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

jelly&icecream · 17-10-2020 2:12pm

I wouldn't have thought they'd let you draw down on the mortgage without adequate house insurance??

Lia_lia · 17-10-2020 3:51pm

jelly&icecream wrote: »

I wouldn't have thought they'd let you draw down on the mortgage without adequate house insurance??

Mortgage is with Ulster bank who don’t actually require home insurance. Strangely enough!

poker--addict · 17-10-2020 3:59pm

there are 1000s of homes including mine which are insured but without flood insurance, it doesnt stop you getting home insurance, my bank never asked either.

cubatahavana · 17-10-2020 4:23pm

So, if we move to level 5, I suppose building fully stops, right? I’m 6-8 weeks away from snagging my new property...

Meandyou999 · 17-10-2020 5:10pm

Looking at a 4 bed semi D in Munster, second hand new build home 4 years old. Price is 329k.
Take home pay after tax is 3,200k per month. Have been mortage approved (joint application) have 50k deposit saved and few grand for solicitors fees outside of the deposit.
My questions are:
1. Is the house worth it? Same house sold for 269k 4years ago when it was built.
2. Would i be able to afford to pay the mortgage back over 25 years on my pay.
3. Am i making a big mistake are house prices going to crash?. I have a refundable deposit paid.

Thanks.

cubatahavana · 17-10-2020 5:42pm

Meandyou999 wrote: »

Looking at a 4 bed semi D in Munster, second hand new build home 4 years old. Price is 329k.
Take home pay after tax is 3,200k per month. Have been mortage approved (joint application) have 50k deposit saved and few grand for solicitors fees outside of the deposit.
My questions are:
1. Is the house worth it? Same house sold for 269k 4years ago when it was built.
2. Would i be able to afford to pay the mortgage back over 25 years on my pay.
3. Am i making a big mistake are house prices going to crash?. I have a refundable deposit paid.

Thanks.

1. Check PPR for houses around. Do you like it? That is the main factor. Will it suit your needs?
2. I think you should be able to afford it. Mortgage shouldn’t be much more than 1-1.2k/month
3.who knows? If you’re planning to live in it for more than 10 years, I’d say you’ll be fine. If you’re quality of life and mental health are going to improve by living in your own home, I think that’s worth the risk

Meandyou999 · 17-10-2020 5:56pm

cubatahavana wrote: »

1. Check PPR for houses around. Do you like it? That is the main factor. Will it suit your needs?
2. I think you should be able to afford it. Mortgage shouldn’t be much more than 1-1.2k/month
3.who knows? If you’re planning to live in it for more than 10 years, I’d say you’ll be fine. If you’re quality of life and mental health are going to improve by living in your own home, I think that’s worth the risk

Mentally yes. Currently over the last numbers of years had to deal with bonfires in front of rented home. Broken window, eggs/fireworks thrown every halloween. Overhead neighbour's drinking and being loud banging til 6-7 in the morning every few nights. Having to walk pass gangs of scuts at time to get inside your own front door, pass junkies and scumbags intermittently going and coming. Living in a rat run. When its quiet its very quiet but when its bad its bad. Summer is the worst.
Thanks.

cubatahavana · 17-10-2020 6:23pm

Meandyou999 wrote: »

Mentally yes. Currently over the last numbers of years had to deal with bonfires in front of rented home. Broken window, eggs/fireworks thrown every halloween. Overhead neighbour's drinking and being loud banging til 6-7 in the morning every few nights. Having to walk pass gangs of scuts at time to get inside your own front door, pass junkies and scumbags intermittently going and coming. Living in a rat run. When its quiet its very quiet but when its bad its bad. Summer is the worst.
Thanks.

Well, I think that sums it up. Where are you living now?

Meandyou999 · 17-10-2020 6:54pm

cubatahavana wrote: »

Well, I think that sums it up. Where are you living now?

