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

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Comments

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    #3662
    Shoden
    Registered Users Posts: 90 ✭✭Shoden


    Ardeehey wrote: »
    Hi all,

    Sorry if this has already been asked a million times! In terms of the 5k restrictions a lot of agents still seem happy to show houses, is it an acceptable reason to leave your 5k region if stopped? My wife actually went to the local guards yesterday to ask and to be fair to them they were very helpful but they could not really give any guidance. I guess that you should be able to provide proof/confirmation of an appointment being done under the conditions set by the various surveyor bodies etc. Would that suffice?

    Thanks!

    Housing is seen as an essential reason. Just have your booking with you and you'll be fine!


  • Options
    #3663
    Simi
    Registered Users Posts: 1,864 ✭✭✭Simi


    Shoden wrote: »
    Anyone know how long it takes for ICS to go from AIP to letter of offer?

    I've been sale agreed for a few weeks now but couldn't move forward to offer stage with ICS because of reasons outside my control (a grant had to be confirmed with council) until a few days ago. Now the vendor wants contract signed in next two weeks.

    It should be straightforward, very little has changed since I got my AIP. Just nervous about timelines. Thanks.

    Ages. Ring them Tuesday or if you're going through a broker have them ring them. They've dragged out every stage of the process with me. My solicitors office had to ring them to hassle them for my loan cheque days before I'm due to get the keys!


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    #3664
    outland1985
    Registered Users Posts: 83 ✭✭outland1985


    nimrod86 wrote: »
    Bit of a rant more than anything...

    I was due to close on my first house on Friday, went to my solicitor and signed all the paperwork that morning, and they were sending the money to the vendors solicitor via same day transfer.

    I went out to the house for lunchtime to do a final inspection with the Estate agent (all went well). All my possessions were packed up and I had a loan of a van for the move, which arrived around 2:30pm which was when I was told the transfer should be complete and the Estate Agent could hand over the keys. The new house is over an hour from my parents where I have been living.

    At 4pm I found out there was a problem with the bank, and that they had initially sent €24.50 more than was due, so cancelled the transfer. They then resent the correct amount, as the IT network collapsed (so I'm told) - the money left my solicitors account, but never materialised in the vendors solictor's account before 5:30pm, so they wouldn't release the keys.

    I'm mostly just angry as this has wasted the long weekend which I planned to spend moving in, meaning I've to take more time off work. I've also had to pay to rent the van for longer as I've nowhere to unload it too (and it's absolutely stuffed). I'm also having to sleep on my parents couch as my bed and everything is in the van which I left at a friends near to my new house.

    Anyone have any thoughts on asking my solicitor about compensation for all this? At the end of the day, I'm out money for the van, the food I had bought which has gone to waste, and none of this was my fault or in my power to prevent. I dunno who would be liable for compensation, probably the bank they use for the mess up with the transfer which has left me without a place to go for a long weekend?

    /rant over.

    That is annoying but atleast it will be sorted, I was at your stage on day of signing and my buyers pulled out, lost the house I had sale agreed on, had all my stuff in storage ready, was living in a hotel for 3 weeks long story , so what I'm saying is it could be worse...


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    #3665
    Shoden
    Registered Users Posts: 90 ✭✭Shoden


    Simi wrote: »
    Ages. Ring them Tuesday or if you're going through a broker have them ring them. They've dragged out every stage of the process with me. My solicitors office had to ring them to hassle them for my loan cheque days before I'm due to get the keys!

    Nightmare! You don't remember how long (approx) it took for the specific stage of aip to letter of offer do you? I'm in no rush for drawdown...


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    #3666
    Dave3030
    Registered Users Posts: 21 ✭Dave3030


    HI

    Interested in peoples views on this.

    Looking at two very similar semi-d houses. Same kind of sqm in size. One is a 4 bed-where 2 of the bedrooms are tiny, the other is a 3 bed with a converted attic, but all decent sized rooms.

    I understand the converted attic isnt technically a bedroom-and it would always be classed as a 3bed.

    Which is more valuable-all other things being equal?
    I know what i prefer-but Im trying to consider the resale down the line-what would people generally prefer?

    Thanks


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  • Options
    #3667
    CarMc
    Registered Users Posts: 74 ✭✭CarMc


    Dave3030 wrote: »
    HI

    Interested in peoples views on this.

    Looking at two very similar semi-d houses. Same kind of sqm in size. One is a 4 bed-where 2 of the bedrooms are tiny, the other is a 3 bed with a converted attic, but all decent sized rooms.

    I understand the converted attic isnt technically a bedroom-and it would always be classed as a 3bed.

    Which is more valuable-all other things being equal?
    I know what i prefer-but Im trying to consider the resale down the line-what would people generally prefer?

    Thanks

    4 beds generally get a lot of interest and I’ve found they usually gain over asking price (in my first hand experience only). They seem to attract second time buyers looking to size up and they may be coming with a bit of equity from their first home behind them.

    For living purposes though I’d go for the 3 bed as tiny rooms are awkward and not much you can do with them - I’d prefer bigger rooms especially if you are raising a family in the home or even looking to rent a room out.

