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

goingagain · 08-08-2020 8:42am

Nalz wrote: »

Hi all

Can you transfer your existing life assurance on to another mortgage? I'm selling and buying at the minute, Ive paid off 60k plus on a 220k mortgage in 4 years, potentially seeking a new mortgage of 200k (might be a bit lower as the bidding has not stopped on my house).

I have life assurance with Irish life for current mortgage, can I just transfer that or do you have to get reassessed etc?

It depends of the type of policy you have and if the time lengths etc match up

We have a policy from our last mortgage which we have kept in place just in case, but we can’t use it for the new mortgage because the time lines don’t match. So we’ll have to cancel and get a new one, if time lines matched we’d be fine

swampgas · 08-08-2020 9:40am

I had a life assurance policy which I took out for an earlier mortgage, and kept running after the mortgage was cleared. A few years later I was able to re-use the same policy for a different mortgage. (The second mortgage was only for 15 years and the policy was still valid for the full term of the mortgage.) There was no reassessment required.

kippy · 08-08-2020 10:18am

swampgas wrote: »

I had a life assurance policy which I took out for an earlier mortgage, and kept running after the mortgage was cleared. A few years later I was able to re-use the same policy for a different mortgage. (The second mortgage was only for 15 years and the policy was still valid for the full term of the mortgage.) There was no reassessment required.

It would depend on each policy whether it would apply or not.
Either way there is absolutely no harm in keeping the policy in play as it's usually a relatively cheap form of insurance that gets more expensive to purchase as you get older.

ladystardust · 08-08-2020 10:19am

IvoryTower wrote: »

1250 inc vat , not stamp duty

6500 approx including stamp

Duke of Url · 08-08-2020 9:13pm

ladystardust wrote: »

6500 approx including stamp

All in on a new build cost me 6k. Our solicitor was excellent

Queenio · 08-08-2020 10:44pm

Hi has anyone recently bought a house with kbc? Finding them extremely slow to sort things. We are sale agreed and awaiting a loan offer. Both public servants which they know. Our broker has been on to them to hurry the process along. He reports the noticeable delays starting to really show as a result of working from home etc. Just wondering how long the process took for anyone who has recently been through it. Dreading them dragging out on drawdown as well. Thanks

Dolbhad · 09-08-2020 8:20am

goingagain wrote: »

How much are people paying for solicitors fees. We’ve been quoted based on a %, buying and selling. Professional fees 10k before VAT and outlay

I would not agree to a % if the house price. That seems very high. In Cork, including professional fee, VAT and outlay we were looking at about 3k for a purchase. Not sure where you are based. I know Dublin can be more expensive but you only meet the solicitor once or twice so could be worth going outside of Dublin if that’s the case.

Dolbhad · 09-08-2020 8:24am

We are currently bidding on some properties in Cork and seem to be up against two or three couples at the moment. Ideally, I had wanted to keep some money behind so start working on some rooms in the house if we secured the house. And then have to wait to do any big jobs for down the line.

Now it seems to keep up with bidding, all our savings will have to be used including a gift we had.

House appears to be a good second hand house so wouldn’t expect the engineers report to come up with something to be done ASAP.

I’m wondering would most use up all their savings when buying first home or have some cash behind just in case.

jesus_thats_gre · 09-08-2020 3:59pm

Curious of your thoughts on this - suspect it has been asked before. Considering bidding on a property an hour plus out of Dublin - asking price of 280k. It's a perfectly fine house that ticks all the major boxes but needs a bit of work to modernise it to our tastes. Spoke to the property agent late last week and there has apparently been a single bid on the property - of 280k.

Struck me as slightly odd for the first and only bid to be lodged at asking price. Is it my imagination running away with me or would it cause anyone else to raise an eyebrow?

Claw Hammer · 09-08-2020 4:24pm

Dolbhad wrote: »

We are currently bidding on some properties in Cork and seem to be up against two or three couples at the moment. Ideally, I had wanted to keep some money behind so start working on some rooms in the house if we secured the house. And then have to wait to do any big jobs for down the line.

Now it seems to keep up with bidding, all our savings will have to be used including a gift we had.

House appears to be a good second hand house so wouldn’t expect the engineers report to come up with something to be done ASAP.

I’m wondering would most use up all their savings when buying first home or have some cash behind just in case.

Most people use every last penny to get the best house possible. The vast majority of work can wait.

Smouse156 · 09-08-2020 4:24pm

jesus_thats_gre wrote: »

Curious of your thoughts on this - suspect it has been asked before. Considering bidding on a property an hour plus out of Dublin - asking price of 280k. It's a perfectly fine house that ticks all the major boxes but needs a bit of work to modernise it to our tastes. Spoke to the property agent late last week and there has apparently been a single bid on the property - of 280k.

