Buying a house 2012

SuzieQCork

Hi all!

So Nama accepted our offer today and the deposit is down! Has anyone dealt with them before? How long will the next steps take before we get in the place? What are the chances of being in before Xmas???

Ritchi

reflog rehtona wrote: »

Hi there.

I'm looking for some stats based on the property price register. i.e. is there anything out there which shows the change in the SALE prices in south dublin between 2010 and 2012? Don't really fancy plugging all the property price register figures into excel!

I did something on the average price in Dublin in the house register thread: http://www.boards.ie/vbulletin/showpost.php?p=81048988&postcount=223

It's not the most useful though, as the sample size is small, and average price is not neccessarily the best way to do it. I think if you follow on in that thread you'll find Ronan Lyons did something using median values. I don't think anyone has been able to single out South Dublin yet though.

orlaanne

CamillaRhodes wrote: »

Guys, sorry to ask a dumb question, but you need the house insurance indemnity document supplied by the insurance company (as orlaanne is waiting for) before you can draw down the mortgage, yeah?

(Am trying to anticipate everything I may need to do in advance to do them asap!)

Yes you do, my broker told me to get the insurance to start for a few days before the closing date because the solicitor requests the cheque a few days early to make sure it's ready. We are closing on the 19th and our insurance is starting on the 13th. Best not to tell the insurance people you won't be living in it though some of them don't realise this, Axa for instant refused to give us cover before the 19th.

Dalriada17

Hi all
Just read the whole of this thread and its very informative. Anyone any info on negative equity mortgages? Waiting for Aib to get back to us about our application. We applied via branch and lending desk have forwarded our application to senior management. Any experience if this? who would senior mgmt be? any ideas how long it will be to get some response? They have had application for two weeks now. branch manager doesnt seem to be able to get any response as to status!!! We have an offer on our house now and solicitor is ready o go with contracts to buyers once clause is entered re negative equity.
Branch manager was confident of favourable response. Currently have mortgage with them and new mortgage would be similar repayment just over longer period of time.

killers1

Dalriada17 wrote: »

Hi all
Just read the whole of this thread and its very informative. Anyone any info on negative equity mortgages? Waiting for Aib to get back to us about our application. We applied via branch and lending desk have forwarded our application to senior management. Any experience if this? who would senior mgmt be? any ideas how long it will be to get some response? They have had application for two weeks now. branch manager doesnt seem to be able to get any response as to status!!! We have an offer on our house now and solicitor is ready o go with contracts to buyers once clause is entered re negative equity.
Branch manager was confident of favourable response. Currently have mortgage with them and new mortgage would be similar repayment just over longer period of time.

AIB do have a negative equity product and if it's within criteria and you qualify based on incomes & proven repayment capacity they should approve it. The application is gone to their Lending Dept and probably needs sign off by a Senior Manager in that Dept. AIB are generally taking around 2 weeks but depending on the level of sign off required it may take a bit longer. You should definitely have an initial response within 3 weeks of the application being submitted.

reflog rehtona

Ritchi wrote: »

I did something on the average price in Dublin in the house register thread: http://www.boards.ie/vbulletin/showpost.php?p=81048988&postcount=223

It's not the most useful though, as the sample size is small, and average price is not neccessarily the best way to do it. I think if you follow on in that thread you'll find Ronan Lyons did something using median values. I don't think anyone has been able to single out South Dublin yet though.

Thanks Ritchi - Realised after that the price register can be downloaded in excel - which is useful.

_electrolyte

Hi All,

I'm looking for insurance for a house that I'm planning to renovate. I'm finding it hard to get cover as many insurers don't like that it will be unoccupied for a number of months. Any suggestions of companies from people in a similar situation? Bank requirement is fire cover only.

Thanks!

flintash

_electrolyte wrote: »

Hi All,

I'm looking for insurance for a house that I'm planning to renovate. I'm finding it hard to get cover as many insurers don't like that it will be unoccupied for a number of months. Any suggestions of companies from people in a similar situation? Bank requirement is fire cover only.

Thanks!

Why would you tell them if the house unoccupied?

EAFC_rdfl

I'm wondering when getting a survey done on a potential buy, would it be an idea to get an engineer you don't know to do it? I know a couple of lads personally who would do it, but might it be better to ask some one you don't know to carry it out?

bazwaldo

_electrolyte wrote: »

Hi All,

I'm looking for insurance for a house that I'm planning to renovate. I'm finding it hard to get cover as many insurers don't like that it will be unoccupied for a number of months. Any suggestions of companies from people in a similar situation? Bank requirement is fire cover only.

