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

cubatahavana · 23-01-2021 7:58am

GrumPy wrote: »

1) Sale Agreed August 5th, 2020
2) Contracts Signed Jan 22nd, 2021.

It's been an absolute gauntlet to get here, but a major milestone achieved, with a couple of much smaller hurdles to still navigate. Target close date of Feb 5th.

Well done!

B Rabbit · 23-01-2021 9:49am

Markitron wrote: »

Could someone explain to me how a booking deposit works with HTB? If I go sale agreed with an EA and they request a transfer, do they then transfer it back to me later? Does it go off the mortgage total? I would rather have that money to spend on stuff after I move.

Usually taken off the mortgage total / house deposit unless you pull out of the sale

Nod2020 · 23-01-2021 10:16am

Sale agreed on a new build and our sales advice note from estate agent stated contracts to be signed within 2 weeks of receiving them

2 weeks are up in a few days but our solicitor said not to worry about this timeline as pre contract queries are currently with developer's solicitor

Should I be updating the estate agent or do we leave everything to the solicitors? Don't want to be told the property was released (not sure if this can even happen)

FTB so unsure of the process so if anyone has experience of a similar situation!

BrosnanL27 · 23-01-2021 10:46am

Nod2020 wrote: »

Sale agreed on a new build and our sales advice note from estate agent stated contracts to be signed within 2 weeks of receiving them

2 weeks are up in a few days but our solicitor said not to worry about this timeline as pre contract queries are currently with developer's solicitor

Should I be updating the estate agent or do we leave everything to the solicitors? Don't want to be told the property was released (not sure if this can even happen)

FTB so unsure of the process so if anyone has experience of a similar situation!

Have you paid a booking deposit for the house? If so they cannot release it. The 2 week thing is generally ignored tbh so I wouldn't worry. Just let your solicitor deal with it.

Nod2020 · 23-01-2021 11:13am

BrosnanL27 wrote: »

Have you paid a booking deposit for the house? If so they cannot release it. The 2 week thing is generally ignored tbh so I wouldn't worry. Just let your solicitor deal with it.

Ya booking deposit is paid! Thanks for the feedback wasn't sure if we should be doing anything and didn't want to risk it!

valarmorghulis · 23-01-2021 12:25pm

Hi all,

Any advice for a 33 year old renting in Dublin for 15 years from the west (easily 100k spent on rent so very jealous of Dubs who bypassed that), who is on the verge of buying but can only find shoebox 1beds in city centre for 230-250k in D1,D7,D8 and the odd 2 bed shoebox for 250-275k and now cant even view them. (I actually got an email from Sherry Fitz thinking I would make a higher bid on a nice 2 bed (70sqm+) in Santry for 250k without even viewing it, who in their right mind would buy an apt without even seeing it in person).

I stubbornly stayed up in Dublin for past year when I could have easily worked from home,but moving home to the parents after 15 years is nearly unthinkable. I am nervous about buying as I would have to empty nearly every penny of my savings due the 3.5 rule and would have no liquid money.

Everyone knows the properties arent worth those prices, most I wouldnt even pay half that price, its the location, but what if remote working becomes a legal right, they really is no need to be Dublin for a huge amount of cultchies like me, that just buy a bigger place down the country or in a commuter town and come up 1-2 days a week if at all.

I have several friends who moved home, who are saving nearly every penny of their payslip (no food,electricity,broadband,rent costs). This is nearly a unique time period whereby remote working is almost mandatory and there is zero fear of missing out as Dublin is a ghost town so there is a real opportunity to bank savings now to bridge the affordability gap to buying a house.

What would you all do if you could buy, but it would wipe you out, or would you move home for 1-2 years and bank more savings for a bigger downpayment and let this all play out. I really am sick of the landord entitlement mentality that someone else should automatically be paying their mortgage so cant wait to stop wasting 1k a month for a bedsit.

Thanks

outland1985 · 23-01-2021 12:55pm

valarmorghulis wrote: »

Hi all,

Any advice for a 33 year old renting in Dublin for 15 years from the west (easily 100k spent on rent so very jealous of Dubs who bypassed that), who is on the verge of buying but can only find shoebox 1beds in city centre for 230-250k in D1,D7,D8 and the odd 2 bed shoebox for 250-275k

Hi I'm a dub but in a similar position to yourself, I don't have a family home in Dublin anymore so also renting. My job will never be a wft job.

