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

SheepShep · 16-04-2021 12:22pm

Smouse156 wrote: »

Could anyone recommend conveyancing solicitor in Dublin please?

Also if buying in Dublin, is a Dublin solicitor needed out of interest?

What are standard fees for new build?

Thanks,

I'd certainly go for a solicitor you can get to easily enough as you will be physically signing documents.

Paul_Mc1988 · 16-04-2021 12:28pm

Claw Hammer wrote: »

A high proportion of LTIs reduce the value of the loan book.

Yeah LTIs are higher risk due to a slight increase in exposure. No bank will want to take on a loan book with a high number of them

16-04-2021 3:53pm

Busi_Girl08 wrote: »

Was going to reply to you in the KBC thread but better here :pac:.

We're in the same boat as above, AIP from KBC with an LTI exception valid for just 2 months. Got a call from our broker to say they're halting LTI exceptions, and that we really had this week to get something across the line to be in with a chance to get an offer with the exception.

We viewed house on Monday evening, really liked it, were in a bidding war all week and were the highest bidder up until last night when we were outbid. Gutted.

Will be arranging a call with our broker early next week to discuss our options, but her advice for us on Monday was that she would get our AIP amended down to the standard 3.5 times to keep us in the loop, and she'll keep an eye on the exceptions in the meantime when it comes to us finding somewhere down the line, but her advice really boiled down to "hold fire for a few months".

We're going to really struggle to be competitive and find somewhere that meets our needs without the LTI exception though, although we're keeping an eye out for some new builds we might have a chance with (have the HTB).

Happy Friday

Sorry to hear that you didn’t get the house. We were lucky that we were well into the purchase of the house but the sudden rush to get the loan offer over the line when the valuer made a mistake on the paperwork was not fun.

Best of luck with your house hunting.

shesty · 16-04-2021 8:20pm

Prices around where we are have gone through the roof the last few weeks. We are second time buyers with a property to sell but it is depressing. Not rushing in right now, I really thin there is no value for what we are after.

kippy · 16-04-2021 9:27pm

shesty wrote: »

Prices around where we are have gone through the roof the last few weeks. We are second time buyers with a property to sell but it is depressing. Not rushing in right now, I really thin there is no value for what we are after.

Would you see the value of your own property decline in line with the value of what you are looking for or would it decline faster/slower relative to what ye are after?
(Crystal ball question)

16-04-2021 10:11pm

kippy wrote: »

Would you see the value of your own property decline in line with the value of what you are looking for or would it decline faster/slower relative to what ye are after?
(Crystal ball question)

Second time buyer here. We are sale agreed on our own property and another we are planning to buy.

Definitely paying over the odds but are getting a price that is way above where it should be too, I think we are probably negatively affected by about 2k, small price to pay as we want to move for kids schools etc.

Seems like if you’re a mover it doesn’t overly matter if you go now or wait because prices will move accordingly (aware that’s a fairly broad statement), if I was a first time buyer and could wait I probably would at this stage.

Reins · 16-04-2021 10:16pm

Deleted User wrote: »

Second time buyer here. We are sale agreed on our own property and another we are planning to buy.

Definitely paying over the odds but are getting a price that is way above where it should be too, I think we are probably negatively affected by about 2k, small price to pay as we want to move for kids schools etc.

Seems like if you’re a mover it doesn’t overly matter if you go now or wait because prices will move accordingly (aware that’s a fairly broad statement), if I was a first time buyer and could wait I probably would at this stage.

Spot on. Only people this is affecting is ftb or renters.

hold my beer · 16-04-2021 10:24pm

Reins wrote: »

Spot on. Only people this is affecting is ftb or renters.

It affects people trading up too.

Padre_Pio · 17-04-2021 12:03am

hold my beer wrote: »

It affects people trading up too.

I would wager that people trading up are in a better position. The big price jumps seem to be more on the lower end than the upper.

Cash_Q · 17-04-2021 4:11am

shesty wrote:

Prices around where we are have gone through the roof the last few weeks. We are second time buyers with a property to sell but it is depressing. Not rushing in right now, I really thin there is no value for what we are after.

Would you worry that you might not get enough money for your current house to enable you to move if you hold out too long? That was our biggest fear when we moved last year. We needed to redeem existing mortgage and have 20% deposit for the new purchase. We could have waited a few months and possibly got more for the sale but we would have paid more on a purchase which would have negated the purpose of waiting. Equally, holding out for prices to fall would have left us without enough money to move.

cousin_borat · 17-04-2021 10:37am

cousin_borat wrote: »

Finally some white smoke re contracts. Our solicitor says he expects to receive on Thursday or Friday. Hopefully it will be a case of prolonged inactivity and things happen quickly now.

We need to make final decision on EBS, ICS or CU (EBS and CU fully underwritten and bank surveys completed) and make sure all’s in order.

On Thursday gone we signed the contracts with our solicitor, and paid deposit balance :P

Took alot of wrangling by myself in the background to get the KPMG/IBRC deeds issue sorted out. There was a chain of 4 solicitors involved (our solicitor, vendors current solicitor, vendors previous solicitor from when they bought the house, previous owners solicitor when they sold the house to current vendor).