In munster south west area. Rather not say specifics.

cnocbui · 17-10-2020 8:09pm

Meandyou999 wrote: »

Looking at a 4 bed semi D in Munster, second hand new build home 4 years old. Price is 329k.
Take home pay after tax is 3,200k per month. Have been mortage approved (joint application) have 50k deposit saved and few grand for solicitors fees outside of the deposit.
My questions are:
1. Is the house worth it? Same house sold for 269k 4years ago when it was built.
2. Would i be able to afford to pay the mortgage back over 25 years on my pay.
3. Am i making a big mistake are house prices going to crash?. I have a refundable deposit paid.

Thanks.

If you had the cash, do you think you could buy the land and build an equivalent house for less?

I don't think house prices will crash as there is a shortage of them. Even if it did happen, 10+ years from now, I doubt it will matter.

PommieBast · 18-10-2020 9:52am

cubatahavana wrote: »

So, if we move to level 5, I suppose building fully stops, right? I’m 6-8 weeks away from snagging my new property...

Unclear. I vaguely remember something about tradepeople and construction having exemptions. The government has already diverged significantly from what constitutes the various levels as defined in the national framework.

Whatdoyoumean · 18-10-2020 1:39pm

Solicitor requested drawdown of the mortgage and hopefully getting keys to house this week. Not sure where possible new restrictions will leave us. What were other people’s experiences during lockdown and collecting keys/moving in?

Bluefoam · 18-10-2020 5:10pm

Whatdoyoumean wrote: »

Solicitor requested drawdown of the mortgage and hopefully getting keys to house this week. Not sure where possible new restrictions will leave us. What were other people’s experiences during lockdown and collecting keys/moving in?

I believe that handover happened as normal... Housing people is a priority.

cojomo2 · 18-10-2020 5:16pm

Anyone know how level 4 or 5 will impact house viewings?

Meandyou999 · 18-10-2020 6:33pm

cnocbui wrote: »

If you had the cash, do you think you could buy the land and build an equivalent house for less?

I don't think house prices will crash as there is a shortage of them. Even if it did happen, 10+ years from now, I doubt it will matter.

I am not too familiar with the cost of land or the cost of building, i know you can have it built the way you like but it takes longer and heard it is alot of stress. Im no project manager so unless i win the lotto i wont be building a house.
Thank you.
I know there will always be the kind of people out there that will say did you hear about your man bought a house just before the crash and now its only worth half that. Hate people like that. Some people feel better in themselves when others are not doing so well. Think its an Irish trait.

cnocbui · 18-10-2020 7:07pm

Meandyou999 wrote: »

I am not too familiar with the cost of land or the cost of building, i know you can have it built the way you like but it takes longer and heard it is alot of stress. Im no project manager so unless i win the lotto i wont be building a house.
Thank you.
I know there will always be the kind of people out there that will say did you hear about your man bought a house just before the crash and now its only worth half that. Hate people like that. Some people feel better in themselves when others are not doing so well. Think its an Irish trait.

There are cost calculators: http://homearchitect.ie/costcalculator.html

https://www.scsi.ie/advice/renewing_your_house_insurance_rebuild_calculator

You can get a rough idea of land costs by looking on myhome.ie and daft.ie

House Hunt · 18-10-2020 7:15pm

What's the ideal height for block walls inbetween gardens of new builds? The higher the better for privacy but garden can feel quite boxed in if walls are too high. I'm buying a place which has around 11ft high block walls around the perimeter and it does feel a bit excessive.

cubatahavana · 18-10-2020 7:17pm

House Hunt wrote: »

What's the ideal height for block walls inbetween gardens of new builds? The higher the better for privacy but garden can feel quite boxed in if walls are too high. I'm buying a place which has around 11ft high block walls around the perimeter and it does feel a bit excessive.

In my new build they’re around 1.8-2 meter high

Meandyou999 · 18-10-2020 7:24pm

cnocbui wrote: »

There are cost calculators: http://homearchitect.ie/costcalculator.html

https://www.scsi.ie/advice/renewing_your_house_insurance_rebuild_calculator

You can get a rough idea of land costs by looking on myhome.ie and daft.ie

I am getting a survey carried out on the house by a chartered surveyor, will he calculate the rebuild cost for me for when i am taking out house insurance. Also do i have to insure the house to cover the mortgage amount. If say i take out a mortgage of 250k and have put a deposit of 50k if God forbid i had to make a claim and they pay out the 250k mortgage is paid but i am left homeless.

