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

Turkish1 · 28-09-2020 9:00pm

Possibly a silly question here. I'm currently looking at trading up, our house is on market and actively looking at options to buy but haven't made offer yet.

Majority of our deposit is tied up in equity in current house so what happens if/when we go sale agreed for the booking deposit on the house we are buying?

Does EA just accept that we are trading up and take a token deposit given its is fully refundable anyway?

woodchuck · 28-09-2020 9:21pm

Finally got the keys today!!

We went sale agreed about 2.5 months ago. Things were moving pretty steadily the whole way along, but there were a few delays. Particularly the mortgage protection, as they needed medical reports from our GPs. The past couple of weeks have been so stressful. So tired now. But we have the week booked off work, so going to make the most of it and start moving, cleaning, shopping etc. It's an old house, in reasonable condition, but is in desperate need of a scrub from top to bottom!

ElitesTeam · 28-09-2020 9:53pm

woodchuck wrote: »

Finally got the keys today!!

We went sale agreed about 2.5 months ago. Things were moving pretty steadily the whole way along, but there were a few delays. Particularly the mortgage protection, as they needed medical reports from our GPs. The past couple of weeks have been so stressful. So tired now. But we have the week booked off work, so going to make the most of it and start moving, cleaning, shopping etc. It's an old house, in reasonable condition, but is in desperate need of a scrub from top to bottom!

Is mortage protection needed? I dont see it on the AIB requirements on the portal? Just life cover

Also Congrats!!

woodchuck · 28-09-2020 9:56pm

ElitesTeam wrote: »

Is mortage protection needed? I dont see it on the AIB requirements on the portal? Just life cover

Life cover includes mortgage protection (assuming the life cover is assigned to the bank for the value of the mortgage).

Basically the bank need to know that if you die, the mortgage will be paid off by the insurance!

ElitesTeam · 28-09-2020 9:59pm

woodchuck wrote: »

Life cover includes mortgage protection (assuming the life cover is assigned to the bank for the value of the mortgage).

Basically the bank need to know that if you die, the mortgage will be paid off by the insurance!

Phew thanks, Just sorting that out today and getting my head around this stuff is exhausting

From buying how long did it take to get sorted with GP reports, did you have to attend any Doctors?

woodchuck · 28-09-2020 10:09pm

ElitesTeam wrote: »

Phew thanks, Just sorting that out today and getting my head around this stuff is exhausting

From buying how long did it take to get sorted with GP reports, did you have to attend any Doctors?

I know, trying to get our head around mortgage protection, life insurance etc was the worst!! It was actually one of the last things we sorted because it took us so long to figure it all out and what cover we wanted/needed. So anyone I know who is starting the process, I keep telling them that this is one of the first things you should do :rolleyes:

We went with Zurich and the guy we were dealing with was SO quick and helpful. So there were no delays from their end. But between forms getting lost in the post and GPs being on annual leave and sick leave, that delayed things by a couple of weeks. Also because we didn't get the mortgage protection through the bank, they needed a letter of assignment (basically to say that Zurich were assigning the mortgage protection to the bank, so they get first dibs on the money if one of us dies). So that delayed things by another day or two towards the very end when our nerves were seriously frayed!

We didn't actually need to attend our doctors. We don't have any serious medical issues, but we did need to check yes for a couple of boxes, so they needed a report from our GPs. Luckily it didn't even increase our premium.

Leozord · 28-09-2020 11:02pm

jokettle wrote: »

Contracts were finally received, almost 2 weeks after going Sale Agreed

it was feckin fast, congrats

I got sale agreed in the first week of September and haven't got any word from seller's solicitor yet

all about the mane · 29-09-2020 6:23am

Meraf wrote: »

i got my quote 1500 plus costs letters etc...

Yeah. That is close to the minimum I have found. No one is coming anywhere near the 750 figure being bandied about.

jokettle · 29-09-2020 6:35am

Leozord wrote: »

it was feckin fast, congrats

I got sale agreed in the first week of September and haven't got any word from seller's solicitor yet

Sorry, I meant two months!! That's what typing when excited will do to me.