If you find yourself in a similar situation, try to take control of the situation, even if it may involve overstepping the mark slightly. Solicitors naturallly enough are v busy, so won't be proactive in these situations and they're not thinking about your case all the time! Also a chain of communication like that leads to mis-communication. For example my KPMG contact emphasized the need to email requests. When it got to the solicitor who was required to file an eDischarge he decided it was best to courier the docs to IBRC address on Golden Lane which is empty without even a security guard.

Reins · 17-04-2021 10:40am

hold my beer wrote: »

It affects people trading up too.

How?
If you're trading up you're selling at current market value and buying at current market value.

hold my beer · 17-04-2021 11:19am

Padre_Pio wrote: »

I would wager that people trading up are in a better position. The big price jumps seem to be more on the lower end than the upper.

Not at all. Seeing houses in D16 way up on their values of 2 years ago.

Reins wrote: »

How?
If you're trading up you're selling at current market value and buying at current market value.

A 10% increase on a property worth say 400k is 40k.

A 10% increase on a property worth say 600k is 60k.

So a general 10% increase in rates accross the board is also going to affect people trading up (by 20k in example above).

Paul_Mc1988 · 17-04-2021 11:54am

hold my beer wrote: »

Not at all. Seeing houses in D16 way up on their values of 2 years ago.

A 10% increase on a property worth say 400k is 40k.

A 10% increase on a property worth say 600k is 60k.

So a general 10% increase in rates accross the board is also going to affect people trading up (by 20k in example above).

You just proved them both right. If you have no house you are down 40k or 60k if buying either of them.

If trading up from the 400 to 600 which would now be 440 and 660 you are only down 20k

So people are in a better position if trading up!!

hold my beer · 17-04-2021 11:56am

Paul_Mc1988 wrote: »

You just proved them both right. If you have no house you are down 40k or 60k if buying either of them.

If trading up from the 400 to 600 which would now be 440 and 660 you are only down 20k

So people are in a better position if trading up!!

I never said anything about it affecting one group more than the other, just that it also affects people trading up.

Busi_Girl08 · 17-04-2021 12:01pm

cisk wrote: »

Sorry to hear that you didn’t get the house. We were lucky that we were well into the purchase of the house but the sudden rush to get the loan offer over the line when the valuer made a mistake on the paperwork was not fun.

Best of luck with your house hunting.

Thanks. It was an intense week with a disappointing end to it. In hindsight I got my hopes up waaay to high on the house but it's hard not to when you're talking about your first and forever home. I just crashed out after hearing we were outbid and the kbc news was a double whammy.

We'll have a chat with our broker about our options next on Monday, but in the meantime today myself and the fella will get out and enjoy the sunshine and a takeaway and a movie or 2 tonight to unwind.

Tomorrow's another day

Best of luck with the sale. Hope all the rest of it goes smoothly!

FrankN1 · 17-04-2021 12:53pm

Are viewings happening at the moment or not allowed still?

Busi_Girl08 · 17-04-2021 12:54pm

FrankN1 wrote: »

Are viewings happening at the moment or not allowed still?

Technically not allowed but some EAs are doing a bid to view set up or allowing viewings for vacant properties.

Hopefully will be lifted next month.

cintec · 17-04-2021 1:22pm

FrankN1 wrote: »

Are viewings happening at the moment or not allowed still?

I spoke to one agent about viewing a house with asking price 345k and they advised only people who made offers in the region of 370k would be allowed view the property.

Another agent seemed to be following the rules and said no viewings during level 5.

Brock Turnpike · 17-04-2021 5:28pm

FrankN1 wrote: »

Are viewings happening at the moment or not allowed still?

My experience is it depends on the EA and the status of the house e.g. vacant, or vendor happy for viewings to go ahead

whiskeyman · 17-04-2021 5:31pm

My experience is viewings happening only when down to last 2 bidders.

17-04-2021 8:46pm

I've literally just today begun toying with the idea of trading up as I've a bit of equity on the house and we're earning a decent bit more than when we moved in three years ago.

But Jesus it's a daunting prospect - the idea of selling your house and timing it perfectly to be able to move straight into another. If the new house is one needing any work then it's practically impossible without moving into parents and putting everything into storage. And you'd likely need a pretty understanding buyer who was willing to wait for a while for you to move out.

But I suppose it's a sellers market at the moment. The ideal scenario would probably be to find the house you want, preferably in turn key condition, put down the deposit and put your own up for a quick sale. And they've been selling in a week around here. You still need a patient seller though.

Or am I overthinking this?

K.Hawksworth · 17-04-2021 9:21pm

[Deleted User] wrote: »

I've literally just today begun toying with the idea of trading up as I've a bit of equity on the house and we're earning a decent bit more than when we moved in three years ago.

But Jesus it's a daunting prospect - the idea of selling your house and timing it perfectly to be able to move straight into another. If the new house is one needing any work then it's practically impossible without moving into parents and putting everything into storage. And you'd likely need a pretty understanding buyer who was willing to wait for a while for you to move out.

