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

Keve_98 · 11-04-2022 2:40pm

Recently put a deposit on a new build, contracts have been sent to our solicitor ect ( on day 28ish of contracts sent) we've appointed a Broker who's been tragically slow with submitting our documents! Got word last week that our documents were only sent to BOI last wednesday (has been with Avant the last 3 weeks, and still nothing back) !! and the contractors are hounding us for the contracts to be signed - has anyone else recently got approval with BOI/Loan Offer if so how quickly was the process ??

I'm not too worried we wont get approval as I believe were a strong case - just afraid we will lose the house over this, house should be ready to move in by mid-may time is not on our hands here at all.

Barnaboy · 12-04-2022 9:01pm

Just thought I would share this article with all of you in process of buying a new home.

https://stephenwalshsolicitors.ie/6-steps-in-the-conveyancing-process/

We are in the middle of the process and I found this quite informative.

kev_s88 · 13-04-2022 1:51am

https://www.boards.ie/discussion/comment/118911363#Comment_118911363

we got approval with BOI back in December/January. Every stage with them has taken 3-4 weeks, and asking for more documents each time. our request for AIP with them was made in early December, and we didn't get it til mid-January, but that did include a break for Christmas and our broker having to work extra to get the approval sorted. Then by the time we had gathered everything required for the loan offer it took about 3 weeks for that to be issued also.

D n G · 13-04-2022 6:05pm

Things starting to fall into place. Our buyers are about to sign, the mortgage advisor reckons he'll have our loan offer ready by end of next week and we've paid the booking deposit for our, hopefully, new house. So, sale agreed again. Still nervous because we were further along the last time when the previous sellers fecked us around. Fingers crossed all goes well, stressful trying to keep on top of everything and annoying having to keep pressure on our own solicitors. Our Estate Agent has been great and a steady hand in all of the hassle.

Barnaboy · 13-04-2022 10:37pm

https://www.boards.ie/discussion/comment/118922366#Comment_118922366

Best of luck with it.

Rothmans · 15-04-2022 6:40pm

To those people who are being frustrated by cash buyers. Geographically what area is this happening in? Is it mainly the Dublin area?

I'm considering downsizing in the next two years but the thought of selling the place and not being able to find another place to buy is a bit frightening. But I'm based in a provincial town rather than Dublin.

tscul32 · 15-04-2022 11:40pm

I'm in Dublin anyway.

raze_them_all_ · 15-04-2022 11:45pm

Paid my deposit on a house November 9th. Heard nothing back from them until end of March informing me they were upping the price 15k which is a bit shite tbh

Rothmans · 16-04-2022 8:11am

https://www.boards.ie/discussion/comment/118933511#Comment_118933511

Ah jaysis. That's awful. They were probably in a similar situation to many on here. In a chain and couldn't find any place to buy.

I didn't even consider a chain until I saw this thread. Was just going to sell, and rent til I find a place. I thought this would give me the best chance of finding a place I like rather than having to find a place the same time I sell, which might not be the most suitable property for me.

But looking at this thread, it would seem if I do this, I could be strung along for months by a seller only for them to up the price despite being sale agreed, or pull out of the sale entirely. Hopefully it'll have calmed down over the next few years.

tscul32 · 16-04-2022 8:36am

https://www.boards.ie/discussion/comment/118933937#Comment_118933937

That's the dilemma

iColdFusion · 16-04-2022 9:05am

https://www.boards.ie/discussion/comment/118933511#Comment_118933511

Is that a new build or 2nd hand?

bakerbhoy · 16-04-2022 6:25pm

Closed the sale on our place last Thursday. Cash buyer , one viewing, offered 5k over existing offer which was 20k over asking. Estate agent figure.

Went to market Mid Feb. Tenant still semi resident /moving to new let. First offer week later/ accepted winning bid week 18th March.

Buyer wanted to move fast. Did their own survey (professional in trade). NNPR/LPT ,building compliance certs supplied by us. Contents emptied.

Handed all keys to estate agent. All done. Still stressful as hell. Should have been sold in 2007. 15 years of hell and stress later it's done.

