coronavirus and the property effect

Browney7 · 19-03-2020 9:19pm

Will this be a shakedown of landlords who are renting out previous PPRs on tracker rates instead of the BTL interest rate?

Umaro · 20-03-2020 2:02am

A few tweets I saw today about the Airbnb properties that are getting dumped en masse into Daft.

https://twitter.com/KarinCarthy/status/1240698271556763648

https://twitter.com/ohnofalafel/status/1240760271737585667

https://twitter.com/Orla_Hegarty/status/1240287987054841858

https://twitter.com/Revolution_IRL/status/1240677758788874241

handlemaster · 20-03-2020 7:48am

https://m.independent.ie/business/irish/state-may-face-15bn-bill-to-ease-financial-pain-of-coronavirus-39059859.html

Property defo going to drop. It's a question of how much

antfin · 20-03-2020 1:20pm

nhoj88 wrote: »

What was the bank mortgage lending like back then?

Things I guess banks were more stringent on issues like occupation, lower levels of LTV.....

What other stringent requirements were there?

If you compare the total mortgage lending in Ireland in 2012 at €2.63 billion with 2019 at €8.7 billion it gives an idea of how far lending could drop. Average deposits for first time buyers in 2012 were almost 25% but it's more about the amount of non-performing loans on a banks books. The more non-performing loans they have the less they will be allowed lend. In reality any mortgages that avail of the 3 month payment break because of the impact of Covid-19 will become non-performing from a solvency point of view. Then if the security for the loan drops in value it becomes a negative equity non-performing loan and we're back to where we were 10 years ago and the banks won't be allowed to lend unless they offload the non-performing loan to a vulture fund to improve their balance sheet.

Assetbacked · 20-03-2020 2:00pm

Wow, there's a lot of apartments available under €2k that look alright, which was not the case a few weeks ago. It now seems to be possible to even get one bedroom apartments for 1300-1500 which aren't studios. The fact there are so many apartments means it is definitely moving towards a renters market, some of the one bedroom places looking for 1800/1900+ p/m are going to have to strongly reconsider their asking prices over the coming weeks as the institutional landlords are offering their high spec apartments for those prices in Sandyford, Islandbridge, Stillorgan etc.

Some pleasant one bedroom apartments right in the city centre for under 1500 (2 weeks ago these would not have been on daft for less than 1700/1800);

https://www.daft.ie/dublin/apartments-for-rent/dublin-2/aungier-street-dublin-2-dublin-2015395/
https://www.daft.ie/dublin/apartments-for-rent/dublin-8/6-ushers-quay-dublin-8-dublin-2011763/

Ap2020 · 20-03-2020 4:33pm

Assetbacked wrote: »

Wow, there's a lot of apartments available under €2k that look alright, which was not the case a few weeks ago. It now seems to be possible to even get one bedroom apartments for 1300-1500 which aren't studios. The fact there are so many apartments means it is definitely moving towards a renters market, some of the one bedroom places looking for 1800/1900+ p/m are going to have to strongly reconsider their asking prices over the coming weeks as the institutional landlords are offering their high spec apartments for those prices in Sandyford, Islandbridge, Stillorgan etc.

Some pleasant one bedroom apartments right in the city centre for under 1500 (2 weeks ago these would not have been on daft for less than 1700/1800);

https://www.daft.ie/dublin/apartments-for-rent/dublin-2/aungier-street-dublin-2-dublin-2015395/
https://www.daft.ie/dublin/apartments-for-rent/dublin-8/6-ushers-quay-dublin-8-dublin-2011763/

Your first link there is a former AirBnB. This account is too new to post a link, but it's still up on the site today.

PommieBast · 20-03-2020 5:36pm

Assetbacked wrote: »

Some pleasant one bedroom apartments right in the city centre for under 1500 (2 weeks ago these would not have been on daft for less than 1700/1800)

I've literally just finished moved into one of those €1800 city centre ones on a short-term let I got a few weeks ago. I think I won't bother unboxing stuff

Donald Trump · 20-03-2020 7:27pm

Ap2020 wrote: »

Your first link there is a former AirBnB. This account is too new to post a link, but it's still up on the site today.