But I suppose it's a sellers market at the moment. The ideal scenario would probably be to find the house you want, preferably in turn key condition, put down the deposit and put your own up for a quick sale. And they've been selling in a week around here. You still need a patient seller though.

Or am I overthinking this?

Maybe a little. There are other options. We're in the same boat but plan to rent if there's a gap between selling our house and buying our next.

Immy · 17-04-2021 10:03pm

[Deleted User] wrote: »

I've literally just today begun toying with the idea of trading up as I've a bit of equity on the house and we're earning a decent bit more than when we moved in three years ago.

But Jesus it's a daunting prospect - the idea of selling your house and timing it perfectly to be able to move straight into another. If the new house is one needing any work then it's practically impossible without moving into parents and putting everything into storage. And you'd likely need a pretty understanding buyer who was willing to wait for a while for you to move out.

But I suppose it's a sellers market at the moment. The ideal scenario would probably be to find the house you want, preferably in turn key condition, put down the deposit and put your own up for a quick sale. And they've been selling in a week around here. You still need a patient seller though.

Or am I overthinking this?

Most estate agents won’t take an offer until your house is sale agreed.

We bought and sold in February, on the same day.

The house we were selling was in a desirable area and sold very quickly. The house we bought was in good condition so we moved straight in.

But if you have to sell to buy you have no choice to sell first.

ionapaul · 17-04-2021 10:27pm

Yes - if you are trading up currently you probably should put your own house on the market first, go sale agreed, then start to seriously bid. That's what we've done, and the few EAs we wanted to place bids with in the last two weeks were unwilling to accept them without us being sale agreed already. And rightfully so IMHO.

On the impact of the current hot market on trader uppers, and this is coming from someone who is sale agreed on their own place but not yet secured the next property, I feel in % terms we've probably done better on our own sale than we'll lose on the other side, but of course in € terms we might lose out a bit. We are selling in the €400k-€500k range, and it seems getting 10% over asking is common. We've looked in both the €500-€675k range and the €675-€850k range for our next property and I think the upper range is where the bidding wars maybe are less intense? At least in terms of % over asking. Certainly in terms of €/sq ft.

17-04-2021 10:43pm

Really helpful answers, thanks

SheepShep · 18-04-2021 2:04am

[Deleted User] wrote: »

I've literally just today begun toying with the idea of trading up as I've a bit of equity on the house and we're earning a decent bit more than when we moved in three years ago.

But Jesus it's a daunting prospect - the idea of selling your house and timing it perfectly to be able to move straight into another. If the new house is one needing any work then it's practically impossible without moving into parents and putting everything into storage. And you'd likely need a pretty understanding buyer who was willing to wait for a while for you to move out.

But I suppose it's a sellers market at the moment. The ideal scenario would probably be to find the house you want, preferably in turn key condition, put down the deposit and put your own up for a quick sale. And they've been selling in a week around here. You still need a patient seller though.

Or am I overthinking this?

Probably not over thinking as it is so hard to time it right and ensure you get the sale you need.

We were first time buyers and went sale agreed in August 2020. The sellers purchases kept falling though and then there was a probate issue with the one they really wanted. By early March 2021 we were ready to move on from them. They decided to go ahead with the sale, put their stuff in storage and move the whole family in with one of their parents.

It's all choice and perspective. We were completely ready to buy and move with minimum notice, they had the house they wanted ready to buy - starting fresh with a new buyer could have meant they wouldn't have had the sale in time etc etc.

Esho · 18-04-2021 10:19am

How many potential buyers usually view a house before the vendor accepts an offer?
Is it around 10, 20, or more?

Stark · 18-04-2021 10:26am

ionapaul wrote: »

Yes - if you are trading up currently you probably should put your own house on the market first, go sale agreed, then start to seriously bid. That's what we've done, and the few EAs we wanted to place bids with in the last two weeks were unwilling to accept them without us being sale agreed already. And rightfully so IMHO.

On the impact of the current hot market on trader uppers, and this is coming from someone who is sale agreed on their own place but not yet secured the next property, I feel in % terms we've probably done better on our own sale than we'll lose on the other side, but of course in € terms we might lose out a bit. We are selling in the €400k-€500k range, and it seems getting 10% over asking is common. We've looked in both the €500-€675k range and the €675-€850k range for our next property and I think the upper range is where the bidding wars maybe are less intense? At least in terms of % over asking. Certainly in terms of €/sq ft.

Not sure about that. Saw one for 525,000 asking and thought I'd give a go bidding on it (bit of a stretch of the budget but houses in the 400-500k range were sometimes ending up over 500k anyway). It went sale agreed for 660k in the end.

kippy · 18-04-2021 1:22pm

Esho wrote: »

How many potential buyers usually view a house before the vendor accepts an offer?
Is it around 10, 20, or more?

Tens of potential buyers could look at a house and not make an offer.
I don't think the number of potential buyers looking at a house form too much of the decision making process on the sellers side.
I've seen houses with one viewer, one bid, one sale agreed.

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

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