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

beauf · 17-09-2020 3:56pm

...

I know people in a similar boat. None have completed yet.
I think the longer this goes on the less chance they have of completing the sale.

If it was putting me under lots of stress,
I would go with a different offer. I certainly wouldn't be committing to a rental or anything else.

Until the money is with your solicitor I wouldn't assume this is a done deal.

Westieatheart · 17-09-2020 4:02pm

beauf wrote: »

...

I know people in a similar boat. None have completed yet.
I think the longer this goes on the less chance they have of completing the sale.

If it was putting me under lots of stress,
I would go with a different offer. I certainly wouldn't be committing to a rental or anything else.

Until the money is with your solicitor I wouldn't assume this is a done deal.

Thanks Beauf - my solicitors have c.90% of the contract balance now, and we have signed so it is legally binding unless they are unable to raise the finance. The remaining funds are coming at closing according to the contracts we signed today. Definitely not a done deal but progress i would say.

Pink11 · 17-09-2020 4:03pm

I know it's probably been asked a million times, but could someone recommend a good engineering contact for a report and solicitor you found good for buying? thanks in advance (Dublin city)

Queenio · 17-09-2020 4:17pm

Pink11 wrote: »

I know it's probably been asked a million times, but could someone recommend a good engineering contact for a report and solicitor you found good for buying? thanks in advance (Dublin city)

Pm sent

Moving! · 17-09-2020 6:50pm

Moving! wrote: »

Long-time lurker, first-time poster...
We're looking to buy a house that requires an extension and we have the funds to cover 20% of the property cost plus 20% of the added value/cost of the extension. However, our mortgage broker has let us know that banks like to see payments made first (for 12 months) on the mortgage before they will top up a mortgage to allow for extra work to be carried out. Anyone know if this is standard?
We've gone sale agreed on our own house and time is not on our side here! The job isn't something that requires planning permission, but we could have plans in place and even a contract with a builder in place if required. Just wondering if any of you know if it is a possibility.

I went past the broker and contacted the bank today to ask about this. It turns out that the bank (KBC in this case) has no issue with providing funds up front as long as the house is currently in a livable condition, plans are provided for their valuer and costs from a builder.
Very disappointed with the mortgage broker. As so many have said before, when it comes to buying houses, trust nobody!

brisan · 17-09-2020 7:12pm

Moving! wrote: »

I went past the broker and contacted the bank today to ask about this. It turns out that the bank (KBC in this case) has no issue with providing funds up front as long as the house is currently in a livable condition, plans are provided for their valuer and costs from a builder.
Very disappointed with the mortgage broker. As so many have said before, when it comes to buying houses, trust nobody!

IF everybody took heed of this it would make life a lot easier
Same applies to buying a car

thunderdog · 17-09-2020 7:17pm

Looking to buy in south dublin. Still very competitive for any house in decent shape. Viewed a house on a Saturday, by Monday morning the bid on the house was 60k above asking (in the 5-600k price bracket).

Moving! · 17-09-2020 10:39pm

thunderdog wrote: »

Looking to buy in south dublin. Still very competitive for any house in decent shape. Viewed a house on a Saturday, by Monday morning the bid on the house was 60k above asking (in the 5-600k price bracket).

That's the same price region we've been looking at and I'm seeing what you've described all the time. It's not even houses in "turn-key" condition - just anything that's in decent shape in a decent area. I'm seeing the first bid come in at the (already over-inflated) asking price time and time again - I'm suspicious of it, but nonetheless, these houses are going sale agreed at a higher price again.

Jay D · 17-09-2020 11:02pm

Moving! wrote: »

I went past the broker and contacted the bank today to ask about this. It turns out that the bank (KBC in this case) has no issue with providing funds up front as long as the house is currently in a livable condition, plans are provided for their valuer and costs from a builder.
Very disappointed with the mortgage broker. As so many have said before, when it comes to buying houses, trust nobody!

I have such a bad memory of brokers. Shortly after I bought my own house, 2 and a half years or so, we were walking through a shopping centre and got talking to one. Anyway without boring you with all the detail, were in the process of being offered a mortgage on top of previous one, for a penthouse apartment (overly)valued at 620k.

When the forms were sent out, there was so many lies as to what our earnings were... When I highlighted this to the 'broker' he was very abrupt (maybe coming up too close to our last recession) and said, well if you don't say this you won't get your penthouse apartment...

