meeting with our own bank to talk about this next week at some stage and we've been told that they do the 1st 4 months home insurance for free, and we're free to move away to another insurance company after this is we want without any penalty. Does this sound right? I'm well aware banks prices on insurance will be inflated, but if we were to get 4 months free and be able to swap over without any penalty it might be worth a shout to save a few bob.

1. I went sale agreed on my house and the agent had the particulars of sale out to me and my solicitor the next day.
If its the actual contracts that your looking for, these could take a bit longer. Especially if the vendor is a receiver. If this is the case expect long waits.

2. seems plauseable particularly if they told you that you can switch without penalty. although i would look for that in writing just to be sure.

TheShow · 07-09-2018 11:51am

AppleBottle wrote: »

Question for you guys;

When you’ve made an offer with the estate agent to buy, how long were you waiting to hear anything back?

We made an offer on Monday and haven’t heard anything yet. Just wondering what people’s experience of this is. And if I should follow up today?

Yes, follow up today. Ask them why they've taken so long to get back to you that you are an interested buyer.

TheShow · 07-09-2018 11:54am

catrionanic wrote: »

Question about deposits. We are second time buyers and sale agreed on our next home.
We need a 20% deposit. The bulk of this will come from the proceeds of the sale of our first home (which is also sale agreed).

We are to pay a holding deposit of 10k. Does the remainder of the 20% deposit get paid on completion? The people buying our own house are first time buyers, and have paid their 10% deposit upon signing contracts. Obviously we would be unable to pay it at that stage ourselves until our own house sale is completed.

Normally what happens is you pay 5k as a booking deposit. Upon exchange of contracts you pay balance of 10 % deposit and all remaining funds on completion.

If you don't have the balance of 10% deposit to pay on exchange of contracts, then your solicitor may be able to negotiate paying the remaining balance at completion. If they cannot, then you may need to seek a bridging loan from your bank to cover this.

Bawnmore · 07-09-2018 12:57pm

TheShow wrote: »

1. I went sale agreed on my house and the agent had the particulars of sale out to me and my solicitor the next day.
If its the actual contracts that your looking for, these could take a bit longer. Especially if the vendor is a receiver. If this is the case expect long waits.

2. seems plauseable particularly if they told you that you can switch without penalty. although i would look for that in writing just to be sure.

Thanks - I probably shouldn't have said contract - just the regular paperwork in general. We need the folio and maps etc to allow the engineer to do a full survey, but haven't gotten anything yet. I assumed this would have been standard paperwork that would be ready to be sent to our solicitor, and 5 weeks feels a little excessive to me. That said this is all new to us, so could be perfectly normal.

shamrock55 · 09-09-2018 9:24am

Quick question,if I was to get a home improvement loan to do up the house I'm looking to sell(needs it,and should add a bit of value)would a bank look at that repayment of say over 12 mths as ability to save,as in I'd normally be saving 1000 per month but now instead could be paying that back on a loan.

Thanks

TheShow · 09-09-2018 10:53pm

shamrock55 wrote: »

Quick question,if I was to get a home improvement loan to do up the house I'm looking to sell(needs it,and should add a bit of value)would a bank look at that repayment of say over 12 mths as ability to save,as in I'd normally be saving 1000 per month but now instead could be paying that back on a loan.

Thanks

Yes, it will be on the bank statements. And you will still have your savings accumulated up to now.

- bo - · 10-09-2018 8:08am

Received keys on Friday morning to our place (first time buyers). Delighted. 7 and a half months of hassle over. Spent the weekend tearing down wallpaper and filling in holes with polyfiller!

amcalester · 11-09-2018 10:59am

I've a question about solicitors fees, when are these paid - before or after closing?

My solicitor has asked for the fees and outlays to be included with the outstanding deposit, but I would have thought I pay this after completion.

Mark1916 · 11-09-2018 1:08pm

amcalester wrote: »

I've a question about solicitors fees, when are these paid - before or after closing?

My solicitor has asked for the fees and outlays to be included with the outstanding deposit, but I would have thought I pay this after completion.

I think it's Solicitor preference, mine requested them anytime before drawdown of the mortgage.

GingerLily · 11-09-2018 1:36pm

amcalester wrote: »

I've a question about solicitors fees, when are these paid - before or after closing?

My solicitor has asked for the fees and outlays to be included with the outstanding deposit, but I would have thought I pay this after completion.

I paid mine with the balance for the mortgage about the same time as drawdown. I wouldn't feel comfortable paying before final contracts have been issued.

amcalester · 11-09-2018 2:06pm

Mark1916 wrote: »

I think it's Solicitor preference, mine requested them anytime before drawdown of the mortgage.