    If it’s purely for investment and to sell on though the 4 bed might be a safer bet.

    Can the attic be converted in the 4 bed ?


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    #3668
    Bluefoam
    Registered Users Posts: 7,711 ✭✭✭Bluefoam


    Dave3030 wrote: »
    HI

    Interested in peoples views on this.

    Looking at two very similar semi-d houses. Same kind of sqm in size. One is a 4 bed-where 2 of the bedrooms are tiny, the other is a 3 bed with a converted attic, but all decent sized rooms.

    I understand the converted attic isnt technically a bedroom-and it would always be classed as a 3bed.

    Which is more valuable-all other things being equal?
    I know what i prefer-but Im trying to consider the resale down the line-what would people generally prefer?

    Thanks

    Are you buying a house to live in? Then pick the one that suits your needs.

    Don't use property as an investment unless you have suitable knowledge of what you are doing.


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    #3669
    Leozord
    Registered Users Posts: 75 ✭✭Leozord


    how long it takes from signing the documents/contracts and getting the keys?


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    #3670
    CarMc
    Registered Users Posts: 74 ✭✭CarMc


    Leozord wrote: »
    how long it takes from signing the documents/contracts and getting the keys?

    If contracts are signed by both sides and you have loan approval from the bank and have fulfilled all/any conditions listed on that it can be as quick as a few days. We had to submit last payslips, bank statements, building insurance & mortgage protection as part of loan conditions - once they were ticked off our solicitor requested drawdown and got the funds the following day - they transferred to vendors solicitor and we got the keys - if all use the same bank it only takes a few hours for the transfer of funds between accounts


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    #3671
    Dave3030
    Registered Users Posts: 21 ✭Dave3030


    CarMc wrote: »
    4 beds generally get a lot of interest and I’ve found they usually gain over asking price (in my first hand experience only). They seem to attract second time buyers looking to size up and they may be coming with a bit of equity from their first home behind them.

    For living purposes though I’d go for the 3 bed as tiny rooms are awkward and not much you can do with them - I’d prefer bigger rooms especially if you are raising a family in the home or even looking to rent a room out.

    If it’s purely for investment and to sell on though the 4 bed might be a safer bet.

    Can the attic be converted in the 4 bed ?

    Either or would suit us to be honest, personally i would rather the 3 bed with larger room size but i suspect the 4 bed with option to convert would be more desireable.

    Its not an investment property but we would expect to sell on and move further out from town in ~5years or so, so i do think its important to consider what other peoples preference would be...

    Just interested if anyone strongly disagrees with my take!


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    #3672
    mojesius
    Registered Users Posts: 4,322 ✭✭✭mojesius


    I'd go with the 3 bed with the larger rooms, mainly because I find poky rooms off putting.

    It could cost a bit to get the attic converted to current standards in the 4 bed (if you want the attic to be counted as a 5th bedroom, that is), so worth keeping that in mind.

    What's the current price difference between the two houses?


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    #3673
    Dave3030
    Registered Users Posts: 21 ✭Dave3030


    mojesius wrote: »
    I'd go with the 3 bed with the larger rooms, mainly because I find poky rooms off putting.

    It could cost a bit to get the attic converted to current standards in the 4 bed (if you want the attic to be counted as a 5th bedroom, that is), so worth keeping that in mind.

    What's the current price difference between the two houses?

    Price is basically the same.

    From my research i estimate its around 20k to convert the attic in a house this size-although it wouldnt meet planning req's for a bedroom.


  • Options
    #3674
    lcarrol3
    Registered Users Posts: 82 ✭✭lcarrol3


    We're currently buying a new build from Cairn and were told we were due to snag at the end of this month. It's now the 26th and we still haven't been called to snag... Is this normal? I'm starting to sweat a little bit!


  • Options
    #3675
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    lcarrol3 wrote: »
    We're currently buying a new build from Cairn and were told we were due to snag at the end of this month. It's now the 26th and we still haven't been called to snag... Is this normal? I'm starting to sweat a little bit!

    Delays, delays, delays...

    There’s always delays.


  • Options
    #3676
    lcarrol3
    Registered Users Posts: 82 ✭✭lcarrol3


    cubatahavana wrote: »
    Delays, delays, delays...

    There’s always delays.

    I was anticipating delays but I really hoped when we were told this during the week it would pull through! My mistake for trusting an EA I guess :pac:


  • Options
    #3677
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    Dave3030 wrote: »
    HI

    Interested in peoples views on this.

    Looking at two very similar semi-d houses. Same kind of sqm in size. One is a 4 bed-where 2 of the bedrooms are tiny, the other is a 3 bed with a converted attic, but all decent sized rooms.

    I understand the converted attic isnt technically a bedroom-and it would always be classed as a 3bed.

    Which is more valuable-all other things being equal?
    I know what i prefer-but Im trying to consider the resale down the line-what would people generally prefer?

    Thanks

    Ah the good old pretend 4 beds. Really they are a decent size 3 bed where the developer got clever with some stud walls.
    Its anyones guess how you would fare down the line tbh. Some buyers will have a sense of space and the small bedrooms will put them off and others wont care.