Obviously we walked away but I'm sure many didn't. What a scrote.

cubatahavana · 17-09-2020 11:09pm

Jay D wrote: »

I have such a bad memory of brokers. Shortly after I bought my own house, 2 and a half years or so, we were walking through a shopping centre and got talking to one. Anyway without boring you with all the detail, were in the process of being offered a mortgage on top of previous one, for a penthouse apartment (overly)valued at 620k.

When the forms were sent out, there was so many lies as to what our earnings were... When I highlighted this to the 'broker' he was very abrupt (maybe coming up too close to our last recession) and said, well if you don't say this you won't get your penthouse apartment...

Obviously we walked away but I'm sure many didn't. What a scrote.

How much commission do brokers get?

stesaurus · 18-09-2020 9:13am

Looking for some advice. Went to look at a new build recently. Agent showed me around the showhouse but showed me plans for a larger style and explained the price was 345k.
Agents website and Daft also list this style as 345k.
So we went to view the unfinished house and we decided to put a holding deposit. Offer and booklet arrived and suddenly the price is 360k. Different agent is saying that's been the price for the last year and website clearly states from 345k, it doesn't.
What should I do? On principal I'd like to tell them where to go but have I any argument?

awec · 18-09-2020 10:39am

stesaurus wrote: »

Looking for some advice. Went to look at a new build recently. Agent showed me around the showhouse but showed me plans for a larger style and explained the price was 345k.
Agents website and Daft also list this style as 345k.
So we went to view the unfinished house and we decided to put a holding deposit. Offer and booklet arrived and suddenly the price is 360k. Different agent is saying that's been the price for the last year and website clearly states from 345k, it doesn't.
What should I do? On principal I'd like to tell them where to go but have I any argument?

You've no argument in the sense that you can't force them to sell to you for 345.

You either pay 360 or you walk away. You could ask them to put you on the list if they change their mind on the price.

michellie · 18-09-2020 7:57pm

House was put on the market last Thursday, we've had 7 viewers since then. No offers yet, hopefully next week.

Rang to put an offer on a house we viewed during the week. The EA was out of the office and never called back. All on hold till Monday now

rafatoni · 18-09-2020 8:26pm

We put up our house for sale 2 weeks ago. 2 viewings in one week with approx 16 couples and sale agreed after a few days... We had 3 couples bidding and we accepted 25k over the asking price. Super quick... South Dublin...

cojomo2 · 19-09-2020 8:56am

rafatoni wrote: »

We put up our house for sale 2 weeks ago. 2 viewings in one week with approx 16 couples and sale agreed after a few days... We had 3 couples bidding and we accepted 25k over the asking price. Super quick... South Dublin...

What price bracket was that in ? Over 600k? Thanks

Jay D · 19-09-2020 10:57am

cubatahavana wrote: »

How much commission do brokers get?

I don’t know to be honest with you.

cubatahavana · 19-09-2020 1:47pm

rafatoni wrote: »

We put up our house for sale 2 weeks ago. 2 viewings in one week with approx 16 couples and sale agreed after a few days... We had 3 couples bidding and we accepted 25k over the asking price. Super quick... South Dublin...

Our apartment went sale agreed in about a month. As well, 30k over asking. Waiting for contracts to be signed, sign our new purchase contracts and hopefully move into the new home by end November

thomasdylan · 19-09-2020 3:02pm

cubatahavana wrote: »

How much commission do brokers get?

Ours got 1% of the mortgage drawdown from the bank. So, for us he got about 5k.

It didn't cost us so was fine. Our application was a bit fiddly as my partner gets a few bonuses/allowances and I work a huge amount of mandatory overtime.

Blackz · 19-09-2020 3:48pm

Not too sure if this is the right thread. Went sale agreed on a new build in December. Problem with land registry and still waiting to move in. Does anyone have any idea how long it takes to sort issues with land registry. It's going on an extremely long time.

House Hunt · 20-09-2020 5:38pm

This has probably been asked plenty of times before but I can't find the answer easily. After putting down a deposit on a new build based off of plans, what's the latest point you can pull out and get the full deposit back at no extra cost including legal fees etc?

bobbyy gee · 20-09-2020 5:54pm

deposit

https://www.irishtimes.com/life-and-style/homes-and-property/buying-an-apartment-i-ve-been-told-i-will-lose-my-deposit-if-i-can-t-close-1.3769262?mode=amp

cubatahavana · 21-09-2020 8:35am

House Hunt wrote: »

This has probably been asked plenty of times before but I can't find the answer easily. After putting down a deposit on a new build based off of plans, what's the latest point you can pull out and get the full deposit back at no extra cost including legal fees etc?

