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14-01-2019, 17:20   #1
carlost
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Rebuilding Ireland: Can you insure your deposit?

We're in a chicken egg situation at the moment.
We've been approved for a rebuilding Ireland loan and have found a house we're happy with that falls within what we could afford. Its a new build though and hasnt been completed.
To get final approval the council needs an engineers report, which we cant get until the house is completed.
But we need to sign the contracts to move the house along and make decisions about the house, - flooring, kitchen etc.
Is there any way to insure your deposit? Does anyone know?
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14-01-2019, 17:28   #2
GingerLily
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Can you ask your solicitor to add in a clause around the engineers report? If the house isn't up to scratch you'd be able to back out of the transaction and thus get a refund.
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14-01-2019, 17:30   #3
carlost
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Quote:
Originally Posted by GingerLily View Post
Can you ask your solicitor to add in a clause around the engineers report? If the house isn't up to scratch you'd be able to back out of the transaction and thus get a refund.

We tried to get a clause inserted that if we didnt get final approval that our deposit would be refundable but they didnt go for that. Yeah maybe one directly linked to the engineers report might help. Still, though, if it failed for some other reason we'd still be shafted. The rigidity of the county council has me slightly worried on this front.
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14-01-2019, 17:44   #4
GingerLily
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We had the same issue trying to add a loan approval clause, but they might accept a clause regarding the engineers report as its something within their control that they should already be taking responsibility for.
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14-01-2019, 17:44   #5
marieholmfan
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Quote:
Originally Posted by carlost View Post
We tried to get a clause inserted that if we didnt get final approval that our deposit would be refundable but they didnt go for that. Yeah maybe one directly linked to the engineers report might help. Still, though, if it failed for some other reason we'd still be shafted. The rigidity of the county council has me slightly worried on this front.
To be expected, if I was in county council I would be very rigid in giving these loans out because if you weren't you'd be hanged for it and the loans are fairly high risk anyway.


The current house that you like may not happen through rebuilding Ireland.
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