Struck me as slightly odd for the first and only bid to be lodged at asking price. Is it my imagination running away with me or would it cause anyone else to raise an eyebrow?

Typical estate agent, there is always a big around asking price probably from their colleague! I’d completely ignore it and only offer what you think it’s worth. Compare similar properties from the PPR, take account of the renovation cost, area and estimate a price range purely based on statistics. What the EA says should have no bearing whatsoever on what you should offer unless they’ve way undervalued it.

jimmytwotimes 2013 · 09-08-2020 4:32pm

Forgive my innocence/stupidity, can EA lie about bids on a house?

Glory83 · 09-08-2020 4:38pm

jimmytwotimes 2013 wrote: »

Forgive my innocence/stupidity, can EA lie about bids on a house?

Sure, they can. You could end up bidding against yourself the entire time esp if the seller is not in rush to sell.

jimmytwotimes 2013 · 09-08-2020 4:42pm

Glory83 wrote: »

Sure, they can. You could end up bidding against yourself the entire time esp if the seller is not in rush to sell.

Good to know. How's that not against the law?

fisgon · 09-08-2020 4:47pm

jesus_thats_gre wrote: »

Curious of your thoughts on this - suspect it has been asked before. Considering bidding on a property an hour plus out of Dublin - asking price of 280k. It's a perfectly fine house that ticks all the major boxes but needs a bit of work to modernise it to our tastes. Spoke to the property agent late last week and there has apparently been a single bid on the property - of 280k.

Struck me as slightly odd for the first and only bid to be lodged at asking price. Is it my imagination running away with me or would it cause anyone else to raise an eyebrow?

I have been looking at apartments recently and every single one of them have apparently had an offer on them already of about 5 grand under asking price.

It began to strike me as a little coincidental - I was advised by more than 1 EA to offer close to asking price if I wanted to get the place. I would be surprised if they were all telling the truth.....

Glory83 · 09-08-2020 4:48pm

jimmytwotimes 2013 wrote: »

Good to know. How's that not against the law?

I am interested like you to know how that is not against the law, because it has been going on for ages and seems a norm. Therefore, my piece of advice never bid more than what you think the property is worth. Analysing the prices for similar properties in the same area can help you to give you an estimate of the max you can go for a property.

Smouse156 · 09-08-2020 5:55pm

fisgon wrote: »

I have been looking at apartments recently and every single one of them have apparently had an offer on them already of about 5 grand under asking price.

It began to strike me as a little coincidental - I was advised by more than 1 EA to offer close to asking price if I wanted to get the place. I would be surprised if they were all telling the truth.....

100% many of those were Makey Uppey bids

wolfyboy555 · 09-08-2020 6:29pm

I'd like to get a builder in to check out a house we are interested in. A supporting wall would need to come down and would like to extend a bit. We would like to know ballpark how much these works would cost obviously but don't know any builders. Is it a case of ringing around some local ones and asking them to attend the viewing. Do they charge for this?

Pivot Eoin · 09-08-2020 9:52pm

Anyone experienced similar? What did you do.

Viewed a property, loved it. Needs a good bit of work, but great price per sq. Meter in a nice area. LOTS of interest. It's definitely priced for bids, is in Probate and vacant a while. Only recently up/ Best Bidding strategy?

1 - Call up EA, ask them if they want quick sale and what they want, hoping to agree maybe 3% above asking (3% about €15k)
2 - Be first bidder, bid high to scare off.
3 - Bid Low to lower the starting bar and hope my budget sees me through.

I'm leaning towards trying option 1 and if that doesn't work then just plough on with 2 or 3.

Will Yam · 09-08-2020 10:45pm

Pivot Eoin wrote: »

Anyone experienced similar? What did you do.

Viewed a property, loved it. Needs a good bit of work, but great price per sq. Meter in a nice area. LOTS of interest. It's definitely priced for bids, is in Probate and vacant a while. Only recently up/ Best Bidding strategy?

1 - Call up EA, ask them if they want quick sale and what they want, hoping to agree maybe 3% above asking (3% about €15k)
2 - Be first bidder, bid high to scare off.
3 - Bid Low to lower the starting bar and hope my budget of about 7% over asking sees me through.

I'm leaning towards trying option 1 and if that doesn't work then just plough on with 2 or 3.

You have nothing to lose with option 1 ( but I’m not sure it will succeed)

If you really want it, you could consider the 3% (or more), strategy, but I’d be inclined to position the bid as conditional on being accepted within a time limit 24/48 hours?and going sale agreed. If not your offer is withdrawn. Doesn’t mean you can’t make another offer later.

I recently bid low (-10%) but in retrospect I feel I may have invited others in and then they got sucked in.

cubatahavana · 10-08-2020 8:54am

Pivot Eoin wrote: »

Anyone experienced similar? What did you do.