The second one comes up with plenty reviews on Tripadvisor if ya google the Eircode

Claw Hammer · 20-03-2020 7:32pm

https://www.irishtimes.com/business/economy/daft-ie-reports-jump-in-available-rental-properties-as-result-of-outbreak-1.4208146

The law of supply and demand. The ex Airbnb properties will be higher spec than usual, but the landlords may sell when they can so might not be good for a long term letting.

20-03-2020 7:34pm

Claw Hammer wrote: »

......., but the landlords may sell when they can so might not be good for a long term letting.

I'd say most will stick it out as landlords ..... Sale prices will likely plummet.

handlemaster · 21-03-2020 11:02am

Augeo wrote: »

I'd say most will stick it out as landlords ..... Sale prices will likely plummet.

Yep I think prices will drop for sure. How much is the next question. It could become self fulfilling. People like before keep waiting and waiting .. and the drop could be 20 30 40 % who knows will see

JJJackal · 21-03-2020 12:57pm

Its worth noting that property prices will drop for the period of March to July 2020.

This may not reflect a real drop. Number of sales will drop spectacularly as people self isolate, dont go to viewings, cant get into bank etc etc

People who still have jobs where they can work from home will spend less. Consequently saving up for a deposit.

This recession/drop is different from previous in that when its over there could be upwards of 100,000 jobs created overnight

21-03-2020 1:18pm

.... Created overnight as in the ones who were lost months previously? Businesses (some) might well close and not reopen.

There's going to be a severe economic hangover.

JJJackal · 21-03-2020 1:22pm

Augeo wrote: »

.... Created overnight as in the ones who were lost months previously? Businesses (some) might well close and not reopen.

There's going to be a severe economic hangover.

I estimated 100,000 jobs out of 200,000 to 300,000 jobs lost so far. I think that is a worst case scenario.

Parents going back to work still need childcare - these jobs will be recreated even if new businesses.

Some of the pubs if not all will reopen. The ones that dont reopen could reopen in a few months under a different company.

Restaurants will be busy again (some but not all).

Some people will end up saving money and will be eager to spend it as a result of social isolation.

Claw Hammer · 21-03-2020 1:46pm

Augeo wrote: »

I'd say most will stick it out as landlords ..... Sale prices will likely plummet.

There will be the first to sell when it is at all possible.

TheSheriff · 21-03-2020 1:48pm

JJJackal wrote: »

I estimated 100,000 jobs out of 200,000 to 300,000 jobs lost so far. I think that is a worst case scenario.

Parents going back to work still need childcare - these jobs will be recreated even if new businesses.

Some of the pubs if not all will reopen. The ones that dont reopen could reopen in a few months under a different company.

Restaurants will be busy again (some but not all).

Some people will end up saving money and will be eager to spend it as a result of social isolation.

This virus is going to fundamentally change how we go about our daily lives.

There is not going to be a moment where we are told " ok Irish public, all clear resume as normal" and people rush out to spend all that saved up money in bustling restaurants.

There will be a severe economic drag from this which might take years to get over.

JJJackal · 21-03-2020 1:50pm

TheSheriff wrote: »

This virus is going to fundamentally change about we go about our daily lives.

There is not going to be a moment where we are told " ok Irish public, all clear resume as normal" and people rush out to spend all that saved up money in bustling restaurants.

There will be a severe economic drag from this which might take years to get over.

This is potentially true. But jobs will be created quickly

Mic 1972 · 21-03-2020 2:02pm

JJJackal wrote: »

Its worth noting that property prices will drop for the period of March to July 2020.

This may not reflect a real drop. Number of sales will drop spectacularly as people self isolate, dont go to viewings, cant get into bank etc etc

People who still have jobs where they can work from home will spend less. Consequently saving up for a deposit.