I don't envy any of you looking to buy. There were three bidders that pushed each other back and forth until the cash buyer trumped them all.

raze_them_all_ · 16-04-2022 9:03pm

https://www.boards.ie/discussion/comment/118934033#Comment_118934033

New build

yer man! · 17-04-2022 9:17am

https://www.boards.ie/discussion/comment/118933511#Comment_118933511

Were contracts signed already? I had a clause taken out of mine which would have allowed them to increase the price

EvoEvo · 17-04-2022 6:09pm

Hi Everyone.

I'm currently bidding for an apartment and I was recapping all the expenses and I have just a small doubt. Does the refundable booking deposit that we need to send to the EA (after the sales agreed). part of the total purchase price? Thank you

put_the_kettle_on · 17-04-2022 6:20pm

https://www.boards.ie/discussion/comment/118939746#Comment_118939746

I've gone SA with my house purchase and the agent dropped the bombshell on me that I needed to send him 6k as a deposit. Yes, it forms part of the whole asking price of the house.

Still though, we don't do that here in the UK so I very politely emailed and explained that I had nothing like that amount of money in my account and that the absolute best I could manage was 1500 quid and a tangerine ☺️

I was very relieved when he said that was fine.

Xidu · 17-04-2022 7:50pm

Boyfriend Bought a house in Wilton Cork@400k in mid March. Moved in and spent some money on renew the painting and flooring and brand new furnitures. It’s a detached house only 113sq meter. Wilton house is quite old I’d say built in 1990. Bathroom is v small. He wanted to buy in Ballincollig but the agent was tricky, kept pushing several buyers on bidding, and just pissed him off. So he went w the house in Wilton. Owner put the house on market for a while, highest offer got was 375k, owner insisted 400k. He offered 400k and owner didn’t bother to bid more. Was closed v fast as it was a cash buy.

I bought a new home @400k in End of March in countryside nearby school. Detached 160sq meter, still building in progress, said finish by end of May. this new house was sold @360k last year, I felt I was ripped off 40k but this year house price went crazy.

i have a feeling housing price will come down next year when recession kicks in. But I didn’t wanna hold cash n wait any longer, maybe I should have. I was hoping house price crash for years…but it just kept going up more n more…I really felt I was FOMO and maybe I will regret I didn’t wait longer.

Xidu · 17-04-2022 8:09pm

If mortgage rate goes up 1%, the affordability will drop 10%.

means if you were planning a house 100k, when rate goes up 1%, you can afford 90k house.

in usa the rate is slowly going up now and people can see housing price is down in some area.

but I am not sure about Ireland, especially in Dublin n Cork, more n more people moving job for jobs, demand is there…

Dodge · 18-04-2022 2:24am

https://www.boards.ie/discussion/comment/118939746#Comment_118939746

For buyers there’ll be 3 payments as such. 1) your booking deposit, 2) the remainder of your 10/20% when contracts are signed (depending on whether first time buyer), 3) the remaining portion (usually mortgage)

So if house is 300k, 10% deposit for 90% mortgage with booking deposit of 10k the figures would be

1) 10k refundable booking deposit

2) 20k - remainder of 10%

3) 270k - mortgage

brianc27 · 18-04-2022 3:47am

https://www.boards.ie/discussion/comment/118939746#Comment_118939746

yes, that money will come off the total purchase price

Catglee · 18-04-2022 9:28am

Currently in North Kildare.

Looking to sell our own estate house and purchase our "forever home". Our own will sell and due to location sell well.

All houses are being advertised at 900k and above but are realistically making 950k. All houses which wouldn't be at that standard are circa 650k...there is absolutely zero stock between those 2 figs...for example it's impossible to ascertain what 850k will buy you in the local market.

raze_them_all_ · 18-04-2022 10:26am

https://www.boards.ie/discussion/comment/118937830#Comment_118937830

Nope put a deposit on the house in November and as of now still no contracts sent to us

yer man! · 18-04-2022 1:51pm

https://www.boards.ie/discussion/comment/118942092#Comment_118942092

Oh wow that's an awful long time to wait, the agent i was dealing with for my house was looking for my solicitors address immediately after handing over the booking deposit.