I suppose you have to weigh up I'm you want to stay in Dublin permanently and also will your job be wft post covid.

I'm looking at similar properties as yourself and I think we all agree there crazy money. In saying that I'm trying to buy at the moment as I want to be very close to dublin city and I don't really care too much about size.

Who knows what way the market will go but don't push yourself beyond your financial limits or buy somewhere were you may have a horrible commute in future

valarmorghulis · 23-01-2021 1:19pm

outland1985 wrote: »

valarmorghulis wrote: »

Hi all,

Any advice for a 33 year old renting in Dublin for 15 years from the west (easily 100k spent on rent so very jealous of Dubs who bypassed that), who is on the verge of buying but can only find shoebox 1beds in city centre for 230-250k in D1,D7,D8 and the odd 2 bed shoebox for 250-275k

Hi I'm a dub but in a similar position to yourself, I don't have a family home in Dublin anymore so also renting. My job will never be a wft job.

I suppose you have to weigh up I'm you want to stay in Dublin permanently and also will your job be wft post covid.

I'm looking at similar properties as yourself and I think we all agree there crazy money. In saying that I'm trying to buy at the moment as I want to be very close to dublin city and I don't really care too much about size.

Who knows what way the market will go but don't push yourself beyond your financial limits or buy somewhere were you may have a horrible commute in future

Appreciate the advice, especially re the financial limits. I see most places in town are around 35-50sqm for 2beds @ 250k but in Santry, you could get a much nicer 70-80sqm place (close to Omni,Northwoord gym) for that price and 30 min bus into town, obviously much prefer a place in D1,D7,D8 and be walking distance.

Just to show how little help there is for people in our position stuck in a rental trap, with the Help to Buy and the new shared equity scheme (coming in June 21 I think)

If you type in the following budgets on daft for new builds you get
250k budget- 76 properties in Ireland
275k buudget-116 properties in Ireland
300k buudget-155 properties in Ireland

The locations are Portlaoise, Stamullen,Drogheda,Tullamore,midleton,Tramore,Dungarvan. This means I'd need to buy a car (petrol,tax,insurance,depreciation).

There are 2 new build properties in Co. Dublin under 300k, a 2 bed in Skerries for 265k and 2bed in Clongriffin for 235k.

I always heard the day you buy is the day you sell and location,location,location. My goal is to buy a starter property and then the "forever home". The aim would be pay it down in 10-15 years and if thats the aim its probably best buying a good location rather than a new build in the middle of nowhere.

accensi0n · 23-01-2021 2:36pm

valarmorghulis wrote: »

I have several friends who moved home, who are saving nearly every penny of their payslip (no food,electricity,broadband,rent costs).

That's seriously messed up that they aren't even throwing their parents a 100 or so per month.
Unless they're contributing in some other significant way with house work/DIY jobs etc.

Eds · 23-01-2021 3:17pm

Nod2020 wrote: »

Sale agreed on a new build and our sales advice note from estate agent stated contracts to be signed within 2 weeks of receiving them

2 weeks are up in a few days but our solicitor said not to worry about this timeline as pre contract queries are currently with developer's solicitor

Should I be updating the estate agent or do we leave everything to the solicitors? Don't want to be told the property was released (not sure if this can even happen)

FTB so unsure of the process so if anyone has experience of a similar situation!

In my experience don't assume anyone else is talking to anyone else. Every development I communicated to the necessary parties; in our case broker, mortgage provider, solicitor, surveyor and estate agent. The estate agent we communicated with least but they emailed us for progress updates. It only takes a minute to fire off an email to each. The way I see it even if they know the information it keeps you on their radar. They can disregard if needs be.

VegetaIRL8e · 23-01-2021 4:08pm

VegetaIRL8e wrote: »

Anyone experience with "Letter of consent" from the bank. Buying a house, which was in neg equity, went sale agreed at end of October and still waiting for this to come through, Although the vendor has non official written and a verbal confirmation, its just the admin of the official document. I'm worried that my 6 months will time out.

...and if by magic, a few days of daily ringing EA the document shows up. Looks like final contract will be in start of next week and Ill be given a closing/signing date in early Feb

:):)

brianc27 · 23-01-2021 5:08pm

Hi

Has anyone ever had experience with extending mortgage AIP, mine expires mid march but with viewings now halted I'm not sure I would find a place before the expiry date, would I need to submit a new application from scratch or would an extension be as simple as proving my circumstances haven't changed.