This recession/drop is different from previous in that when its over there could be upwards of 100,000 jobs created overnight

The property market might have a slower response, for the time being everything will stop, when finally things start moving again there will be a lot less money around to buy. I imagine prices will slowly start to decline now and will continue well after things recover

Idbatterim · 21-03-2020 2:03pm

every post should start with a (* I believe) ... if any of you have crystal balls here, where can I buy mine?

Idbatterim · 21-03-2020 2:04pm

Mic 1972 wrote: »

The property market might have a slower response, for the time being everything will stop, when finally things start moving again there will be a lot less money around to buy. I imagine prices will slowly start to decline now and will continue well after things recover

agreed slowish decline and coninue that way, unless we get dealt with an actual hammer blow at some point. Like needing another bailout etc, cutting public service pay and all that starts again...

Idbatterim · 21-03-2020 2:14pm

JJJackal wrote: »

Its worth noting that property prices will drop for the period of March to July 2020.

This may not reflect a real drop. Number of sales will drop spectacularly as people self isolate, dont go to viewings, cant get into bank etc etc

People who still have jobs where they can work from home will spend less. Consequently saving up for a deposit.

This recession/drop is different from previous in that when its over there could be upwards of 100,000 jobs created overnight

you are right about the ability of many to now save far more. a huge amount arent taking income hit, they arent eating or drinking out, going to cinema, less retail shopping in B & M at least...

you would wonder if they would reopen pubs here, but do it with like 1-3 or half capacity and strictly limit numbers... I mean even if they did re-open the vulnerable through air or general health, would likely be going any way and with many taking pay cuts or unemployed, numbers would be down largely any way

randoplh134 · 21-03-2020 2:30pm

Idbatterim wrote: »

you are right about the ability of many to now save far more. a huge amount arent taking income hit, they arent eating or drinking out, going to cinema, less retail shopping in B & M at least...

I have to say this, the naivety in some of the posts is spectacular. Especially the post you responded to which mentioned when things get going again 100k jobs will be created overnight.

People should not assume that all these jobs will come back in an instant, even if they do hours may be affected and wages lowered. Companies will take advantage of this and be reluctant to pay full bonuses and pay raises for the foreseeable future, people will be fearful, fear breeds uncertainty and markets hate uncertainty.

The property market is about to fall off a cliff, anyone who is denying it has vested interests, is seriously naive or was literally born within the past 10 years.

dhaughton99 · 21-03-2020 2:34pm

Just out for a walk along the canal and I can see 2 half built apartment complexes on the Kylemore road. What’s the chances now of anyone ever moving into them?

Idbatterim · 21-03-2020 2:35pm

randoplh134 wrote: »

I have to say this, the naivety in some of the posts is spectacular. Especially the post you responded to which mentioned when things get going again 100k jobs will be created overnight.

People should not assume that all these jobs will come back in an instant, even if they do hours may be affected and wages lowered. Companies will take advantage of this and be reluctant to pay full bonuses and pay raises for the foreseeable future, people will be fearful, fear breeds uncertainty and markets hate uncertainty.

The property market is about to fall off a cliff, anyone who is denying it has vested interests, is seriously naive or was literally born within the past 10 years.

a vested interest? I dont own a property! what will happen will happen. the last bust, there were are list of way more reasons you would expect property to drop, than freeze or slowly increase. Guess what, eventually they started increasing. It seems like you have a vested interest in talking it down, it becomes a self fulfilling prophecy if enough people wait or cant get credit. I have said that I agree, of course prices will drop now. But dont make out like you have a crystal ball and can tell all. Nobody knows how this will all pan out. Property moves at a glacial rate. Secondly, nobody here will be turfed out for not paying mortgages. The population is growing and construction now may well freeze or become unviable. There are endless factors at play and I wouldnt have the arrogance to difinitively claim, this will happen. You see another nama style give property give away going down again? the central bank has been very prudent this time.

I think property prices will obviously fall now. But nobody has a clue how much, because that will be determined by a ton of factors. Including how long this partial shut down will last, will there be a full shut down. or do you have information that even our biggest decision makers here yet, dont?