House Hunt · 18-10-2020 7:59pm

cubatahavana wrote: »

In my new build they’re around 1.8-2 meter high

Ya I was thinking this would be the norm.

CarMc · 18-10-2020 8:01pm

Whatdoyoumean wrote: »

Solicitor requested drawdown of the mortgage and hopefully getting keys to house this week. Not sure where possible new restrictions will leave us. What were other people’s experiences during lockdown and collecting keys/moving in?

We moved last week, level 3 lockdown but we moved from one county to another so had to drive through checkpoint a lot! Explained we were moving and guards waved us on and wished us well.

Can't imagine level 4 or 5 impacting it unless solicitors, banks and estate agents all close up shop but can't see that happening.

anon_for_today · 18-10-2020 8:30pm

Whatdoyoumean wrote: »

Solicitor requested drawdown of the mortgage and hopefully getting keys to house this week. Not sure where possible new restrictions will leave us. What were other people’s experiences during lockdown and collecting keys/moving in?

We’re supposed to get keys this week also, does anyone know if house movers are considered essential service? Were they operating during first lock down? Wondering how in the name of jaysis we’ll manage the move without them!

GrumPy · 18-10-2020 9:37pm

anon_for_today wrote: »

Wondering how in the name of jaysis we’ll manage the move without them!

Rent a van? Ask friends and family for a dig out with their cars?

td2008 · 18-10-2020 9:38pm

They were operating during lockdown back in June anyway

cubatahavana · 18-10-2020 9:54pm

Meandyou999 wrote: »

I am getting a survey carried out on the house by a chartered surveyor, will he calculate the rebuild cost for me for when i am taking out house insurance. Also do i have to insure the house to cover the mortgage amount. If say i take out a mortgage of 250k and have put a deposit of 50k if God forbid i had to make a claim and they pay out the 250k mortgage is paid but i am left homeless.

You insure for the rebuild cost. The valuer will tell you the rebuild cost

anon_for_today · 18-10-2020 9:58pm

GrumPy wrote: »

Rent a van? Ask friends and family for a dig out with their cars?

Yeah, that would be the ideal, but the whole no-social-contacts craic rather hard to maintain when you’re doing a to-me-to-you with a king size divan bed down the stairs ðŸ˜‚

Leozord · 18-10-2020 10:39pm

CarMc wrote: »

Can't imagine level 4 or 5 impacting it unless solicitors, banks and estate agents all close up shop but can't see that happening.

That's what I'm afraid of

on level 5, are solicitors working "normally"?

anon_for_today · 18-10-2020 10:41pm

Leozord wrote: »

That's what I'm afraid of

on level 5, are solicitors working "normally"?

I believe so; ours told us she was in office every day throughout initial lockdown

Littleredcar · 19-10-2020 7:34am

anon_for_today wrote: »

I believe so; ours told us she was in office every day throughout initial lockdown

They are essential services

Meandyou999 · 19-10-2020 9:50am

cubatahavana wrote: »

You insure for the rebuild cost. The valuer will tell you the rebuild cost

What if the mortgage is bigger than the rebuild cost then the insurance wont pay off the mortgage.

ElitesTeam · 19-10-2020 9:57am

cubatahavana wrote: »

You insure for the rebuild cost. The valuer will tell you the rebuild cost

If a house is worth(market value) 300k and rebuild is valued at 200k. Then a person should insure for 200k + contents or 300k + contents?

awec · 19-10-2020 11:44am

Meandyou999 wrote: »

What if the mortgage is bigger than the rebuild cost then the insurance wont pay off the mortgage.

ElitesTeam wrote: »

If a house is worth(market value) 300k and rebuild is valued at 200k. Then a person should insure for 200k + contents or 300k + contents?

Your home insurer wants to know how much it would cost to rebuild your house if something terrible happened.

Home insurance is not there to cover your mortgage, it's there to cover the building itself.

I believe the rebuild cost will come from the developer, not the valuer (who will just give you the market value).