We went sale agreed August 1st, and I had to ask our solicitor to put pressure on the sellers solicitors to get the contracts sent last week. Once it went past 6 weeks I started getting anxious/impatient. Our solicitor commented on how slow the seller's has been; I found that quite validating because I was worried my expectations were too high.

Bluefoam · 29-09-2020 8:48am

jokettle wrote: »

Sorry, I meant two months!! That's what typing when excited will do to me.

We went sale agreed August 1st, and I had to ask our solicitor to put pressure on the sellers solicitors to get the contracts sent last week. Once it went past 6 weeks I started getting anxious/impatient. Our solicitor commented on how slow the seller's has been; I found that quite validating because I was worried my expectations were too high.

You should sign initial contracts shortly after you agree the sale, at that stage you should agree a handover date. Some sellers like to make this flexible, I wouldn't accept that...

jokettle · 29-09-2020 9:29am

jokettle wrote: »

Contracts were finally received, almost 2 months after going Sale Agreed!
Our solicitor has a few minor issues with the contract, so there'll be a bit of back-and-forth before we sign, but nothing that worries me.

I'm asking the auctioneer if white goods will be included - they have a lovely American-style double fridge that I'd love! I can just buy my own if it's not included in the sale, but any money we can save would be wonderful - and I doubt those fridges come cheap :eek:

With any luck it'll all be sorted in a few short weeks. Fingers crossed!

Vendor has confirmed the fridge is included

Claw Hammer · 29-09-2020 9:37am

Turkish1 wrote: »

Possibly a silly question here. I'm currently looking at trading up, our house is on market and actively looking at options to buy but haven't made offer yet.

Majority of our deposit is tied up in equity in current house so what happens if/when we go sale agreed for the booking deposit on the house we are buying?

Does EA just accept that we are trading up and take a token deposit given its is fully refundable anyway?

EA will not accept a token deposit. The deposit will at least have to cover his fees in the transaction. You will then have to pay the balance of 10% on signing the contract. You will need to have your ducks lined up in order to have the funds at each stage. The equity in your house is just that, equity, not cash in hand.

Jay D · 29-09-2020 11:01am

jokettle wrote: »

Vendor has confirmed the fridge is included

Day made.

GrumPy · 29-09-2020 11:07am

Went sale agreed on August 5th, booking deposit paid within 72 hours. Agent never sent letter of instruction to solicitors until Sept 9th, after I made a big fuss as to why things weren't moving... Contracts still not made available for signing.
Myself and the other half are sick of having to chase the agent! We've had to shell out for another month of rent because of an essentially 6 week delay.

Absolutely raging. Solicitor said she finally got in touch with sellers side last week, and was informed the contracts will be made available in 'next few days'. That was Wednesday last week. :mad:

jokettle · 29-09-2020 11:24am

GrumPy wrote: »

Solicitor said she finally got in touch with sellers side last week, and was informed the contracts will be made available in 'next few days'. That was Wednesday last week. :mad:

Last Monday I asked our solicitor to ask the vendor's solicitor to chase up the contracts. We were told later that day the contracts would be available by the end of the week. It was only yesterday afternoon that I had word from my solicitor about them. However, I could see from the email my solicitor sent me that he had received the contracts last Thursday and had put together a list of questions, comments and amendments for the seller's solicitor to address, as well as a couple of things for me to sort with the auctioneer (the above-mentioned fridge being one of them!) before he got in touch with me. Basically he got all his ducks in a row and then contacted me.
Could it be that your solicitor has the contracts and is reading through them before contacting you? There might be no harm in ringing and asking. It would either put your mind at ease that the contracts are in, or remind your solicitor to hassle the other side into getting the finger out.

GrumPy · 29-09-2020 11:43am

jokettle wrote: »

Could it be that your solicitor has the contracts and is reading through them before contacting you? There might be no harm in ringing and asking. It would either put your mind at ease that the contracts are in, or remind your solicitor to hassle the other side into getting the finger out.