Until you sign contracts you would get your deposit. Regarding legal fees, I’d say until your solicitor starts the paperwork, like meeting you or generating pre contract queries.

Sweet.Science · 21-09-2020 1:45pm

Had to pull out of buying my house after the survey

We go again

Leozord · 21-09-2020 6:06pm

Sweet.Science wrote: »

Had to pull out of buying my house after the survey

We go again

Was it a new development?

Could you share the issue?

I'm considering getting a survey for the apartment I'm buying, but it is not new and am wondering how useful it would be to send one surveyor...

sheepondrugs · 21-09-2020 7:20pm

Blackz wrote: »

Not too sure if this is the right thread. Went sale agreed on a new build in December. Problem with land registry and still waiting to move in. Does anyone have any idea how long it takes to sort issues with land registry. It's going on an extremely long time.

am currently selling an apartment and needed a copy of lease from the Land Registry. Was told it could take 4-6 weeks :eek:
(other documents might not take as long as this).
Got on to them and was told there is an expedite service . They give you an email address to request this.
Must be done by whoever applied for the document, in my case my solicitor. After hounding them almost everyday for 3 weeks eventually got it.

Blackz · 22-09-2020 6:59am

sheepondrugs wrote: »

am currently selling an apartment and needed a copy of lease from the Land Registry. Was told it could take 4-6 weeks :eek:
(other documents might not take as long as this).
Got on to them and was told there is an expedite service . They give you an email address to request this.
Must be done by whoever applied for the document, in my case my solicitor. After hounding them almost everyday for 3 weeks eventually got it.

We can't do anything according to our solicitor as the vendor is the person dealing with this. It's just a waiting game. Can't believe it's taking so long.

shatners bassoon · 22-09-2020 8:39am

What exactly is the problem with the Land Registry? You can't really put a time frame on that. It could be anything.

Sweet.Science · 22-09-2020 9:30am

Leozord wrote: »

Was it a new development?

Could you share the issue?

I'm considering getting a survey for the apartment I'm buying, but it is not new and am wondering how useful it would be to send one surveyor...

No a mature house in an established area . Subsidence issue and the house has moved from its foundations. Shame as it was perfect for us.

Falling · 22-09-2020 9:48am

I've been meaning to post for ages- we just got the keys to our first (not new build) home, 10 weeks to the day after we went sale agreed.

It is possible although with the whole COVID thing, it is just so much more difficult.

Just wanted to let people know we got to know one of the EAs in the area really well and she let us know when she had something coming up she thought we'd like. In the end, we went to see our(!) house with her the day she took the photos and measurements and we made an offer that day. It was accepted and it meant it never actually went on the market.

That said, we were ready to go, not in a chain and the seller was eager to get it done too. It meant an easier life for all parties I think, so it might be worth getting to know as many EAs in the area as possible. She was happy as it meant she didn't have to make a load of private appointments- I think she was swamped- so for anyone who hasn't already, make your position clear and get to know a couple of EAs if you can.

Just wanted to mention the technique that ended up working for us.

Best of luck to everyone, my fingers will be crossed for ye all.

House Hunt · 22-09-2020 10:40am

How much of a premium should a detached home carry in a new build estate?

E.g. If a similar sized semi-detached across the road is priced at X, what would a fair markup be for a detached, all else being equal?

beauf · 22-09-2020 10:42am

Depends how many there are. I could see it adding 50~100k.

brisan · 22-09-2020 10:44am

House Hunt wrote: »

How much of a premium should a detached home carry in a new build estate?

E.g. If a similar sized semi-detached across the road is priced at X, what would a fair markup be for a detached, all else being equal?

Its very rare all else is equal though
Garden size ,better finish etc are normally applied to detached houses so they can attract a big a premium as possible

awec · 22-09-2020 10:54am

In my experience detached houses tend to be significantly more expensive in new developments.

beauf · 22-09-2020 11:03am

They are often on awkward plots, so bigger garden, or large size to fill the space.
Sometimes people buy the site, or the house unfinished to they can customize it.

Rosalind151 · 22-09-2020 2:26pm

Do you need a member of The Society of Chartered Surveyors Ireland to do your survey? Will a chartered engineer who's not a member be as good as? (Not asking about the quality of the job that they will do, but rather the regulatory and insurance implications of their membership if there are any).

trinib · 22-09-2020 2:34pm

Has anybody requested funds from AIB in the last few weeks? If so how long are they taking roughly? Thanks

jokettle · 22-09-2020 3:08pm

Almost 6 weeks Sale Agreed and no sign of contracts. It's probably not too long in the grand scheme of things, but patience is not one of my virtues! So I asked my solicitor yesterday if he'd follow up, and a few hours later he was told he'd have our contracts by the end of the week.