Cheers

cubatahavana · 23-01-2021 6:24pm

Nod2020 wrote: »

Sale agreed on a new build and our sales advice note from estate agent stated contracts to be signed within 2 weeks of receiving them

2 weeks are up in a few days but our solicitor said not to worry about this timeline as pre contract queries are currently with developer's solicitor

Should I be updating the estate agent or do we leave everything to the solicitors? Don't want to be told the property was released (not sure if this can even happen)

FTB so unsure of the process so if anyone has experience of a similar situation!

Bought new build and contracts were supposed to be signed in 21 days to get kitchen appliances. Received contracts in august and we signed mid November. Not an issue

cubatahavana · 23-01-2021 6:28pm

Lived in clongriffin ten years. Very happy living there. Very good public transport to city.

fago · 23-01-2021 7:15pm

brianc27 wrote: »

Hi

Has anyone ever had experience with extending mortgage AIP, mine expires mid march but with viewings now halted I'm not sure I would find a place before the expiry date, would I need to submit a new application from scratch or would an extension be as simple as proving my circumstances haven't changed.

Cheers

Our AIP runs end of April. On our 3rd renewal!
AIB rang about 2 weeks ago, to check in.
Said we should get our application in again mid March as approvals will take 4-6 weeks.
I found renewals a little straightforward. Including a letter if you've a mix of savings shares equity etc helped aswell.

hao123 · 24-01-2021 3:38pm

Just found this thread today...and can’t help asking for advice for a question had bothered us for a long time:

How to determine a closing date for selling current home and buying new home?

Some background:
We started buying/selling in Oct 2020, selling our current house and buying a new build. So far we had buyers signed contracts last week (went sale agreed in Dec 2020), and we are going to sign the contract for our new house (a new build, would be ready for snagging in 3 weeks and completion in the following week) next week.

We aim to move into the new home before giving the key of current home to our buyers. But we will need to fit the flooring to the new home after completion which will take 1 week at most.

On our new home sales contract it says the closing date will be 14 days later than the completion date.

Does anyone know that is it okay to fit the flooring to a new build house just after completion but before closing? as the flooring is not included in a standard contract of a new build.

But just as our solicitor pointed out that we will need the proceedings / funds from selling current home in order to pay the full price of the new home, so the solicitor would suggest we can rent somewhere else on a short term basis if we want to fit the flooring etc before we move in.

In the current lockdown, we’re reluctant to image that we will be moving all the furnitures including bulky beds / desks / chairs / evening in current house to a warehouse and finding 2 weeks rent accommodation.

Could anyone please give some advice here if had similar experience? any would be appreciated.

GrumPy · 24-01-2021 7:14pm

cubatahavana wrote: »

Well done!

Thanks! Anyone dealing with KBC that can let me know rough timeline for drawdown?

jokettle · 24-01-2021 7:25pm

GrumPy wrote: »

Thanks! Anyone dealing with KBC that can let me know rough timeline for drawdown?

Once our broker submitted final documents (recent payslips, proof of home insurance etc) drawdown occurred within 2 working days. Documents were submitted Tuesday afternoon, funds were available to drawdown on Thursday, we closed the following Monday. Would have closed on Friday if the vendor's solicitor had gotten their bank details to us sooner so we could have transferred funds immediately!

Reins · 24-01-2021 8:37pm

hao123 wrote: »

Just found this thread today...and can’t help asking for advice for a question had bothered us for a long time:

How to determine a closing date for selling current home and buying new home?

Some background:
We started buying/selling in Oct 2020, selling our current house and buying a new build. So far we had buyers signed contracts last week (went sale agreed in Dec 2020), and we are going to sign the contract for our new house (a new build, would be ready for snagging in 3 weeks and completion in the following week) next week.

We aim to move into the new home before giving the key of current home to our buyers. But we will need to fit the flooring to the new home after completion which will take 1 week at most.

On our new home sales contract it says the closing date will be 14 days later than the completion date.

Does anyone know that is it okay to fit the flooring to a new build house just after completion but before closing? as the flooring is not included in a standard contract of a new build.

But just as our solicitor pointed out that we will need the proceedings / funds from selling current home in order to pay the full price of the new home, so the solicitor would suggest we can rent somewhere else on a short term basis if we want to fit the flooring etc before we move in.