So checked in with solicitor, no contract yet. She also estimates it can take up to 6 weeks to get keys when contracts are signed. :eek:
Looks like I'll be homeless before then, will have to crash with parents for a few weeks, at least.

Leozord · 29-09-2020 11:46am

when I was looking around for a solicitor, they were very receptive, called me to discuss about the details etc.

after I paid, they barely reply an e-mail. It's been like 3 weeks I haven't heard anything from their side.

does it happen to yous as well?

jokettle · 29-09-2020 12:36pm

GrumPy wrote: »

So checked in with solicitor, no contract yet. She also estimates it can take up to 6 weeks to get keys when contracts are signed. :eek:
Looks like I'll be homeless before then, will have to crash with parents for a few weeks, at least.

That's disappointing

6 weeks seems long to me, but we do have our formal letter of offer and our broker is sorting mortgage protection etc, so maybe it's finalizing those last bits that can lead to delays?

Leozord wrote: »

when I was looking around for a solicitor, they were very receptive, called me to discuss about the details etc.

after I paid, they barely reply an e-mail. It's been like 3 weeks I haven't heard anything from their side.

does it happen to yous as well?

I haven't paid my solicitor anything, he doesn't seek payment until after we have the house.

IvoryTower · 29-09-2020 12:43pm

my solicitor is very fast to respond, havent paid anything either.

cubatahavana · 29-09-2020 1:04pm

Leozord wrote: »

when I was looking around for a solicitor, they were very receptive, called me to discuss about the details etc.

after I paid, they barely reply an e-mail. It's been like 3 weeks I haven't heard anything from their side.

does it happen to yous as well?

I thought you only pay at the end? Haven't paid anything yet

GrumPy · 29-09-2020 1:55pm

jokettle wrote: »

That's disappointing 6 weeks seems long to me.

Here is a timeline of what my partner and I have experienced, it may help others get an idea of the process - certainly illustrates the pain we have come up against so far!
I'm sure other examples are shorter and also longer, really depends on a bit of luck... Our agent let us down by sitting on their thumb for 4 weeks. :rolleyes:

tmvmSzL

Leozord · 29-09-2020 3:40pm

cubatahavana wrote: »

I thought you only pay at the end? Haven't paid anything yet

Yeah I had paid like a deposit fee of 615 (incl. VAT). Total will be 1.5K(ish)
I've also already proceeded with the booking deposit to the EA (it is not the 10%, it was more like 2%)

cubatahavana · 29-09-2020 3:54pm

Leozord wrote: »

Yeah I had paid like a deposit fee of 615 (incl. VAT). Total will be 1.5K(ish)
I've also already proceeded with the booking deposit to the EA (it is not the 10%, it was more like 2%)

The 10% is due when you sign the contracts

Pivot Eoin · 29-09-2020 4:13pm

Getting there: Loan Offer is Issued and Contracts are being reviewed, Mortgage Protection and Insurance in place. Survey and Valuation Done. Anyone any idea how long we can expect til we get the keys from Signing Mortgage Contract? Obviously the banks will need to process and queue the Drawdown amount, and maybe do some final checks on Payslips etc. I'm trying to queue up Electricians etc. for when we get the keys, and all tradesmen are so busy.

Getting a house over the line is just honestly hundreds of small actions, spread over the course of 4-6 Months, where for the second half of it, every day you just have to do 1 or 2 things to progress things along. It is all doable, and achievable, once you just take each day as it comes.

Glory83 · 29-09-2020 4:51pm

Would like to check if somebody went through a similar situation while purchasing a property.
Sale Agreed end of August. Vendor is in chain so they want to sell asap. Contracts been exchanged shortly after sale agreed stage. After a stressfull back and forth process with ICS, finally got the loan offer. Got quotes for house insurance and life insurance.
However, the vendor's solicitor is refusing to confirm that the copy Transfer document contains all of the burdens to which the property is subject. We are putting pressure to cooperate. Can they sell the house without that confirmation.