B*tches get sh*t done

jokettle · 22-09-2020 3:10pm

Rosalind151 wrote: »

Do you need a member of The Society of Chartered Surveyors Ireland to do your survey? Will a chartered engineer who's not a member be as good as? (Not asking about the quality of the job that they will do, but rather the regulatory and insurance implications of their membership if there are any).

Don't think it's an issue at all. I'm having an architect do mine, he runs an architectural and engineering firm so I'm happy he knows his stuff. Was recommended to me by a colleague too.

Leozord · 22-09-2020 3:17pm

jokettle wrote: »

Almost 6 weeks Sale Agreed and no sign of contracts. It's probably not too long in the grand scheme of things, but patience is not one of my virtues! So I asked my solicitor yesterday if he'd follow up, and a few hours later he was told he'd have our contracts by the end of the week.

B*tches get sh*t done

have you got all the other stuff already in place?

valuation, AIP/offer, mortgage insurance etc?

Blackz · 22-09-2020 4:10pm

shatners bassoon wrote: »

What exactly is the problem with the Land Registry? You can't really put a time frame on that. It could be anything.

Hard to believe, but half of the house is built on land not belonging to the site the house is on!!!

jokettle · 22-09-2020 4:25pm

Leozord wrote: »

have you got all the other stuff already in place?

valuation, AIP/offer, mortgage insurance etc?

Bank valuation and loan offer sorted. Our solicitor wants to see the contract before we get the survey done, but I've someone lined up for the survey anyway. Our broker is sorting the mortgage insurance for us. Not much to do now but wait!

justme112 · 22-09-2020 9:49pm

trinib wrote: »

Has anybody requested funds from AIB in the last few weeks? If so how long are they taking roughly? Thanks

Requested Letter of Offer to be issued 5 weeks ago and it's. still not issued today. They basically restarted the whole process again by asking for last months payslips, P60s, statements from other banks etc.
Last contact was 10 days ago through online portal and even after contacting local branch twice there still hasn't been any movement.

Nalz · 22-09-2020 11:00pm

Anyone here with a respiratory ailment like asthma having to wait a looooooooong time to sort mortgage protection? I've two cases with Zurich and Irish Life since 1st Sep. Most likely this is down to covid

brisan · 23-09-2020 12:43pm

Blackz wrote: »

Hard to believe, but half of the house is built on land not belonging to the site the house is on!!!

Are you still contemplating going ahead with the purchase ?
The present owners of the site where half your house is built may not have an issue ,but what if they sell ?
Do you intend getting the site borders redrawn ?
Do the neighbours know ??

TomTanks · 23-09-2020 1:34pm

Sale agreed since Feb and still not sorted. I feel like it's never gonna end, its literally the most stressful thing you'll do in your life!

beanyb · 23-09-2020 2:21pm

TomTanks wrote: »

Sale agreed since Feb and still not sorted. I feel like it's never gonna end, its literally the most stressful thing you'll do in your life!

I feel your pain. I'm sale agreed since the beginning of March. Hoping I might be in by Christmas at this stage.

beauf · 23-09-2020 2:26pm

At what point do you give up as the buyer or the seller due lack of progress from the other party.

mimimcmc · 23-09-2020 3:08pm

beauf wrote: »

At what point do you give up as the buyer or the seller due lack of progress from the other party.

as a buyer - whenever a nicer house comes up in the same location for the same price :pac:

into_the_wild · 23-09-2020 5:14pm

Is it normal for new build contract agreements to not specify the exact floor plan with measurements? My solicitor says it is ok as long as there's a floor plan shown even without measurements but I'm just wondering if thats standard practice and nothing to worry about.
Also, Is it advisable to get a structural surveyor for new builds?

cubatahavana · 23-09-2020 5:26pm

into_the_wild wrote: »

Is it normal for new build contract agreements to not specify the exact floor plan with measurements? My solicitor says it is ok as long as there's a floor plan shown even without measurements but I'm just wondering if thats standard practice and nothing to worry about.
Also, Is it advisable to get a structural surveyor for new builds?

I bought a newly built apartment in 2007. No plan with measurements. I’m buying a newly built house now. No plan with measurements attached to contact either

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

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