Pink11 · 19-10-2020 11:46am

A word of warning to anyone selling from an eager, mortgage approved buyer... do your research on your EA so you end up getting the best sale price on your home.

As a buyer, I have been cancelled on, 'forgotten about', finally replied to 4 weeks after I asked multiple times for a viewing. Maybe it's the covid and work from home situation stretching their resources but it's crazy to think how much money they could be losing for you. EA's don't seem to know much about the houses we have gone to see. They just stand there and let you in. Easy job if you ask me!

I'm mortgage approved, FTB with no chain. Really eager to buy. I'll be very cautious myself if I'm ever selling.

From my experience of looking for the last 3-4 months, it's a very good time to sell. All houses are going for well over asking.

cojomo2 · 19-10-2020 12:57pm

cojomo2 wrote: »

Anyone know how level 4 or 5 will impact house viewings?

Anyone know?

Claw Hammer · 19-10-2020 1:03pm

cubatahavana wrote: »

You insure for the rebuild cost. The valuer will tell you the rebuild cost

You should insure for whichever is the higher of market value or rebuild (reinstatement) cost. If you get an oil spill, it might be that the cost of the decontamination works and rebuilding are greater than the market value, in which case you will simply be given market value.

Shoden · 19-10-2020 1:15pm

Just going to ramble here: My current situation is that I have a booking deposit down on a place for the last few weeks but it's not ready until next summer, so there doesn't seem to be any rush with anything. I have informed my broker and solicitor that I have gone sale agreed but nothing seems to be happening. Am I supposed to be doing something? Who knows! I'm hoping a house in the development comes up sooner than mine is ready though cause I'm good to go now!

Shoden · 19-10-2020 1:39pm

MattDamonIsOK wrote: »

Similar situation to you Shoden.

Myself and her are moving out of Dublin apartment, going to rent it.

Taking a house up north where I’ve family in a new build development, 4 bed detached £210K. Excellent value compared with the sky high prices in surrounding areas outside of Dublin down here.

The house were being told will be ready on March/April 2021.

I’m all good to go with the mortgage, but wondering whenever the 6 months expires, is applying for a mortgage extension a big issue? Will they look at everything again if the house isn’t ready? That would be awful to have it pulled from under you At that stage. Hoping an extension is fairly straight forward

I think the extension situation is why my broker doesn't seem to want to hurry things. He doesn't want to go to offer yet because it's too far out but obviously I don't want to lose the house so I want to sign the contract. Tis all very confusing to know what to do!

thunderdog · 19-10-2020 1:51pm

MattDamonIsOK wrote: »

Similar situation to you Shoden.

Myself and her are moving out of Dublin apartment, going to rent it.

Taking a house up north where I’ve family in a new build development, 4 bed detached £210K. Excellent value compared with the sky high prices in surrounding areas outside of Dublin down here.

The house were being told will be ready on March/April 2021.

I’m all good to go with the mortgage, but wondering whenever the 6 months expires, is applying for a mortgage extension a big issue? Will they look at everything again if the house isn’t ready? That would be awful to have it pulled from under you At that stage. Hoping an extension is fairly straight forward

BOI requested the following for my mortgage extension recently:
-up to date salary certificate
-Two recent payslips
-6 month statements for any non boi accounts
-signed declaration

Straightforward enough assuming no change in circumstances

cubatahavana · 19-10-2020 2:26pm

I suppose viewings will be cancelled now, won't they?

PommieBast · 19-10-2020 2:47pm

cubatahavana wrote: »

I suppose viewings will be cancelled now, won't they?

I expect any prohibition will be flouted in some quarters. There were recent viewings in my apartment block even though the management company has a no visitors policy.

Bluefoam · 19-10-2020 2:58pm

cubatahavana wrote: »

I suppose viewings will be cancelled now, won't they?

Housing is seen as a priortity. It is likely that house viewings, handovers etc. will continue under solcial distancing rules.

Also solicitors are considered a essential service and will continie to operate.