GingerLily wrote: »

I paid mine with the balance for the mortgage about the same time as drawdown. I wouldn't feel comfortable paying before final contracts have been issued.

Contracts have been issued, signed etc and closing is the end of this month.

I'm arranging to pay the balance and they've invoiced me for their fees as well.

I just wasn't sure if I should be paying these before I have the keys.

GingerLily · 11-09-2018 2:18pm

amcalester wrote: »

Contracts have been issued, signed etc and closing is the end of this month.

I'm arranging to pay the balance and they've invoiced me for their fees as well.

I just wasn't sure if I should be paying these before I have the keys.

Sorry I was confused because you said deposit rather than balance!

Before keys isn't unusual, but is should be within a close time frame of when the keys have been agreed.

TheShow · 11-09-2018 4:29pm

My solicitor sent me a letter detailing how much I need to transfer for deposit balance, stamp duty & her fees. I sent it on in one go.
What difference does it make really.

Creamy Goodness · 11-09-2018 4:35pm

Do you often pay for services well in advance of them being complete? I wouldn't feel comfortable paying for the solicitor until they're pretty much done and dusted, as a previous poster said when the exchange of keys are being arranged would be the earliest I'd be thinking.

TheShow · 11-09-2018 6:04pm

Creamy Goodness wrote: »

Do you often pay for services well in advance of them being complete? I wouldn't feel comfortable paying for the solicitor until they're pretty much done and dusted, as a previous poster said when the exchange of keys are being arranged would be the earliest I'd be thinking.

Tis up to yourself whether you trust the solicitor to do the job right or not. Personally I don’t see what difference it makes if you pay up front or not. For me it was easier and cheaper to make one transfer.

limnam · 11-09-2018 10:14pm

TheShow wrote: »

Tis up to yourself whether you trust the solicitor to do the job right or not. Personally I don’t see what difference it makes if you pay up front or not. For me it was easier and cheaper to make one transfer.

Yeah, seems odd to use a solicitor you don't trust in the first place.

autumnbelle · 12-09-2018 10:51am

Creamy Goodness wrote: »

Do you often pay for services well in advance of them being complete? I wouldn't feel comfortable paying for the solicitor until they're pretty much done and dusted, as a previous poster said when the exchange of keys are being arranged would be the earliest I'd be thinking.

This is the same as my thinking. We will be drawing down on the mortgage in stages but are paying solicitor in first draw down. Why should they deal with any issues we have if they have already been paid. I think it should be nearer the end

hanaimai · 12-09-2018 4:42pm

Got our loan pack today! It's full of documents which I've only skimmed so far - I presume this is where my solicitor will jump in, in terms of reviewing these documents? I did notice a mistake in the initial valuation report where it says the house has 2 bathrooms instead of 3. Is this a big deal, given that we will have to get a second valuation done before drawdown anyway?

Having a bit of a nightmare trying to get the life insurance sorted, but hey at least the loan offer is one step down!

TheShow · 12-09-2018 5:13pm

hanaimai wrote: »

Got our loan pack today! It's full of documents which I've only skimmed so far - I presume this is where my solicitor will jump in, in terms of reviewing these documents? I did notice a mistake in the initial valuation report where it says the house has 2 bathrooms instead of 3. Is this a big deal, given that we will have to get a second valuation done before drawdown anyway?

Having a bit of a nightmare trying to get the life insurance sorted, but hey at least the loan offer is one step down!

Yep, solicitor will do all of that. just check the pre-drawdown conditions that you need to get sorted.
Would it be two bathrooms and one en-suite?

Life cover should be handy enough unless you have a medical condition which might rule you out of cover or make it very expensive. but ring around, just like you would for car insurance.

hanaimai · 12-09-2018 6:59pm

TheShow wrote: »

Yep, solicitor will do all of that. just check the pre-drawdown conditions that you need to get sorted.
Would it be two bathrooms and one en-suite?

Life cover should be handy enough unless you have a medical condition which might rule you out of cover or make it very expensive. but ring around, just like you would for car insurance.

Ah perfect, thanks for confirming! Yea it's one ensuite and two bathrooms - maybe that's it. There wasn't any box for ensuites so that was all that had me wondering if it was right or not.

Yea I had some medical issues years ago that unfortunately the insurance companies have all looked for evidence of. Almost a month going through the process now and still not sorted. Only good thing was I suspected there would be issues so I started looking the minute we put a deposit down. Still very annoying though.

Frank Castle · 13-09-2018 11:25am

Update on my own status.

Bank have been very easy to work with. Got the loan approval letter in less than 2 weeks.

