Government Funds Local Authority Housing Scheme

autumnbelle wrote: »

Had you signed approval letter?

No nothing signed.

Hi Guys,

We have had final approval meeting with fingal county council two weeks ago signed all the papers, now we are waiting for the legal team to contact our solicitor. Anyone has gone through this stage? how long should we wait for a reply? Is it possible that we can still get rejected even if we got an approval in principal?

We have put a deposit on a house and gone sale agreed three weeks ago.

stryker mcqueen wrote: »

Took us 3 weeks to get contracts sent to our solicitor, unlikely you can be declined unless you went on a mad gambling spree :pac:

Thank you for your reply, and then how long did it take for you to get the keys to the house finally?

I'm waiting on a valuation from the Coco.

What happens if the valuation is for less then I paid...?

Hi Lads,

I need some advice. We got Approval in Principle from CC. 2 weeks ago we have found New Development, we paid deposit and hire solicitor.So we are on Sale Agree now. We sent deposit proof and details of property to CC and solicitor details. By Estate Agent this house will be to be ready in November. But CC said I can't get full Loan Pack before house will be ready for valuation. But from other side Developer/Estate Agent push me to sign contract within 2 weeks, but I've no Loan Pack and will not get this before valuation as they says in Council Loan Dept.. Do you have any expierence with this? Do you think CC should offer Loan Pack before valuation like normal Bank do it?

Thx. Best regards

I have approval, signed contracts and everything. The builders have said the house will be ready in January, the loan offer is valid for 6 months, which is the end of January. If the house isn't ready by then, do I have to fill out an application all over again? Or do they just give me an extension? Also if I have to fill an application out again, would it be as if I was applying for the first time? Bank statements, loan refusals, etc?

remi76 wrote: »

redmond08, how you got full Loan Offer before valuation? Or you mean Loan Offer = Approv on Principle? Also did you solicitor insert any protection with subject to loan to contract ?

It's a new build, are solicitor got the loan pack off the council, signed them today and signed the contracts for the builder. She has put in protection that if we can't draw down the funds we get our full deposit back. It's just if we need an extension, is it straight forward or more paperwork? I'm just worried the house won't be done in time!

I just seen your previous post Remi76, your solicitor should get the loan pack, yours is a new build like mine. You can't get a valuation on a new build if it isn't finished yet.

remi76 wrote: »

I supposed it should be like that but I've spoken personally with CC and their Solicitor they both said definetly they not give Loan Pack before valuation and that's are rules of Rebuilduing Ireland Loan. As I see everything is depend from Co.Council.

Maybe get your local TD involved, it is very strange they ain't giving the loan pack to your solicitor!

@DUB924:
yes. you need to do all of this. of course. the estate agent won't to a.....

Hi Guys,

Just wondering should I appeal the refusal for this scheme, they have just issued me with the following reasons on why I was refused -

- Repayment Capacity Not Demonstrated - (Passed both AIB and BOI capacity with no bother at all, between savings and household contribution I set aside €700 every single month)

- Unsatisfactory Savings Record/Source of Equity - (I had €25,000 saved at time of application and now have €30,000, how can they not class this as a savings record?)

Very down about being totally refused .. is it worth appealing?

Thanks in advance.

Exactly, no one guarantee you will get another AIP in future or not change circumstances, either CC , yours or developer. In that situation we had choosed house which had to be ready within 2 months and is ready now. It is always risk waiting but if you will be patient, might you will win but you can lost as well. But nobody knows now.

Sam2904 wrote: »

We have the same issue with a new build, was told we would have submit new application to get another 6 months. Dont see why stage payments cant be made to builder.

Do you mind me asking what ye decided to do? Did ye go ahead and sign contracts with clause subject to funds and reapply then?

I'd just be happier if I could secure house with current letter of offer, worried now I'll lose it because council won't send loan pack.

Hi, I'm looking to build a house in leitrim hopefully, but I'm from roscommon. Could I go to leitrim co co for one of these loans, thanks.

irishfeen wrote: »

Hi Guys,

Just wondering should I appeal the refusal for this scheme, they have just issued me with the following reasons on why I was refused -

- Repayment Capacity Not Demonstrated - (Passed both AIB and BOI capacity with no bother at all, between savings and household contribution I set aside €700 every single month)

- Unsatisfactory Savings Record/Source of Equity - (I had €25,000 saved at time of application and now have €30,000, how can they not class this as a savings record?)

Very down about being totally refused .. is it worth appealing?

Thanks in advance.

Of the 30k you have in savings has it been a regular amount each month over a period of time? I think this may be something they look at. So while you have great savings they need to see can you sustain it over time? I know that's what a bank told a friend before, she had to go back nearly a year later to show she could as before it had been sporadic amounts going in.

Also the repayment capacity could be to do with your net income and the amount you applied for. The repayment plus the mortgage protection insurance needs to not be over 1/3 of your net income. I was initially refused because I had applied for the amount the online calculator told me but it doesn't factor in the mpi or your net so it's too high. I ended up appealing after ringing and the council person told me send appeal letter and ask for the maximum amount allowed. Could you try this? Phone them first and see.

Huntline wrote: »

Hi all,
Did anyone else who has completed purchase of a property get charged an extra €1000 on top of solicitors fees to "complete after drawdown of mortgage". This had not been previously mentioned to us by our solicitor.

What council are you with, did they charge it? Or was this from your own solicitor who charged this?

Thanks. Wonder will I have a double payment then on 1st Dec as completed sale earlier in November and then in advance for December.

Hi all. I am a bit confused as to who has the final say. Is it the credit committee in the co council. Or does it go somewhere else after that if approved by them?

Darkglasses wrote: »

Payment should be received before the end of the month after they issue the cheque. If the council hasn't informed you when your repayments start, there's something dreadfully wrong

I drew down at the beginning of December and still haven't received my letter stating where to send my first payment or by when (2nd payment onwards comes out by DD). I emailed my contact in the council and he said the letter hadn't been written yet and I'd get it in January...