Idbatterim · 21-03-2020 2:37pm

dhaughton99 wrote: »

Just out for a walk along the canal and I can see 2 half built apartment complexes on the Kylemore road. What’s the chances now of anyone ever moving into them?

the way I see it. the government will probably fund completion of these, if the builders etc cant. There is no point with stuff under construction freezing for a number of reasons. christ when I think of it, the twenty five years lease those council fools in dundrum ended up in for the luxury apartments. Christ!

badboyblast · 21-03-2020 2:45pm

We are a week into a health crisis and people think the world will fall out from under them, wise up people

accensi0n · 21-03-2020 3:06pm

dhaughton99 wrote: »

Just out for a walk along the canal and I can see 2 half built apartment complexes on the Kylemore road. What’s the chances now of anyone ever moving into them?

Probably close to 100%

JJJackal · 21-03-2020 3:42pm

randoplh134 wrote: »

I have to say this, the naivety in some of the posts is spectacular. Especially the post you responded to which mentioned when things get going again 100k jobs will be created overnight.

People should not assume that all these jobs will come back in an instant, even if they do hours may be affected and wages lowered. Companies will take advantage of this and be reluctant to pay full bonuses and pay raises for the foreseeable future, people will be fearful, fear breeds uncertainty and markets hate uncertainty.

The property market is about to fall off a cliff, anyone who is denying it has vested interests, is seriously naive or was literally born within the past 10 years.

It naive to thing that jobs will be created... Are all bars etc, creches etc, shops etc going to stay closed?

Some will - thats a given

Bonuses wont be paid.... Obviously productivity per employee will be down

PommieBast · 21-03-2020 11:40pm

Idbatterim wrote: »

the way I see it. the government will probably fund completion of these, if the builders etc cant.

Trouble is that as soon as any sort of corporate welfare is on the table, every single firm out there will be making up some sob story to get some.

Slydice · 22-03-2020 3:47pm

I hope this is more than Temporary Emergency Accommodation where people have to be out wandering the streets during hours when they are not allowed be in the Temporary Emergency Accommodation.

Work continues on protecting those in Emergency Accommodation during the Covid 19 Crisis
Published on Saturday, 21 Mar 2020
https://www.housing.gov.ie/housing/covid-19-coronavirus/work-continues-protecting-those-emergency-accommodation-during-covid-19

Since the threat of Covid 19 became apparent a number of weeks ago, the Department of Housing Planning and Local Government, the DRHE, NGO’s and local authorities across the country have been working alongside the HSE to protect those in Emergency Accommodation during the current crisis. Early meetings between Minister Murphy and the DRHE resulted in work to secure the necessary facilities for self-isolation for those in Emergency Accommodation and extra funding has been made available to service providers, NGO’s and local authorities to protect vulnerable people and those who work with them.

The Minister commented:

“This country has shown how we can come together in a time of crisis and this has been very evident over the last number of weeks with all those who provide much needed services for people in emergency accommodation. Intensive engagement between my department, NGO’s, local authorities and the DRHE is ongoing and earlier this week I guaranteed our NGOs any additional funding that is needed to take the necessary actions to keep users of their services safe, as well as their own staff.

Because of early action we have been in a position to secure facilities across the country for self-isolation that can be used if required. We will continue to secure more places as needed and discussions with other state sectors are ongoing in this regard. I know that many people and families currently accessing emergency accommodation will be worried for themselves and their families. I want to assure these households that their health and safety is a priority and we are working very closely with the HSE to do all we can to respond.

I want to thank our partner organizations and their staff who have been working day and night over the last number of days and weeks. People are pulling together across organisations and across communities and I will help them in every way that I can.

I remain in continuous contact with the Dublin Region Homeless Executive (DRHE) and local authorities nationwide to coordinate the response to Covid-19 and Minister English and I will speak with the main NGOs again next week as we continue to evaluate the measures already taken and take decisions on what more needs to be done.”