Leozord · 29-09-2020 6:44pm

coincidentally, my solicitor just got the contract today, let's see how it goes

LoonyLovegood · 29-09-2020 7:27pm

Got my keys today! Went sale agreed July 19th, signed contracts September 14th. Absolutely delighted. Now to move in at last!

Gavin "shels" · 29-09-2020 10:32pm

catsnow wrote: »

Hi everyone,

looking for recommendations on companies for a pre-purchase survey in Dublin that are reliable and ask a reasonable price. I am a cash buyer, so no need to get bank approval.

Property Health Check were excellent for us, a very detailed report going down to the door hinges, a phone call after they surveyed, the report followed 2 days later & then I requested a follow up call on some items which I received a few hours after the request. Highly recommended from a few people I know and in the First Time Buyers Facebook group.

Cian59 · 29-09-2020 11:21pm

Can't get a straight answer to this question on Mortgage Protection so looking for advice. I want to have it arranged before I finalise a property. Do I just look for the maximum amount that I'm approved for? Will the bank mind if I have insurance for a higher amount than I might need if I don't use the full approval.

Gavin "shels" · 30-09-2020 9:26am

Cian59 wrote: »

Can't get a straight answer to this question on Mortgage Protection so looking for advice. I want to have it arranged before I finalise a property. Do I just look for the maximum amount that I'm approved for? Will the bank mind if I have insurance for a higher amount than I might need if I don't use the full approval.

**Edit: Thought it was Home Insurance query

Samuel T. Cogley · 30-09-2020 9:45am

Gavin shels wrote: »

You normally wait for the valuer to value the property to know what you need to insure the property for, they will advise of the property rebuild cost. For example, we purchased our property for €305,000 but our rebuild cost was €220,000 for building insurance we needed was €220k.

Mortgage prtection is the life insurance element so needs to cover the mortgage amount. I'm not sure what happens if you insure for more than the mortgage amount though.

BrosnanL27 · 30-09-2020 9:51am

Hi all, does anybody know if H2B has to be used as part of the deposit for a new build or can it be drawn down at any time (preferably later into the sale after the deposit has been paid out of our own savings)? Thanks

Gavin "shels" · 30-09-2020 9:58am

Samuel T. Cogley wrote: »

Mortgage prtection is the life insurance element so needs to cover the mortgage amount. I'm not sure what happens if you insure for more than the mortgage amount though.

Still half asleep :pac: no idea why I thought he said Home Insurance.

lcarrol3 · 30-09-2020 10:11am

BrosnanL27 wrote: »

Hi all, does anybody know if H2B has to be used as part of the deposit for a new build or can it be drawn down at any time (preferably later into the sale after the deposit has been paid out of our own savings)? Thanks

Our plan is to do this and our solicitor has said it should be fine. Think it depends on the developer though.

awec · 30-09-2020 10:56am

Cian59 wrote: »

Can't get a straight answer to this question on Mortgage Protection so looking for advice. I want to have it arranged before I finalise a property. Do I just look for the maximum amount that I'm approved for? Will the bank mind if I have insurance for a higher amount than I might need if I don't use the full approval.

Think you're wasting your time doing it before you have a property, as you'll have to do it all again when you know what your actual mortgage is going to be.

JimmyVik · 30-09-2020 11:05am

Im at squeaky bum time.
Had under asking offer rejected and then an asking offer rejected.
Have gone back with 5% over asking offer and am told there is another bidder involved now.
If it goes much higher im probably going to bow out. Fingers crossed.

Glory83 · 30-09-2020 2:25pm

JimmyVik wrote: »

Im at squeaky bum time.
Had under asking offer rejected and then an asking offer rejected.
Have gone back with 5% over asking offer and am told there is another bidder involved now.
If it goes much higher im probably going to bow out. Fingers crossed.

Just offer what your brain tells you not your heart. You will have it if it is meant to.