In the current lockdown, we’re reluctant to image that we will be moving all the furnitures including bulky beds / desks / chairs / evening in current house to a warehouse and finding 2 weeks rent accommodation.

Could anyone please give some advice here if had similar experience? any would be appreciated.

The new house will not be your until the sale funds from your current house are with your solicitor (closing day) only then will this house become yours and from then you can do what you wish to it but not a day before.
Your solicitor definitely knows this and suggesting you rent somewhere for 2 weeks is daft.
Short - term lets are like hens teeth who'd let a place for a fortnight?! Too much paper work to sort for such a short time frame.

Could you rent a storage unit and move in with family or friends for the 2 weeks?

CarMc · 24-01-2021 8:51pm

hao123 wrote: »

We aim to move into the new home before giving the key of current home to our buyers. But we will need to fit the flooring to the new home after completion which will take 1 week at most.

Yep you can't close the sale of your existing home and then stay in it until new home is ready as you won't own it anymore, you usually get a few hours to move if closing sale/purchase on same day, so could close sale at 12noon and close purchase at 5pm, the solicitor for your buyer will usually ask how long you need to get your stuff out.

You might be better off renting a large storage unit and moving all your furniture in there. Usually have to rent those for 4 week minimum, then move into your new home with as few possessions as possible. We did this - we slept on just mattresses for a few weeks until floors were done as they are easier to shift when floors arrived. Once floors are all in you can collect the rest of your furniture from storage and move in fully.

cubatahavana · 24-01-2021 9:42pm

hao123 wrote: »

Just found this thread today...and can’t help asking for advice for a question had bothered us for a long time:

How to determine a closing date for selling current home and buying new home?

Some background:
We started buying/selling in Oct 2020, selling our current house and buying a new build. So far we had buyers signed contracts last week (went sale agreed in Dec 2020), and we are going to sign the contract for our new house (a new build, would be ready for snagging in 3 weeks and completion in the following week) next week.

We aim to move into the new home before giving the key of current home to our buyers. But we will need to fit the flooring to the new home after completion which will take 1 week at most.

On our new home sales contract it says the closing date will be 14 days later than the completion date.

Does anyone know that is it okay to fit the flooring to a new build house just after completion but before closing? as the flooring is not included in a standard contract of a new build.

But just as our solicitor pointed out that we will need the proceedings / funds from selling current home in order to pay the full price of the new home, so the solicitor would suggest we can rent somewhere else on a short term basis if we want to fit the flooring etc before we move in.

In the current lockdown, we’re reluctant to image that we will be moving all the furnitures including bulky beds / desks / chairs / evening in current house to a warehouse and finding 2 weeks rent accommodation.

Could anyone please give some advice here if had similar experience? any would be appreciated.

We managed to close our sale 4th dec at 12 and our new build purchase at 5pm on the same day. We moved in on that date. A few things that made that possible

- A nice foreman that let us lay floors once the contracts were signed and after snagging. We even got the house key once we signed contracts.
- a very efficient solicitor
- we set up the closing date of our sale to an estimated 2 weeks after initial snag day to give us some time
- all snags were not finished before moving in, but were told by foreman that they’ll be taken care of. So far it is a slow process with the lockdown, but we’re nearly finished
- we decided that a wall that is not perfectly painted is not going to hold us back from moving in. Nothing will be 100% perfect
- we used a moving company. They collected everything the day before the move and moved all into the new build the following day

GrumPy · 24-01-2021 11:42pm

jokettle wrote: »

Once our broker submitted final documents (recent payslips, proof of home insurance etc) drawdown occurred within 2 working days. Documents were submitted Tuesday afternoon, funds were available to drawdown on Thursday, we closed the following Monday. Would have closed on Friday if the vendor's solicitor had gotten their bank details to us sooner so we could have transferred funds immediately!

This is awesome, congrats! This is great news, I was worried it would take a few weeks. How long ago was this? Fingers crossed it's at least as quick, sooner the better!

hao123 · 25-01-2021 12:10am

cubatahavana wrote: »

We managed to close our sale 4th dec at 12 and our new build purchase at 5pm on the same day. We moved in on that date. A few things that made that possible

- A nice foreman that let us lay floors once the contracts were signed and after snagging. We even got the house key once we signed contracts.
- a very efficient solicitor
- we set up the closing date of our sale to an estimated 2 weeks after initial snag day to give us some time
- all snags were not finished before moving in, but were told by foreman that they’ll be taken care of. So far it is a slow process with the lockdown, but we’re nearly finished
- we decided that a wall that is not perfectly painted is not going to hold us back from moving in. Nothing will be 100% perfect
- we used a moving company. They collected everything the day before the move and moved all into the new build the following day

Thanks for this. I got a better picture now, will ring our new home EA tomorrow whether we can fit the floors after snagging (we can go there for the measurement once contracts signed).