A range of measures are now in place and will be reviewed on a daily basis:
Local authorities have secured additional emergency accommodation to ensure that there is sufficient capacity to allow for the isolation of confirmed or suspected cases of COVID 19;

Additional funding has been made available by the Department of Housing, Planning and Local Government to operate the additional facilities;

The Department of Housing, Planning and Local Government continues to work closely with the HSE and the National Public Health Emergency Team in relation to the response for homeless households;

The Department has issued guidance prepared by the HSE to local authorities who are engaging with their service providers on the necessary measures;

Local authorities are working closely with their HSE counterparts at the local level.

handlemaster · 23-03-2020 9:27pm

From BBC

"Last week Treasury Secretary Steve Mnuchin predicted that US unemployment could reach 20%. On Thursday the Treasury Department will release last week's new jobless claims, and the numbers are sure to be in the millions. A Goldman Sachs report estimated that the nation's gross domestic product in the second quarter could shrink by 24%, dwarfing the previous 10% record decline in 1958"

When America hits the brakes europe will follow.. buckle up

gimmeshelt1er · 24-03-2020 7:56pm

Colleague of my husband viewed a property 12 days ago and offered the asking price. Offer accepted but we found it strange that a relatively smart man who is in a secure job (Engineer) just straight up go in at the asking price. He is borrowing a lot but must not be paying attention to what is to come.

guyfawkes5 · 24-03-2020 8:04pm

gimmeshelt1er wrote: »

Colleague of my husband viewed a property 12 days ago and offered the asking price. Offer accepted but we found it strange that a relatively smart man who is in a secure job (Engineer) just straight up go in at the asking price. He is borrowing a lot but must not be paying attention to what is to come.

While property prices are looking like at least having a short term decline for obvious reasons, 2008 has warped our understanding of how property prices typically work so much that I would revaluate how sure you are about how much prices will fall and over what timeframe. It's worth thinking about the fact that part of why 2008 happened was that houses were seen as sure assets because of how they performed throughout recessions normally.

I'd agree that coming in at asking is maybe a little strange given the current climate and there's no harm in feeling them out on lower offers.

Zenify · 24-03-2020 8:05pm

gimmeshelt1er wrote: »

Colleague of my husband viewed a property 12 days ago and offered the asking price. Offer accepted but we found it strange that a relatively smart man who is in a secure job (Engineer) just straight up go in at the asking price. He is borrowing a lot but must not be paying attention to what is to come.

Never underestimate the stupidity of people. Including the smart ones.

Mic 1972 · 25-03-2020 3:25pm

guyfawkes5 wrote: »

While property prices are looking like at least having a short term decline for obvious reasons

a short term decline? I would say a long one. What's happening now is purely out of fear and uncertainty. The real impact on property market will become visible in a while once the impact on economy wil start to show its signs

guyfawkes5 · 25-03-2020 4:11pm

It depends on your definition of 'short term'.

If, for example, you're saying property prices will be significantly lower in five years, you'd have to say what has fundamentally changed in the property market that leads you to believe this. And if you believe that the reason is the current economic fallout will still be happening, then you'd be significantly overshooting even the worst case scenario predictions that are coming out at the moment by a few years.

IvoryTower · 25-03-2020 7:16pm

Seen as we cant spend money easily I wonder will there be loads of people with deposits ready to go when this blows over

johnnyskeleton · 25-03-2020 7:31pm

IvoryTower wrote: »

Seen as we cant spend money easily I wonder will there be loads of people with deposits ready to go when this blows over

People still have to pay rent and bills, which often takes up a large portion of their wages. That's assuming they are still being paid wages, and haven't been put onto social welfare.

I'd say the number of people who will end up in a better financial position as a result of Covid-19 will be small

Slydice · 26-03-2020 12:55am

Looks like just the section in the middle applies to Accommodation & Property. The rest of the release looks to be business related.