Glory83 · 30-09-2020 2:29pm

Sale Agreed end of August. Vendor is in chain so they want to sell asap. Contracts been exchanged shortly after sale agreed stage. After a stressfull back and forth process with ICS, finally got the loan offer. Got quotes for house insurance and life insurance.
However, the vendor's solicitor is refusing to confirm that the copy Transfer document contains all of the burdens to which the property is subject to. We are putting pressure to cooperate.
Can they sell the house without that confirmation? Any one has been in similar a similar situation while purchasing a property?

mcgragger · 30-09-2020 2:50pm

Hoping someone with a little industry knowledge can help me here

I am a home owner - I have about 9 years left on my Mortgage. Im 40 and I am looking to move.
The house I am in was empty when we bought so it was just a case of get the money from the bank and let the legal lads do their thing.
No drama moving in etc.

So now we want to move and I was wondering what the sequence of events has to be?

I have about 50k to put into the move. My current house is worth about 310k.

I am just not clear on how the whole chain thing works.
I see a house that I like for about 350k - but someone lives in it.

Presuming I need to have mortgage approval first but is that dependent on the sale of my house?

Claw Hammer · 30-09-2020 3:09pm

mcgragger wrote: »

Hoping someone with a little industry knowledge can help me here

I am a home owner - I have about 9 years left on my Mortgage. Im 40 and I am looking to move.
The house I am in was empty when we bought so it was just a case of get the money from the bank and let the legal lads do their thing.
No drama moving in etc.

So now we want to move and I was wondering what the sequence of events has to be?

I have about 50k to put into the move. My current house is worth about 310k.

I am just not clear on how the whole chain thing works.
I see a house that I like for about 350k - but someone lives in it.

Presuming I need to have mortgage approval first but is that dependent on the sale of my house?

Mortgage approval won't depend on the sale of your house, but your ability to purchase the new house will depend on you drawing down the mortgage and paying for the new house in full. You will have to engage in a series of transactions and find a means of funding each one. The first is to pay the booking deposit on your new property, the second is to pay the balance of 10% of the purchase price on signing the contract and finally pay the full balance of the purchase price on closing. Some vendors will allow you to insert a clause that the purchaser subject to the sale of your own house. Some won't.

Westieatheart · 30-09-2020 3:11pm

Query - the saga continues..

We are sale agreed contracts exchanged and yesterday was meant to be our closing date. The purchasers live in essence around the corner (<3km from here and we are both in Dublin) they decided last week due to the additional restrictions they are now not allowed to move, I'm all about following Covid Protocol here but the restrictions do not limit travel within Dublin and also mainly focus on limiting household contacts.

We have now been paying for a house rental and will be hit with an additional mortgage payment due to this, we have been moving over the last weeks and were all set to go this week when they pulled this stunt (the latest in a string of delays and excuses throughout the process).

My solicitor has advised they issued a time is of the essence letter however I'm not fully sure what that means other than they have 28 days to get on with it or we can look to exit (i think).. They seem to be too busy to take my calls and let us know whats going on. Does anyone know if there is a penalty etc for failure to close on the agreed closing date that we could look to claw back some of the extra costs we've incurred due to the breach? I know this seems to be extremely common but it feels like we are being put on the hook financially because of the purchasers. We queried why it was we couldn't still close on the original date and they just move themselves into the property when restrictions are lifted but they made an excuse that they didn't want to pay extra to change the date their mortgage protection kicked in...

Claw Hammer · 30-09-2020 3:29pm

Westieatheart wrote: »

Query - the saga continues..

We are sale agreed contracts exchanged and yesterday was meant to be our closing date. The purchasers live in essence around the corner (<3km from here and we are both in Dublin) they decided last week due to the additional restrictions they are now not allowed to move, I'm all about following Covid Protocol here but the restrictions do not limit travel within Dublin and also mainly focus on limiting household contacts.

We have now been paying for a house rental and will be hit with an additional mortgage payment due to this, we have been moving over the last weeks and were all set to go this week when they pulled this stunt (the latest in a string of delays and excuses throughout the process).

