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30-06-2020, 12:01   #2026
rsl1976
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We were able to drawdown last week finally!!!!

Quick question though, the house we are buying is my family home so my parent will be staying with us. His solicitor has told him that he will be getting the money by cheque as they don't do bank transfers, is this the norm? Really disappointing for them as it just adds another delay to them getting their money as they will have to wait for the cheque to clear
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30-06-2020, 12:11   #2027
limnam
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We were able to drawdown last week finally!!!!

Quick question though, the house we are buying is my family home so my parent will be staying with us. His solicitor has told him that he will be getting the money by cheque as they don't do bank transfers, is this the norm? Really disappointing for them as it just adds another delay to them getting their money as they will have to wait for the cheque to clear

There's an option at the bank for express clearance costs a couple of euro


Are they in that much of a hurry?
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30-06-2020, 12:17   #2028
rsl1976
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Not in a hurry. The solicitor just seems very slow in general. Taking days to get back to them when they have questions. When they needed forms signed kept fobbing them off even though getting them signed meant we could drawdown quicker.

They would have just preferred a bank transfer.
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30-06-2020, 12:27   #2029
limnam
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Not in a hurry. The solicitor just seems very slow in general. Taking days to get back to them when they have questions. When they needed forms signed kept fobbing them off even though getting them signed meant we could drawdown quicker.

They would have just preferred a bank transfer.

Sounds like most solicitors.


You need to get very very lucky to get an attentive one by the sounds of it
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30-06-2020, 13:02   #2030
Rock77
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Quick question all,

We got a phone call yesterday to say we have been fully approved and will receive our letter of offer in a couple of days.

I understand that they might look for more statements and payslips before drawdown, payslips won’t be an issue.

Problem is we are saving a lot per month, we slightly mistimed the standing order and our current account went into a minus figure. We fixed it straight away, cash from our 2nd savings account and wages went in the same day.

Anything to worry about..

Thanks
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30-06-2020, 13:16   #2031
limnam
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Quick question all,

We got a phone call yesterday to say we have been fully approved and will receive our letter of offer in a couple of days.

I understand that they might look for more statements and payslips before drawdown, payslips won’t be an issue.

Problem is we are saving a lot per month, we slightly mistimed the standing order and our current account went into a minus figure. We fixed it straight away, cash from our 2nd savings account and wages went in the same day.

Anything to worry about..

Thanks

No, just explain what happened if they ask anything
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30-06-2020, 13:54   #2032
Draco
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Originally Posted by rsl1976 View Post
We were able to drawdown last week finally!!!!

Quick question though, the house we are buying is my family home so my parent will be staying with us. His solicitor has told him that he will be getting the money by cheque as they don't do bank transfers, is this the norm? Really disappointing for them as it just adds another delay to them getting their money as they will have to wait for the cheque to clear
Is the mortgage with PTSB? When I got my 1st mortgage with them (5 years ago) they only issued funds via check - my solicitor told me they were the only bank at the time that hadn't switched to electronic transfer.
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30-06-2020, 14:01   #2033
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Has anybody had any problems with valuations (as in banks valuing house less than advertised price) during covid? Our salaries haven't been affected by covid so valuation only potential stumbling block left that might prevent us from buying first home.
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30-06-2020, 14:41   #2034
Conrad83
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Hi, may seem like a silly question but does solicitor need full loan offer in order for us to sign contracts or is an AIP adequate? Would have thought loan offer was required closer to drawing down?
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30-06-2020, 14:43   #2035
awec
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Hi, may seem like a silly question but does solicitor need full loan offer in order for us to sign contracts or is an AIP adequate? Would have thought loan offer was required closer to drawing down?
Full loan offer.

The full loan offer is sent by the bank to your solicitor, and they review it, and you usually sign it and the contract at the same time with the solicitor. Your solicitor should point out any notable clauses in your house contract, and any notable clauses in your loan with the bank.

AIP is worthless, no half decent solicitor will let you sign a contract without a full loan offer.
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30-06-2020, 14:52   #2036
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Full loan offer.

The full loan offer is sent by the bank to your solicitor, and they review it, and you usually sign it and the contract at the same time with the solicitor. Your solicitor should point out any notable clauses in your house contract, and any notable clauses in your loan with the bank.

AIP is worthless, no half decent solicitor will let you sign a contract without a full loan offer.
AIP is so you know what you can bid on a house, that's all.
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30-06-2020, 16:25   #2037
bulmersgal
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Full loan offer.

The full loan offer is sent by the bank to your solicitor, and they review it, and you usually sign it and the contract at the same time with the solicitor. Your solicitor should point out any notable clauses in your house contract, and any notable clauses in your loan with the bank.

AIP is worthless, no half decent solicitor will let you sign a contract without a full loan offer.

Does anybody know roughly how long it takes to get full loan offer? I had valuation on Thursday so just waiting on loan offer and for contracts. Contracts I'm waiting two weeks on already. Even though they said it would be quick sale.

I don't mind waiting though as longer that takes the more money I will have saved.
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30-06-2020, 16:49   #2038
coughdrops
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Has anybody had any problems with valuations (as in banks valuing house less than advertised price) during covid? Our salaries haven't been affected by covid so valuation only potential stumbling block left that might prevent us from buying first home.
The valuation from the bank says something along the lines of it is too soon to know how Covid will impact on the value in the future, but the value (sale price) still stands for now, and they're happy with that value.


They wrote it in a much more succinct way than I just did!
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30-06-2020, 21:02   #2039
guyfawkes5
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Has anybody had any problems with valuations (as in banks valuing house less than advertised price) during covid? Our salaries haven't been affected by covid so valuation only potential stumbling block left that might prevent us from buying first home.
No.

There was one article a month or so ago about valuations dropping, but this was based on one quote from one guy in a semi-related field, so was probably just speculative BS.

In reality valuations are just to establish basic facts about the house. When I look at my valuation it contains things like how many bedrooms does it have, does it have running water, 'could it reasonably be rented out', etc. It also contains things like price, but these are backed up by references to other similar properties in the area. It doesn't attempt to predict Covid's impact on prices.
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01-07-2020, 13:03   #2040
fifth
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Closing in 8 days. Fingers crossed nothing happens between now and then.

Kitchen being fitted next week. My tiler has bailed out of his commitment to tile this week before the kitchen goes in. Now I can only get tiles laid afterwards, finished up to the counters, and I am not one bit happy about it, but the show must go on.
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