Would you mind PM me which moving company you used please? putting everything in their truck before the move sounds a good idea.

hao123 · 25-01-2021 12:13am

CarMc wrote: »

Yep you can't close the sale of your existing home and then stay in it until new home is ready as you won't own it anymore, you usually get a few hours to move if closing sale/purchase on same day, so could close sale at 12noon and close purchase at 5pm, the solicitor for your buyer will usually ask how long you need to get your stuff out.

You might be better off renting a large storage unit and moving all your furniture in there. Usually have to rent those for 4 week minimum, then move into your new home with as few possessions as possible. We did this - we slept on just mattresses for a few weeks until floors were done as they are easier to shift when floors arrived. Once floors are all in you can collect the rest of your furniture from storage and move in fully.

Thanks. We are reluctant to move all the furnitures twice so trying to find out everything possible to avoid this.

hao123 · 25-01-2021 12:15am

Reins wrote: »

The new house will not be your until the sale funds from your current house are with your solicitor (closing day) only then will this house become yours and from then you can do what you wish to it but not a day before.
Your solicitor definitely knows this and suggesting you rent somewhere for 2 weeks is daft.
Short - term lets are like hens teeth who'd let a place for a fortnight?! Too much paper work to sort for such a short time frame.

Could you rent a storage unit and move in with family or friends for the 2 weeks?

Thanks. In the current lockdown situation, we’d rather just pay rent at market price to our buyers if have to.

cubatahavana · 25-01-2021 1:09am

hao123 wrote: »

Thanks for this. I got a better picture now, will ring our new home EA tomorrow whether we can fit the floors after snagging (we can go there for the measurement once contracts signed).

Would you mind PM me which moving company you used please? putting everything in their truck before the move sounds a good idea.

Don’t be afraid to contact foreman directly. Ask for his number from EA. EA once contracts are signed will not care

cubatahavana · 25-01-2021 1:10am

hao123 wrote: »

Thanks. In the current lockdown situation, we’d rather just pay rent at market price to our buyers if have to.

That was our thought if we couldn’t do it in one day. Their solicitor was opposed to it, thought.

Cash_Q · 25-01-2021 2:33am

GrumPy wrote:

Thanks! Anyone dealing with KBC that can let me know rough timeline for drawdown?

So glad you're nearly over the line.
Our solicitor requested funds and they were through 2 weeks later. Standard things like most recent payslips and life cover were requested.
I rang the completions team who were extremely helpful, no holding the line, spoke directly to the lady dealing with our case multiple times and she gave me her direct email to send through outstanding documents. I rang on a Monday and was told final checks were happening the Tuesday, she then confirmed the funds were issued so I kept the pressure on our solicitor to keep an eye on it, he received funds the Wednesday and then transferred them to the vendor on the Thursday. After such a long wait it was invaluable to have real time updates on where we were at.
If you want the number PM me and I'll share it.

Draco · 25-01-2021 11:05am

Draco wrote: »

Still not closed. Vendors getting really arsey now and threatening to withdraw on Friday. Bank has been going at a snails pace the whole way through. At the stage now where if it does fall through it'd be a relief as it'd be some closure on it.

We're so close and yet so far. We'd hoped to draw down on Friday and close today but the valuation is over 4 months old so the bank wants it signed off again. All the delays have been on the bank's side and now we're in a vicious circle where their own documentation is expiring because of it. Really want it closed this week as every delay now means it's less likely that we'd have the renovation done in time for Christmas.

Cash_Q · 25-01-2021 11:08am

Draco wrote:

We're so close and yet so far. We'd hoped to draw down on Friday and close today but the valuation is over 4 months old so the bank wants it signed off again. All the delays have been on the bank's side and now we're in a vicious circle where their own documentation is expiring because of it. Really want it closed this week as every delay now means it's less likely that we'd have the renovation done in time for Christmas.

This happened to us on our first purchase, they did a 'drive-by' valuation to basically check that the house was still standing so it was a very quick turnaround. Hopefully this is the last delay for you and wont take much longer.

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

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