Xidu · 18-04-2022 6:54pm

Oh wow €1M house must be huge n w big land?

jus_me · 18-04-2022 7:38pm

Has anyone had the issue when you’re sale agreed on your current property- but the agents for a new build you want won’t take your booking deposit because they want you’re contracts for your own properly signed? So stressful! Is this the norm? Taking a risking selling your own before they’ll take your booking deposit:( you’d think sale agreed would be enough!

tscul32 · 18-04-2022 7:47pm

That's how we lost the house we wanted. We'd have happily gone sale agreed but the seller needed contracts signed asap so they wouldn't lose the new build they were after and went with a chain free buyer instead.

EvoEvo · 18-04-2022 10:20pm

Thank you everyone for clarifying

TheMilkyPirate · 20-04-2022 11:01am

10 weeks now waiting for contracts, getting very restless. Surely it's not usually this long?

Persistently_Curious · 20-04-2022 12:41pm

I am (finally) closing next week and I wondered can anyone tell me what happens on that day? I'm not really sure how to manage it? Do they just give me the keys, I pay the balance and off I go?! Are there questions I should be asking?! I am so excited I might explode....it has been a long long long road that I can't actually believe it's happening!

miamee · 20-04-2022 1:01pm

Everything will be paid and cleared before you get the keys so all of that will have to happen soon, just have everything ready to go, e.g. if you still have some of your deposit left to pay.

Edited to say - congratulations!

GoldFour4 · 20-04-2022 1:01pm

https://www.boards.ie/discussion/comment/118951117#Comment_118951117

Your solicitor requests funds from the bank and once received they transfer them to the sellers solicitor. You will also have to pay for portion of LPT and management charge (if any) if buying second hand which is usually done near to closing time.

There are some final checks for solicitors to complete once funds have transferred but they shouldn’t take too long. Your solicitor will confirm once the sale has closed at which point you can arrange to get the keys from the estate agent.

Jafin · 20-04-2022 3:39pm

https://www.boards.ie/discussion/comment/118950676#Comment_118950676

It can really vary a lot. 8-12 weeks from Sale Agreed to keys in hand is generally a "best case scenario." I went sale agreed on an apartment at the end of April last year and didn't have the keys until early/mid September, and neither myself nor the seller were in a chain. Issues can crop up at any time and then if any of the involved solicitors are taking annual leave or anything like that it can put a bit of a hold on things too. It'll happen, just try not to stress too much about it (easier said than done, I know). Of course it could also be that one of the solicitors involved is a tad slow. Feel free to keep onto your solicitor to ask about what's holding it up.

TheGunns · 21-04-2022 7:52am

We're currently looking to buy a new build in the next phase of a development due to release soon. Should we be looking at getting quotes from different solicitor now? The guides are all saying don't until you find somewhere but seen the odd bit of information saying to sort it before! No guarantee we get a property either so unsure if need to do it now

LunaLoo · 21-04-2022 8:20am

https://www.boards.ie/discussion/comment/118954692#Comment_118954692

I'd definitely start getting quotes anyway, no harm at all. When you get a property then you formally instruct them to start acting on your behalf. It might also help strengthen your position if you have a solicitor ready to act for you.

Mollyb60 · 21-04-2022 8:32am

Finally joining this thread! Went sale agreed last week on our house in Belfast. The buyer, over the easter weekend, contacted the PSNI about the area (who does that?) and has now pulled out of the sale. We are beyond fuming. Granted, we live in Poleglass which isn't a great area but our estate is actually the nicest place in the entire ward. It's full of families and elderly people. Never a tap of trouble in here. I think the buyers are gonna be hard pressed to find a house in Belfast city that isn't surrounded by difficult areas. Even the fancy areas around Malone would be close to where there are parades.

So the estate agent is off to the underbidders to see if they want to honour their bids now. It's so frustrating.

LunaLoo · 21-04-2022 4:13pm

Our loan offer from the bank finally came through today 🙌. Still waiting on them to send the deeds to solicitor though 5weeks and counting now. Apparently there is a backlog but does anyone know of a way to speed things up? So frustrating that nothing can progress until they get sent over 😫 both the purchaser of our house and seller of our hopefully future house are eager to close ASAP and no other parties involved

bawnBeag · 21-04-2022 6:44pm

Went sale agreed our house, buyers saying they want to move in earlier than we planned by about a week, which would put us under pressure. We still have a couple of months before we move but hopefully this is not an issue and they won't pull out. Is this something I should try to be flexible on or stick to my guns?