We had some issues with the mortgage protection due to a health condition and were turned down by irish life and laya. Ending up going to the brokers Lion.ie and they sorted us out in less than a week. In fact they had our application submitted less than 24 hours after we contacted them. Very happy with their service, if you are struggling or just want to use a broker I would highly recommend them

The issue we have run into now is with the developers solicitor and lack of communication. We are finding it very difficult to get detailed information, even though they are pushing us to sign the contracts. They also refuse to add a clause for loan approval, so our solicitor has advised that we sign nothing until the day of closing. Especially as we have received basically no information on the house (new build house, bought off plan).

Overall the bank have been very easy and quick, the insurance brokers saved us a ton of trouble and time, and now we are stuck butting heads with the developer and their solicitor. Hoping to move in by the end of October as our own landlord is kicking us out so he can sell the house

Frank Castle · 13-09-2018 11:26am

hanaimai wrote: »

Got our loan pack today! It's full of documents which I've only skimmed so far - I presume this is where my solicitor will jump in, in terms of reviewing these documents? I did notice a mistake in the initial valuation report where it says the house has 2 bathrooms instead of 3. Is this a big deal, given that we will have to get a second valuation done before drawdown anyway?

Having a bit of a nightmare trying to get the life insurance sorted, but hey at least the loan offer is one step down!

Try lion.ie

We had the same problem with insurance due to health problems, but lion where great helping us get the insurance. even contacting us out of hours. delighted with their service tbh, as it was a real worry for us.

Glen_Quagmire · 13-09-2018 6:03pm

Why don't estate agents take booking deposits over the phone or in person their office but insist people queue up outside the sales office on the site even after the initial launch date?

Mickiemcfist · 13-09-2018 6:45pm

Glen_Quagmire wrote: »

Why don't estate agents take booking deposits over the phone or in person their office but insist people queue up outside the sales office on the site even after the initial launch date?

Optics

AppleBottle · 13-09-2018 9:44pm

Anyone have any experience with a receiver sale as in it’s owned by the banks? How did it go?

All I’ve heard about this is that it can be slower than an individual sale.

Glen_Quagmire · 13-09-2018 10:29pm

Mickiemcfist wrote:

Optics

Would you say thats the only reason?

TheShow · 13-09-2018 10:49pm

Glen_Quagmire wrote: »

Why don't estate agents take booking deposits over the phone or in person their office but insist people queue up outside the sales office on the site even after the initial launch date?

I’d say purely optics, they have to make it look like they are actually doing something, cos from my experience most estate agents are a waste of space/time/money.
The initial agent I dealt with when buying my house was a muppet. Always late for viewings and her attitude sucked. She Actually put us off buying the house because I hated dealing with her. Then we saw the developer put a different agent on to sell the house and we swooped in. To be fair to the second agent they were a lot more professional and easy to deal with.

Mickiemcfist · 13-09-2018 11:38pm

Glen_Quagmire wrote: »

Would you say thats the only reason?

Yea I think so. It's to show the developer that they're doing something & to show the wider public that there's mass shortages of housing so buy buy buy.

Bawnmore · 14-09-2018 9:14am

6 weeks after going sale agreed, and the paperwork is being sent from vendor solicitor to our solicitor today. Excited that it's moving, but you really wouldn't want to be holding your breath!

TheShow · 14-09-2018 9:40am

Bawnmore wrote: »

6 weeks after going sale agreed, and the paperwork is being sent from vendor solicitor to our solicitor today. Excited that it's moving, but you really wouldn't want to be holding your breath!

yep, its a slow and sometimes frustrating process, but there's light at the end of the tunnel. Best of luck with it.

hots · 14-09-2018 10:23am

AppleBottle wrote: »

Anyone have any experience with a receiver sale as in it’s owned by the banks? How did it go?

All I’ve heard about this is that it can be slower than an individual sale.

I'm very early in the process and it's a killer so far.

TheShow · 14-09-2018 10:25am

AppleBottle wrote: »

Anyone have any experience with a receiver sale as in it’s owned by the banks? How did it go?

All I’ve heard about this is that it can be slower than an individual sale.

I haven't experienced directly, but a friend of mine went through it. Expect long waiting times between transactions, and add a few months onto any closing date.

wally79 · 14-09-2018 10:35am

Bawnmore wrote: »

6 weeks after going sale agreed, and the paperwork is being sent from vendor solicitor to our solicitor today. Excited that it's moving, but you really wouldn't want to be holding your breath!

Don’t get too excited. Our solicitor got the contracts 6 weeks ago and still waiting

Saving/Applying for a mortgage 2015/16/17/18/19

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