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

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Comments

  • #3302
    Turkish1
    Registered Users Posts: 273 ✭✭Turkish1


    Possibly a silly question here. I'm currently looking at trading up, our house is on market and actively looking at options to buy but haven't made offer yet.

    Majority of our deposit is tied up in equity in current house so what happens if/when we go sale agreed for the booking deposit on the house we are buying?

    Does EA just accept that we are trading up and take a token deposit given its is fully refundable anyway?


  • #3303
    woodchuck
    Moderators, Society & Culture Moderators Posts: 15,409 Mod ✭✭✭✭woodchuck


    Finally got the keys today!!

    We went sale agreed about 2.5 months ago. Things were moving pretty steadily the whole way along, but there were a few delays. Particularly the mortgage protection, as they needed medical reports from our GPs. The past couple of weeks have been so stressful. So tired now. But we have the week booked off work, so going to make the most of it and start moving, cleaning, shopping etc. It's an old house, in reasonable condition, but is in desperate need of a scrub from top to bottom!


  • #3304
    ElitesTeam
    Registered Users Posts: 243 ✭✭ElitesTeam


    woodchuck wrote: »
    Finally got the keys today!!

    We went sale agreed about 2.5 months ago. Things were moving pretty steadily the whole way along, but there were a few delays. Particularly the mortgage protection, as they needed medical reports from our GPs. The past couple of weeks have been so stressful. So tired now. But we have the week booked off work, so going to make the most of it and start moving, cleaning, shopping etc. It's an old house, in reasonable condition, but is in desperate need of a scrub from top to bottom!

    Is mortage protection needed? I dont see it on the AIB requirements on the portal? Just life cover:confused:

    Also Congrats!!


  • #3305
    woodchuck
    Moderators, Society & Culture Moderators Posts: 15,409 Mod ✭✭✭✭woodchuck


    ElitesTeam wrote: »
    Is mortage protection needed? I dont see it on the AIB requirements on the portal? Just life cover:confused:

    Life cover includes mortgage protection (assuming the life cover is assigned to the bank for the value of the mortgage).

    Basically the bank need to know that if you die, the mortgage will be paid off by the insurance!


  • #3306
    ElitesTeam
    Registered Users Posts: 243 ✭✭ElitesTeam


    woodchuck wrote: »
    Life cover includes mortgage protection (assuming the life cover is assigned to the bank for the value of the mortgage).

    Basically the bank need to know that if you die, the mortgage will be paid off by the insurance!

    Phew thanks, Just sorting that out today and getting my head around this stuff is exhausting :o

    From buying how long did it take to get sorted with GP reports, did you have to attend any Doctors?


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  • #3307
    woodchuck
    Moderators, Society & Culture Moderators Posts: 15,409 Mod ✭✭✭✭woodchuck


    ElitesTeam wrote: »
    Phew thanks, Just sorting that out today and getting my head around this stuff is exhausting :o

    From buying how long did it take to get sorted with GP reports, did you have to attend any Doctors?

    I know, trying to get our head around mortgage protection, life insurance etc was the worst!! It was actually one of the last things we sorted because it took us so long to figure it all out and what cover we wanted/needed. So anyone I know who is starting the process, I keep telling them that this is one of the first things you should do :rolleyes:

    We went with Zurich and the guy we were dealing with was SO quick and helpful. So there were no delays from their end. But between forms getting lost in the post and GPs being on annual leave and sick leave, that delayed things by a couple of weeks. Also because we didn't get the mortgage protection through the bank, they needed a letter of assignment (basically to say that Zurich were assigning the mortgage protection to the bank, so they get first dibs on the money if one of us dies). So that delayed things by another day or two towards the very end when our nerves were seriously frayed!

    We didn't actually need to attend our doctors. We don't have any serious medical issues, but we did need to check yes for a couple of boxes, so they needed a report from our GPs. Luckily it didn't even increase our premium.


  • #3308
    Leozord
    Registered Users Posts: 75 ✭✭Leozord


    jokettle wrote: »
    Contracts were finally received, almost 2 weeks after going Sale Agreed

    it was feckin fast, congrats

    I got sale agreed in the first week of September and haven't got any word from seller's solicitor yet


  • #3309
    all about the mane
    Registered Users Posts: 1,401 ✭✭✭all about the mane


    Meraf wrote: »
    i got my quote 1500 plus costs letters etc...

    Yeah. That is close to the minimum I have found. No one is coming anywhere near the 750 figure being bandied about.


  • #3310
    jokettle
    Registered Users Posts: 11,419 ✭✭✭✭jokettle


    Leozord wrote: »
    it was feckin fast, congrats

    I got sale agreed in the first week of September and haven't got any word from seller's solicitor yet

    Sorry, I meant two months!! That's what typing when excited will do to me.

    We went sale agreed August 1st, and I had to ask our solicitor to put pressure on the sellers solicitors to get the contracts sent last week. Once it went past 6 weeks I started getting anxious/impatient. Our solicitor commented on how slow the seller's has been; I found that quite validating because I was worried my expectations were too high.