Government Action on Planning during Covid 19 Crisis
Published on Wednesday, 25 Mar 2020
https://www.housing.gov.ie/planning/covid-19-coronavirus/government-action-planning-during-covid-19-crisis

In relation to the planning system more generally, local authorities play a key role in facilitating general construction activity (including residential construction) through a range of responsibilities, including granting permissions under the Planning and Developments Acts and granting Fire Safety Certificates and Disability Access Certificates under the Building Control Acts.

The Minister and his Department have been engaged with the local authority sector to ensure that these critical processes are identified in business continuity planning and maintained as a critical service. The Minister has also engaged with An Bord Pleanála and the Office of the Planning Regulator, regarding their business continuity arrangements.

Every effort is being made to ensure that these systems can continue to operate, with appropriate accommodations, taking account of public health advice. Many of the systems including the Building Control Management System can be accessed remotely over the local authority network, while in the case of planning, there are established systems in place that enable people to view planning applications and make submissions on-line in many planning authorities, which can be maximised.

Local authority public offices and the Offices of An Bord Pleanála are remaining open to the greatest extent possible, subject to adherence to HSE guidelines on physical distancing and any local arrangements around managed access.

handlemaster · 26-03-2020 1:46pm

18 % unemployment been predicted for early summer if shut down continues for 12 weeks

Slydice · 26-03-2020 9:12pm

Ok, so two releases today.

First: looks to be saying: planning/planning permission system will stay open
Second: looks to be saying that tourist caravan parks are closing but permanent caravan parks are not

Planning System Remains Open for Business
Published on Thursday, 26 Mar 2020
https://www.housing.gov.ie/planning/covid-19-coronavirus/planning-system-remains-open-business

Every effort is being made to ensure that these systems can continue to operate, taking account of public health advice. Local authority public offices and the Offices of An Bord Pleanála remain open.

Importantly, if the order is made, the effect is to not to freeze everything in the planning and building control systems, but rather to extend certain time periods, so that the integrity of decision making or public participation process are not compromised.

Clarification on Caravan Parks
Published on Thursday, 26 Mar 2020
https://www.housing.gov.ie/housing/covid-19-coronavirus/clarification-caravan-parks

On Wednesday, as part of the package of new measures to tackle COVID-19, the Government announced the closure of tourist/caravan parks.

Since then, a number of local authorities have been contacted by people who had been residing in caravan parks and were concerned about having to leave.

I want to clarify that the closure of the caravan parks relates to the need to restrict tourism activity and the movement of people during the current crisis. It does not apply to people living permanently on the sites.

The owners of such caravan parks are asked to ensure that people residing permanently on these sites are allowed to remain.

Slydice · 29-03-2020 1:36am

Latest measures announced on the main gov website:

New Public Health Measures effective now to prevent further spread of COVID-19
Published: 28 March 2020
From: Department of Health and Department of the Taoiseach

Until the 12 April, everyone is urged to stay in their home wherever possible. Staying at home is the best way to minimise the risk of COVID-19 to your friends, families and communities.
Stay at home

There are exceptions for some workers in key businesses but for the majority of people, the rule is simple: Stay at home.

Exceptions
Stay at home in all circumstances, except in the following situations:
to travel to and from work where the work is considered an essential service. You can see the full list of essential workers here

and some parts of the "List of essential service providers" webpage that look to be relevant to Accommodation & Property:

List of essential service providers under new public health guidelines
Published: 28 March 2020
From: Department of the Taoiseach
https://www.gov.ie/en/publication/dfeb8f-list-of-essential-service-providers-under-new-public-health-guidelin/

The government has decided that everyone should stay at home until 12 April 2020, except for the following situations:
to travel to and from work, or for purposes of work, only where the work is an essential health, social care or other essential service and cannot be done from home

workers in the categories of essential services set out in the attached appendix are permitted to travel to work, subject to compliance with the guidance below.

If you carry out an activity that is necessary for the continued provision of an essential service by another organisation or you are part of an essential supply chain, you should continue to carry out that activity. To the maximum extent possible, that should be done remotely.