Dodge · 21-04-2022 6:47pm

https://www.boards.ie/discussion/comment/118957678#Comment_118957678

Your house. You decide when you move out. All manner of things can delay it anyway so there’s absolutely no guarantee either of you will get the day exactly right anyway this far out

Xidu · 22-04-2022 12:12am

It normally takes 4-6month to close everything if a mortgage is involved

takes 1-2month to close if cash buy.

if 2nd hand house, u will also need to book engineers to do checks.

and owner needs to provide tons of documents which could take them time to prepare also.

the worst thing is that solicitor doesn’t keep on top of things for you. You need to push them on a weekly basis.

TheMilkyPirate · 22-04-2022 11:58am

https://www.boards.ie/discussion/comment/118952165#Comment_118952165

Yeah cheers I was onto our solicitor again yesterday but to be fair he's been great and the problems are all on the other side so don't want to be bothering him too much. It's planning permission for extensions that's holding it up, we were told yesterday that the compliance certificate is being updated whatever that means so hopefully a bit of movement next week.

Barnaboy · 22-04-2022 4:17pm

https://www.boards.ie/discussion/comment/118954796#Comment_118954796

Sounds like your current neighbours got lucky. Would hate to live by an insufferable snob.

Best of luck with the sale. Love Belfast by the way. Great city.

EvoEvo · 23-04-2022 1:38am

Hi Everyone

I'm currently on sales agreed from yesterday ( I still can't believe it) for a second-hand apt in Dublin.

My solicitor asked me to book the building survey.

My question is, can I already book the valuer survey ( my broker provided the contact details) and mortgage protection? or should I wait for the

building survey report? Thank you

Brock Turnpike · 23-04-2022 8:10am

Is it mortgage protection and life insurance?

Or can you get mortgage protection but leave off the life insurance?

Mad_maxx · 23-04-2022 12:08pm

had a tenant approach me recently about buying my house , Im not Santa Claus so wont be giving it away but a discount to the market is not unreasonable as id have to spend probably 10 k between painting and other tidy up exercises to have it looking its best , add in estate agent fees and you are at 15 k , what kind of increases are we seeing since the beginning of 2021 , Im guessing 20% ?

Say house is worth 325 k with vacant possession after all improvements made , I'm guessing 300 k would be a decent quick sale price, not a case of being Mr nice guy, if two parties can see mutual benefit, it often incentivises easier cooperation

Good tenants, nice people but at least 12 % below market rent and believe me ,I've upped it to the max since I bought it but you can only work within parameters

Icantthinkof1 · 23-04-2022 1:29pm

We’ve been trying to buy for the past couple of months and have viewed numerous properties and from my experience you wouldn’t have to put a penny in to doing your house up

Most of the houses we viewed were barely cleaned and they still sold for upwards of €60k over the asking

Mad_maxx · 23-04-2022 1:57pm

https://www.boards.ie/discussion/comment/118965141#Comment_118965141

this is different , attic bedroom conversion wasnt done properly like many builds at the time so needs to be registered before advertising as a four bed , to meet todays regs , you could spend 30 k minimum bringing an attic bedroom to spec

Taylor365 · 23-04-2022 2:40pm

https://www.boards.ie/discussion/comment/118965301#Comment_118965301

You could advertise it as a drafty shed, it will still go €50k+ over the asking.

I've seen dungeons go for €350k+

joeguevara · 24-04-2022 6:15am

Contracts went out with a closing date of 4 weeks. Annoyingly received to clarify if the bathroom on the ground was already in existence. The structure was already including the 1 story roof. The brickwork was replaced and the roof was made good so in effect was no new extensiion. However this was not on the deeds and we can’t prove it was done before 1972. Not a big issue as it falls within the planning certification so I have for this. It’s just annoying as it is clearly exempt . But anyway no real delay: I hope people are making progress whether that is buying or selling.

_Brian · 24-04-2022 6:45am

Our house went live online last Monday. It’s had eight viewings so far with three booked in for this coming week.

Two parties have made a bid already, another have said they will be making an offer.

I suppose we wait now and see where it goes.

iColdFusion · 24-04-2022 1:56pm

FYI to anyone on this thread CCPC have a great series of step by step FAQ's for anyone buying or selling property

https://www.ccpc.ie/consumers/housing/

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

Comments