My solicitor has advised they issued a time is of the essence letter however I'm not fully sure what that means other than they have 28 days to get on with it or we can look to exit (i think).. They seem to be too busy to take my calls and let us know whats going on. Does anyone know if there is a penalty etc for failure to close on the agreed closing date that we could look to claw back some of the extra costs we've incurred due to the breach? I know this seems to be extremely common but it feels like we are being put on the hook financially because of the purchasers. We queried why it was we couldn't still close on the original date and they just move themselves into the property when restrictions are lifted but they made an excuse that they didn't want to pay extra to change the date their mortgage protection kicked in...

The time is of the essence letter means you can charge interest at the rate specified in the contract if they are beyond the 28 days in closing. That is the only compensation you can obtain from the purchasers in circumstances like this.

Westieatheart · 30-09-2020 3:38pm

Claw Hammer wrote: »

The time is of the essence letter means you can charge interest at the rate specified in the contract if they are beyond the 28 days in closing. That is the only compensation you can obtain from the purchasers in circumstances like this.

Cheers Claw, we have the standard 8% rate in the contract I just wasn't sure when this/if that could be enforced and at what stage

Pink11 · 30-09-2020 4:37pm

Very bad week for us. EA 'forgot' we had a second viewing. When I rang an hour before 2nd viewing we were told the house was gone for asking price. We had a nice 30k cushion we'd have been willing to part with. Oh well, we'll put our money somewhere else but very upset about the experience. First time getting really into a house.

Any engagement I've had in the last 2/3 months have led to houses going for over asking. This was the first one where the seller grabbed the first one to give an asking price. They didn't care about waiting for the inevitable bidding war! Chaos out there people, chaos!!!

Balluba · 30-09-2020 5:09pm

Pink11 wrote: »

Very bad week for us. EA 'forgot' we had a second viewing. When I rang an hour before 2nd viewing we were told the house was gone for asking price. We had a nice 30k cushion we'd have been willing to part with. Oh well, we'll put our money somewhere else but very upset about the experience. First time getting really into a house.

Any engagement I've had in the last 2/3 months have led to houses going for over asking. This was the first one where the seller grabbed the first one to give an asking price. They didn't care about waiting for the inevitable bidding war! Chaos out there people, chaos!!!

The sale might yet fall through and Then you would have a shot at it

ElitesTeam · 30-09-2020 6:07pm

Just got my contracts today and surprised the sellers want to take their shed with them. Its nothing fancy but a basic shed. Can we ask for it to be left. I'd would rather it left.

How does it work about asking for that, the EA or solicitor?

GrumPy · 30-09-2020 6:10pm

ElitesTeam wrote: »

Just got my contracts today and surprised the sellers want to take their shed with them. Its nothing fancy but a basic shed. Can we ask for it to be left. I'd would rather it left.

How does it work about asking for that, the EA or solicitor?

Solicitor first anyway. No harm asking?
At this stage, if the sellers on the house I'm trying to buy asked if they could, say... take the roof with them and the floors, I'd nearly say yes - just to get the f€ckin' keys!

fx83wab · 30-09-2020 6:28pm

Pink11 wrote: »

Very bad week for us. EA 'forgot' we had a second viewing. When I rang an hour before 2nd viewing we were told the house was gone for asking price. We had a nice 30k cushion we'd have been willing to part with. Oh well, we'll put our money somewhere else but very upset about the experience. First time getting really into a house.

Any engagement I've had in the last 2/3 months have led to houses going for over asking. This was the first one where the seller grabbed the first one to give an asking price. They didn't care about waiting for the inevitable bidding war! Chaos out there people, chaos!!!

Would you mind PM'ing me who the EA was? Sounds very familiar, especially if Dublin northside.

GrumPy · 30-09-2020 6:32pm

fx83wab wrote: »

Would you mind PM'ing me who the EA was? Sounds very familiar, especially if Dublin northside.

Same here, PM welcomed!

0gac3yjefb5sv7 · 30-09-2020 6:33pm

GrumPy wrote: »

Same here, PM welcomed!

Ditto this

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

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