Repair and installation of Machinery and Equipment
the supply, repair and installation of machinery and equipment and industrial machinery and equipment for essential services

Construction
essential health and related projects relevant to the COVID-19 crisis, and supplies necessary for such projects

repair/construction of critical road and utility infrastructure

delivery of emergency services to businesses and homes on an emergency call-out basis in areas such as electrical, plumbing, glazing and roofing

Accommodation and Food Services
hotels or similar providing essential accommodation (including homeless, direct provision and related services)

food and beverage service activities in accordance with the separate essential retail outlets list or for supply to a business engaged in an essential service

Rental and Leasing Activities
rental and lease of cars

light motor vehicles and trucks necessary to support the provision of essential services

Dolbhad · 29-03-2020 3:51pm

As financial services and legal services are essential services, at least any sales near the finish line can close ie closing funds can issue and closing documents can be sent (provided all was previously signed)

akesha · 29-03-2020 3:59pm

Dolbhad wrote: »

As financial services and legal services are essential services, at least any sales near the finish line can close ie closing funds can issue and closing documents can be sent (provided all was previously signed)

Are you totally sure? I am in doubt:

accountancy, legal and insurance services necessary to support essential services and vulnerable people

Are selling houses necessary to support essential services? Or maybe I understand this wrong?

marcobon · 29-03-2020 4:16pm

It's a an interesting time...

We got everything sorted this week and on Thursday we collected the keys. On Friday they started with the flooring (as it is a new build). Since the government announcement on Friday evening everything is stopped: floor fitting, deliveries and other stuff. This means until this is all resolved we cannot finish and we cannot move there.

I've been looking at the list of conditions allowed, but I don't see much hope. Now to hope that this won't take many weeks and will have us with rent + mortgage alltogether...

Dolbhad · 29-03-2020 4:28pm

akesha wrote: »

Are you totally sure? I am in doubt:

accountancy, legal and insurance services necessary to support essential services and vulnerable people

Are selling houses necessary to support essential services? Or maybe I understand this wrong?

I don’t expect legal offices will be opened or for them to meet clients. Most staff will be working from home. But I would think this would help having one staff member get into the office to get closing documents and check them.

Otherwise really will be standstill to property market if banks will still issue for funds for closing but on the solicitors side it can’t be closed. Maybe it is wishful thinking. I’ve a colleague who was told Friday closing document were being sent to their solicitors office Monday for closing so hoping for them their solicitor can get to the office to check the documents. Mortgage is already drawn down.

ZX7R · 29-03-2020 4:36pm

Dolbhad wrote: »

I don’t expect legal offices will be opened or for them to meet clients. Most staff will be working from home. But I would think this would help having one staff member get into the office to get closing documents and check them.

Otherwise really will be standstill to property market if banks will still issue for funds for closing but on the solicitors side it can’t be closed. Maybe it is wishful thinking. I’ve a colleague who was told Friday closing document were being sent to their solicitors office Monday for closing so hoping for them their solicitor can get to the office to check the documents. Mortgage is already drawn down.

Closing documents can and will be singed and returned via registered post

akesha · 29-03-2020 4:49pm

ZX7R wrote: »

Closing documents can and will be singed and returned via registered post

I really hope so, I have exchanged contracts with purchaser this week, and we have closing date in two weeks, but I told my solicitor to try to close as soon as possible.

EA doesn't seem to be keen to deliver the keys though. Seems we might need to use post for this...

MyaP · 29-03-2020 5:06pm

Hi all, we are sale agreed on a secondhand property in North Dublin as of earlier February. We thought they wanted the sale closed quickly (executor sale) but their solicitor has some outstanding items to address first so its taking much longer than expected. It needs work but ticks all our boxes. We went 20,000 over sale price when bidding against other prospective buyer but are now concerned about property value. Should we be renegotiating the price now? Also will bank still be happy to proceed? We had it valued in mid-February for the bank and have our loan offer for the property. It will be our forever home and we are FTB, any advice appreciated.

Claw Hammer · 29-03-2020 5:08pm

Have you paid over a deposit and signed contracts yet?

coronavirus and the property effect

Comments