    3 beds and the price point tend to appeal to the larger pool of buyers. But if the price point is not too different them you could be appealing to the same pool.


  • Options
    #3678
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    lcarrol3 wrote: »
    I was anticipating delays but I really hoped when we were told this during the week it would pull through! My mistake for trusting an EA I guess :pac:

    The EA only knows what he/she is told. Is the development near completion? Have you the foremans number? Take a spin up and see what you can see.
    A friend of mine was told she would be snagging within 2 weeks, she drove up and could see from where she drove by her house was nowhere near finished and not a chance she would be snagging. It was another 7 weeks before she snagged. But each call the EA told her next week.


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    #3679
    Nika Bolokov
    Registered Users Posts: 651 ✭✭✭Nika Bolokov


    Anyone any recent experience with how long it took to draw down mortgage funds from the Bank once contracts were signed?


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    #3680
    IKKI
    Registered Users Posts: 9 ✭IKKI


    IKKI wrote: »
    Yes, have the contract ready to be signed. I will try the solicitor on Tuesday, let’s see what he recommends. To be honest, the color of the cabinets is not super important, and having the kitchen fitted already means less waiting and being able to move probably before Christmas, which it would be a huge improvement. What bothers us the most is that the tiles are not going to be placed under the cabinets, and this was specifically agreed (verbally, though) with the foreman

    solicitor told me that he will query it with the builder's solicitor. I have emailed the EA, let's see how it goes


  • Options
    #3681
    Simi
    Registered Users Posts: 1,864 ✭✭✭Simi


    Shoden wrote: »
    Nightmare! You don't remember how long (approx) it took for the specific stage of aip to letter of offer do you? I'm in no rush for drawdown...

    It took approximately 6 weeks to get the actual mortgage contract after I applied for it.


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    #3682
    dev_ire
    Registered Users Posts: 157 ✭✭dev_ire


    Simi wrote: »
    It took approximately 6 weeks to get the actual mortgage contract after I applied for it.

    Is this different to a full letter of offer?


  • Options
    #3683
    Simi
    Registered Users Posts: 1,864 ✭✭✭Simi


    dev_ire wrote: »
    Is this different to a full letter of offer?

    I can't remember all the terminology. But it was 6 weeks from the letter of approval for a mortgage of X amount, until I received the actual mortgage documents detailing the loan amount and repayment terms etc.


  • Options
    #3684
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    Simi wrote: »
    I can't remember all the terminology. But it was 6 weeks from the letter of approval for a mortgage of X amount, until I received the actual mortgage documents detailing the loan amount and repayment terms etc.

    So 6 weeks from approval in principle to loan offer. For us it was a little faster, about 12 days


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    #3685
    CarMc
    Registered Users Posts: 74 ✭✭CarMc


    Nika Bolokov wrote: »
    Anyone any recent experience with how long it took to draw down mortgage funds from the Bank once contracts were signed?

    Once all the loan conditions are met & ticked off by the bank your solicitor can request funds and they come in within 48 hours, the contract is only one part of that process, I found getting the bank to tick off the conditions the harder part!

    Conditions are the likes of buildings insurance in place, mortgage protection insurance in place etc.


  • Options
    #3686
    Leozord
    Registered Users Posts: 75 ✭✭Leozord


    Nika Bolokov wrote: »
    Anyone any recent experience with how long it took to draw down mortgage funds from the Bank once contracts were signed?

    Had a chat with my solicitor today which, by coincidence, I've signed my contracts as well and send them over

    She mentioned that it takes two to three weeks. Probably in the contract sent by the vendor's solicitor has a clause saying how long it should take from signing it and the drawdown. Mine says two weeks after all parts signs the contract.


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    #3687
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    Contracts were signed by purchasers last Wednesday. Still no contracts received by my solicitor. I find this quite odd. Would anyone have experienced something similar?


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    #3688
    cnocbui
    Registered Users Posts: 19,678 ✭✭✭✭cnocbui


    Yes, unfortunately. Solicitors seem to work on Musk time.


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    #3689
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    cnocbui wrote: »
    Yes, unfortunately. Solicitors seem to work on Musk time.

    Musk time? Please elaborate. First time hearing this :D


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    #3690
    cnocbui
    Registered Users Posts: 19,678 ✭✭✭✭cnocbui


    cubatahavana wrote: »
    Musk time? Please elaborate. First time hearing this :D

    Sorry, I mispoke, that should have been Elon time. The average time discrepancy between an Elon Musk statement of how long something will take and the actual time it takes (if ever).

    https://twitter.com/elontimeconvert?lang=en


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    #3691
    busylady
    Registered Users Posts: 82 ✭✭busylady


    The purchasers' solicitor has to prepare their list of closing requirements, draft the purchase deed and draft the letter returning the contracts which may include special conditions - there is some time involved in dealing with this paperwork after the contracts have been signed. They may also be waiting for the deposit funds to arrive into their account - it is not unusual for the process to take at at least a few days. Also many staff may still be working remotely which does slow the process up a bit.


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