Viewed a property, loved it. Needs a good bit of work, but great price per sq. Meter in a nice area. LOTS of interest. It's definitely priced for bids, is in Probate and vacant a while. Only recently up/ Best Bidding strategy?

1 - Call up EA, ask them if they want quick sale and what they want, hoping to agree maybe 3% above asking (3% about €15k)
2 - Be first bidder, bid high to scare off.
3 - Bid Low to lower the starting bar and hope my budget of about 7% over asking sees me through.

I'm leaning towards trying option 1 and if that doesn't work then just plough on with 2 or 3.

Currently selling myself.

Decide if you’re willing to go 5-10% over asking price. Bid a little bit bellow asking (5% max). If there is another bid soon, I’d go with a conditional bid around 7% over asking. It’ll leave you a little of wiggle room if you’re willing to go 10% over asking and it’ll indicate the rest that you’re not messing around

Pivot Eoin · 10-08-2020 9:33am

cubatahavana wrote: »

Currently selling myself.

Decide if you’re willing to go 5-10% over asking price. Bid a little bit bellow asking (5% max). If there is another bid soon, I’d go with a conditional bid around 7% over asking. It’ll leave you a little of wiggle room if you’re willing to go 10% over asking and it’ll indicate the rest that you’re not messing around

The house is not worth 10% above asking if you compare it to the same market in the area.

10% above asking has got turn key similar sized, specd propertiers in the area. This needs good amount of work.

3-5% above asking is its true value.

Pivot Eoin · 10-08-2020 9:33am

cubatahavana wrote: »

Currently selling myself.

Decide if you’re willing to go 5-10% over asking price. Bid a little bit bellow asking (5% max). If there is another bid soon, I’d go with a conditional bid around 7% over asking. It’ll leave you a little of wiggle room if you’re willing to go 10% over asking and it’ll indicate the rest that you’re not messing around

The house is not worth 10% above asking if you compare it to the same market in the area.

10% above asking has got turn key similar sized, specd propertiers in the area. This needs good amount of work.

3-5% above asking is its true value.

cubatahavana · 11-08-2020 10:09am

Queenio wrote: »

Hi has anyone recently bought a house with kbc? Finding them extremely slow to sort things. We are sale agreed and awaiting a loan offer. Both public servants which they know. Our broker has been on to them to hurry the process along. He reports the noticeable delays starting to really show as a result of working from home etc. Just wondering how long the process took for anyone who has recently been through it. Dreading them dragging out on drawdown as well. Thanks

Our broker got an email today highlighting delays with KBC due to the high number of aplications received. He mentioned this is due to the fact that they are accepting people on the COVID subsidy and have been inundated

CuriousKarl · 11-08-2020 10:43am

cubatahavana wrote: »

Our broker got an email today highlighting delays with KBC due to the high number of aplications received. He mentioned this is due to the fact that they are accepting people on the COVID subsidy and have been inundated

Our broker also advised us that KBC are experiencing large delays - taking about 10 working days to get updates on AIP and then an expected further 14 days between AIP and moving to loan offer (mortgage pack)

fliball123 · 11-08-2020 10:44am

CuriousKarl wrote: »

Our broker also advised us that KBC are experiencing large delays - taking about 10 working days to get updates on AIP and then an expected further 14 days between AIP and moving to loan offer (mortgage pack)

KBC trying to corner the market with allowing Covid payments. I wonder will the rest follow suit?

ebayissues · 11-08-2020 11:25am

CuriousKarl wrote: »

Our broker also advised us that KBC are experiencing large delays - taking about 10 working days to get updates on AIP and then an expected further 14 days between AIP and moving to loan offer (mortgage pack)

I am trying to get in touch with PTSB 2 weeks now nothing. Thinking of going to KBC.

woodchuck · 11-08-2020 11:34am

Question: For mortgage protection, does anyone know if there is an issue taking it out with the crowd associated with your bank if you want to switch our mortgage provider down the line? We've read this online and plan to look into it in more detail, but thought some people on here might be in the know to point us in the right direction...

SteelyDanJalapeno · 11-08-2020 11:42am

ebayissues wrote: »

I am trying to get in touch with PTSB 2 weeks now nothing. Thinking of going to KBC.

I've had excellent experiences with PTSB this far, did you meet with am advisor? Or are you just reaching out over the phone?

ebayissues · 11-08-2020 12:15pm

SteelyDanJalapeno wrote: »

I've had excellent experiences with PTSB this far, did you meet with am advisor? Or are you just reaching out over the phone?

TBF, they have been good. I met them before the lock down.. Its just no when I need the approval, its been difficult to get through to them.

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

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