SteelyDanJalapeno · 19-10-2020 5:44pm

Hi,

We closed on our house Friday last week, as that is the date the vendors side added to the contracts, we busted our balls to get everything in order, but we got there, and transferred funds to the solicitors client account Friday morning. Our solicitor and theirs bank in the same big bank, so I'm sure it went through on the same day, any way they claimed it dont, and it ran into the weekend.

Our solicitor received the deeds this morning, all looks good and they now have the funds received.

However, the owner is still in the house and claims he cant leave until tomorrow, I find this very frustrating for a number of reasons :

- We own the house now
- We worked very hard to meet their deadline of Friday
- We took today off to move, but it was only at 3PM they told us they need until tomorrow
- We hired a van at quite a cost for the move

He obviously knew last week he wasnt ready, and in my opinion should have told us last week, I would be much more accepting of it if that was the case.

Newdawn11 · 19-10-2020 9:34pm

Hi, does anyone know current wait times for Loan pack with EBS. Got fully underwritten approval with 3 conditions over 2 weeks ago. Fully complied with conditions immediately. They then asked for up to date statements which we supplied a week ago and still no loan letter. Getting anxious now that still nothing. Thanks

cubatahavana · 19-10-2020 10:24pm

Newdawn11 wrote: »

Hi, does anyone know current wait times for Loan pack with EBS. Got fully underwritten approval with 3 conditions over 2 weeks ago. Fully complied with conditions immediately. They then asked for up to date statements which we supplied a week ago and still no loan letter. Getting anxious now that still nothing. Thanks

With KBC took us 13 working days

rain on · 20-10-2020 9:48am

Bluefoam wrote: »

Housing is seen as a priortity. It is likely that house viewings, handovers etc. will continue under solcial distancing rules.

Also solicitors are considered a essential service and will continie to operate.

+1. I went sale agreed during the previous lockdown (March and April). It added a lot of delays then, but EAs, solicitors, and banks should all have their processes and procedures worked out for this kind of thing now. In my case, there were huge delays from the bank in April/May, but plenty other parts of the process happened very quickly even under the strictest lockdown conditions.

itsusuallyjazz · 20-10-2020 11:33am

First time buyer here and I have just made my first offer on a house! am shaking, this is such a big commitment

cubatahavana · 20-10-2020 11:35am

itsusuallyjazz wrote: »

First time buyer here and I have just made my first offer on a house! am shaking, this is such a big commitment

Good luck! if it goes similar to us, every week you'll have a new thing happening (sometimes stressful, sometimes good)

breadmonster · 20-10-2020 11:39am

rain on wrote: »

+1. I went sale agreed during the previous lockdown (March and April). It added a lot of delays then, but EAs, solicitors, and banks should all have their processes and procedures worked out for this kind of thing now. In my case, there were huge delays from the bank in April/May, but plenty other parts of the process happened very quickly even under the strictest lockdown conditions.

Interesting i guess my one was cancelled so because its currently a buy to let property.

Starlord_01 · 20-10-2020 11:43am

Made an offer on a property a week ago, other bidders pulled out.

EA wasn't doing anymore viewings and was encouraging vendors to sell who then said they wanted the weekend to mull it over but haven't heard anything since?

ELM327 · 20-10-2020 11:47am

SteelyDanJalapeno wrote: »

Hi,

We closed on our house Friday last week, as that is the date the vendors side added to the contracts, we busted our balls to get everything in order, but we got there, and transferred funds to the solicitors client account Friday morning. Our solicitor and theirs bank in the same big bank, so I'm sure it went through on the same day, any way they claimed it dont, and it ran into the weekend.

Our solicitor received the deeds this morning, all looks good and they now have the funds received.

However, the owner is still in the house and claims he cant leave until tomorrow, I find this very frustrating for a number of reasons :

- We own the house now
- We worked very hard to meet their deadline of Friday
- We took today off to move, but it was only at 3PM they told us they need until tomorrow
- We hired a van at quite a cost for the move

He obviously knew last week he wasnt ready, and in my opinion should have told us last week, I would be much more accepting of it if that was the case.

If you have the deeds and own the house then they are trespassing. Pursue it via your solicitor.

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

Comments