  • #3311
    Bluefoam
    Registered Users Posts: 7,710 ✭✭✭Bluefoam


    jokettle wrote: »
    Sorry, I meant two months!! That's what typing when excited will do to me.

    We went sale agreed August 1st, and I had to ask our solicitor to put pressure on the sellers solicitors to get the contracts sent last week. Once it went past 6 weeks I started getting anxious/impatient. Our solicitor commented on how slow the seller's has been; I found that quite validating because I was worried my expectations were too high.

    You should sign initial contracts shortly after you agree the sale, at that stage you should agree a handover date. Some sellers like to make this flexible, I wouldn't accept that...


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  • #3312
    jokettle
    Registered Users Posts: 11,419 ✭✭✭✭jokettle


    jokettle wrote: »
    Contracts were finally received, almost 2 months after going Sale Agreed!
    Our solicitor has a few minor issues with the contract, so there'll be a bit of back-and-forth before we sign, but nothing that worries me.

    I'm asking the auctioneer if white goods will be included - they have a lovely American-style double fridge that I'd love! I can just buy my own if it's not included in the sale, but any money we can save would be wonderful - and I doubt those fridges come cheap :eek:

    With any luck it'll all be sorted in a few short weeks. Fingers crossed!

    Vendor has confirmed the fridge is included :D


  • #3313
    Claw Hammer
    Registered Users Posts: 6,156 ✭✭✭Claw Hammer


    Turkish1 wrote: »
    Possibly a silly question here. I'm currently looking at trading up, our house is on market and actively looking at options to buy but haven't made offer yet.

    Majority of our deposit is tied up in equity in current house so what happens if/when we go sale agreed for the booking deposit on the house we are buying?

    Does EA just accept that we are trading up and take a token deposit given its is fully refundable anyway?

    EA will not accept a token deposit. The deposit will at least have to cover his fees in the transaction. You will then have to pay the balance of 10% on signing the contract. You will need to have your ducks lined up in order to have the funds at each stage. The equity in your house is just that, equity, not cash in hand.


  • #3314
    Jay D
    Registered Users Posts: 2,738 ✭✭✭Jay D


    jokettle wrote: »
    Vendor has confirmed the fridge is included :D

    Day made. :)


  • #3315
    GrumPy
    Registered Users Posts: 6,557 ✭✭✭GrumPy


    Went sale agreed on August 5th, booking deposit paid within 72 hours. Agent never sent letter of instruction to solicitors until Sept 9th, after I made a big fuss as to why things weren't moving... Contracts still not made available for signing.
    Myself and the other half are sick of having to chase the agent! We've had to shell out for another month of rent because of an essentially 6 week delay.

    Absolutely raging. Solicitor said she finally got in touch with sellers side last week, and was informed the contracts will be made available in 'next few days'. That was Wednesday last week. :mad:


  • #3316
    jokettle
    Registered Users Posts: 11,419 ✭✭✭✭jokettle


    GrumPy wrote: »
    Solicitor said she finally got in touch with sellers side last week, and was informed the contracts will be made available in 'next few days'. That was Wednesday last week. :mad:

    Last Monday I asked our solicitor to ask the vendor's solicitor to chase up the contracts. We were told later that day the contracts would be available by the end of the week. It was only yesterday afternoon that I had word from my solicitor about them. However, I could see from the email my solicitor sent me that he had received the contracts last Thursday and had put together a list of questions, comments and amendments for the seller's solicitor to address, as well as a couple of things for me to sort with the auctioneer (the above-mentioned fridge being one of them!) before he got in touch with me. Basically he got all his ducks in a row and then contacted me.
    Could it be that your solicitor has the contracts and is reading through them before contacting you? There might be no harm in ringing and asking. It would either put your mind at ease that the contracts are in, or remind your solicitor to hassle the other side into getting the finger out.


  • #3317
    GrumPy
    Registered Users Posts: 6,557 ✭✭✭GrumPy


    jokettle wrote: »
    Could it be that your solicitor has the contracts and is reading through them before contacting you? There might be no harm in ringing and asking. It would either put your mind at ease that the contracts are in, or remind your solicitor to hassle the other side into getting the finger out.

    So checked in with solicitor, no contract yet. She also estimates it can take up to 6 weeks to get keys when contracts are signed. :eek:
    Looks like I'll be homeless before then, will have to crash with parents for a few weeks, at least.


  • #3318
    Leozord
    Registered Users Posts: 75 ✭✭Leozord


    when I was looking around for a solicitor, they were very receptive, called me to discuss about the details etc.

    after I paid, they barely reply an e-mail. It's been like 3 weeks I haven't heard anything from their side.

    does it happen to yous as well?


  • #3319
    jokettle
    Registered Users Posts: 11,419 ✭✭✭✭jokettle


    GrumPy wrote: »
    So checked in with solicitor, no contract yet. She also estimates it can take up to 6 weeks to get keys when contracts are signed. :eek:
    Looks like I'll be homeless before then, will have to crash with parents for a few weeks, at least.

    That's disappointing :( 6 weeks seems long to me, but we do have our formal letter of offer and our broker is sorting mortgage protection etc, so maybe it's finalizing those last bits that can lead to delays?
    Leozord wrote: »
    when I was looking around for a solicitor, they were very receptive, called me to discuss about the details etc.

    after I paid, they barely reply an e-mail. It's been like 3 weeks I haven't heard anything from their side.

    does it happen to yous as well?

    I haven't paid my solicitor anything, he doesn't seek payment until after we have the house.


  • #3320
    IvoryTower
    Registered Users Posts: 3,825 ✭✭✭IvoryTower


    my solicitor is very fast to respond, havent paid anything either.


  • #3321
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    Leozord wrote: »
    when I was looking around for a solicitor, they were very receptive, called me to discuss about the details etc.

    after I paid, they barely reply an e-mail. It's been like 3 weeks I haven't heard anything from their side.

    does it happen to yous as well?

    I thought you only pay at the end? Haven't paid anything yet


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  • #3322
    GrumPy
    Registered Users Posts: 6,557 ✭✭✭GrumPy


    jokettle wrote: »
    That's disappointing :( 6 weeks seems long to me.

    Here is a timeline of what my partner and I have experienced, it may help others get an idea of the process - certainly illustrates the pain we have come up against so far!
    I'm sure other examples are shorter and also longer, really depends on a bit of luck... Our agent let us down by sitting on their thumb for 4 weeks. :rolleyes:

    tmvmSzL


  • #3323
    Leozord
    Registered Users Posts: 75 ✭✭Leozord


    cubatahavana wrote: »
    I thought you only pay at the end? Haven't paid anything yet

    Yeah I had paid like a deposit fee of 615 (incl. VAT). Total will be 1.5K(ish)
    I've also already proceeded with the booking deposit to the EA (it is not the 10%, it was more like 2%)


  • #3324
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    Leozord wrote: »
    Yeah I had paid like a deposit fee of 615 (incl. VAT). Total will be 1.5K(ish)
    I've also already proceeded with the booking deposit to the EA (it is not the 10%, it was more like 2%)

    The 10% is due when you sign the contracts


  • #3325
    Pivot Eoin
    Registered Users Posts: 564 ✭✭✭Pivot Eoin


    Getting there: Loan Offer is Issued and Contracts are being reviewed, Mortgage Protection and Insurance in place. Survey and Valuation Done. Anyone any idea how long we can expect til we get the keys from Signing Mortgage Contract? Obviously the banks will need to process and queue the Drawdown amount, and maybe do some final checks on Payslips etc. I'm trying to queue up Electricians etc. for when we get the keys, and all tradesmen are so busy.

    Getting a house over the line is just honestly hundreds of small actions, spread over the course of 4-6 Months, where for the second half of it, every day you just have to do 1 or 2 things to progress things along. It is all doable, and achievable, once you just take each day as it comes.


  • #3326
    Glory83
    Registered Users Posts: 54 ✭✭Glory83


    Would like to check if somebody went through a similar situation while purchasing a property.
    Sale Agreed end of August. Vendor is in chain so they want to sell asap. Contracts been exchanged shortly after sale agreed stage. After a stressfull back and forth process with ICS, finally got the loan offer. Got quotes for house insurance and life insurance.
    However, the vendor's solicitor is refusing to confirm that the copy Transfer document contains all of the burdens to which the property is subject. We are putting pressure to cooperate. Can they sell the house without that confirmation.


  • #3327
    Leozord
    Registered Users Posts: 75 ✭✭Leozord


    coincidentally, my solicitor just got the contract today, let's see how it goes


  • #3328
    LoonyLovegood
    Moderators, Music Moderators, Social & Fun Moderators Posts: 6,068 Mod ✭✭✭✭LoonyLovegood


    Got my keys today! Went sale agreed July 19th, signed contracts September 14th. Absolutely delighted. Now to move in at last!


  • #3329
    Gavin "shels"
    Registered Users Posts: 17,963 ✭✭✭✭Gavin "shels"


    catsnow wrote: »
    Hi everyone,

    looking for recommendations on companies for a pre-purchase survey in Dublin that are reliable and ask a reasonable price. I am a cash buyer, so no need to get bank approval.

    Property Health Check were excellent for us, a very detailed report going down to the door hinges, a phone call after they surveyed, the report followed 2 days later & then I requested a follow up call on some items which I received a few hours after the request. Highly recommended from a few people I know and in the First Time Buyers Facebook group.


  • #3330
    Cian59
    Registered Users Posts: 119 ✭✭Cian59


    Can't get a straight answer to this question on Mortgage Protection so looking for advice. I want to have it arranged before I finalise a property. Do I just look for the maximum amount that I'm approved for? Will the bank mind if I have insurance for a higher amount than I might need if I don't use the full approval.


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  • #3331
    Gavin "shels"
    Registered Users Posts: 17,963 ✭✭✭✭Gavin "shels"


    Cian59 wrote: »
    Can't get a straight answer to this question on Mortgage Protection so looking for advice. I want to have it arranged before I finalise a property. Do I just look for the maximum amount that I'm approved for? Will the bank mind if I have insurance for a higher amount than I might need if I don't use the full approval.

    **Edit: Thought it was Home Insurance query


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