Thanks!

www.frostinsurances.ie do unoccupied insurance and covers you for contractors doing work on it too.

GER82

Hello. Im looking at renting a house in mulberry. It is located in Castleknock. Would anybody know of the area? What is it like? Is it quiet? Far from transport/services? Many thanks in advance.

L1011

flintash wrote: »

Why would you tell them if the house unoccupied?

Because your cover would be invalidated if you made a claim if you hadn't told them.

Unoccupied houses are more likely to get burgled, more likely to suffer extensive damage from burst pipes (as nobody notices for ages), etc. That's why the premia are higher.

folan

GER82 wrote: »

Hello. Im looking at renting a house in mulberry. It is located in Castleknock. Would anybody know of the area? What is it like? Is it quiet? Far from transport/services? Many thanks in advance.

Mulberry isnt that close to castleknock village, and its not really a walking route around to myos, theres a few small roads around there. its about a 15 min walk to the Carpenter pub, and about a 20-25 mins (at a guess) walk to coolmine train station.

Also, Mulberry is close to the m50, so expect to be able to hear cars 24/7.

the houses are nice and big.

leahyl

Bad news from the bank today. Had to reapply for the mortgage as the 3 months had lapsed so needed to apply again. Anyway the mortgage advisor rang today to say that they were now in a position to offer me only 110k as opposed to the 138k I was offered originally due to their credit rating going down (I think that's what she said) so they can now only offer 4 times your salary as opposed to 5...:( I don't think I can manage it now. Ah well all that for nothing

flintash

leahyl wrote: »

Bad news from the bank today. Had to reapply for the mortgage as the 3 months had lapsed so needed to apply again. Anyway the mortgage advisor rang today to say that they were now in a position to offer me only 110k as opposed to the 138k I was offered originally due to their credit rating going down (I think that's what she said) so they can now only offer 4 times your salary as opposed to 5...:( I don't think I can manage it now. Ah well all that for nothing

Sorry to hear that. What bank is that?

killers1

leahyl wrote: »

Bad news from the bank today. Had to reapply for the mortgage as the 3 months had lapsed so needed to apply again. Anyway the mortgage advisor rang today to say that they were now in a position to offer me only 110k as opposed to the 138k I was offered originally due to their credit rating going down (I think that's what she said) so they can now only offer 4 times your salary as opposed to 5...:( I don't think I can manage it now. Ah well all that for nothing

That's a pity BOI won't stand over the original approval but not uncommon. I'd suggest you (and anyone else planning to buy in the next few months) to have an approval put in place or reinstated prior to December. After the budget any changes in tax or reliefs will have a negative effect on bank's calculators and reduce further the amounts they may be willing to lend.

leahyl

killers1 wrote: »

That's a pity BOI won't stand over the original approval but not uncommon. I'd suggest you (and anyone else planning to buy in the next few months) to have an approval put in place or reinstated prior to December. After the budget any changes in tax or reliefs will have a negative effect on bank's calculators and reduce further the amounts they may be willing to lend.

Wonderful...thanks killers1 - I'm feeling pretty down now tbh and just want to forget about it all!

red face dave

Looking for some advice, we had nearly agreed on a price. But the sellers are insisting on 170,00 and we are not moving from 168,000 now the EA rang back this evening seeing would we go to 169,000 and off course he would try and work his magic.

I know its only 2,000 but we feel that we have been more the fair and have came up from our original price of €155,000.


Do you think we should hold on and see what happens or could we make a deal that if we went the other 1000 would they leave certain kitchen appliances.

killers1

red face dave wrote: »

Looking for some advice, we had nearly agreed on a price. But the sellers are insisting on 170,00 and we are not moving from 168,000 now the EA rang back this evening seeing would we go to 169,000 and off course he would try and work his magic.

I know its only 2,000 but we feel that we have been more the fair and have came up from our original price of €155,000.


Do you think we should hold on and see what happens or could we make a deal that if we went the other 1000 would they leave certain kitchen appliances.

If I found 'the' house I really wanted to buy I'd be reluctant to miss out on it for the sake of €1k. Rather than wait around a week haggling I'd be more inclined to offer the €169k, ask for some kitchen appliances but make the offer conditional that you close in 2012 to avail of TRS (if you're getting mortgage finance?) if the vendor can't close this yr tell them your €169k reduces to whatever figure is agreeable.

red face dave

Cheers Killers

Was thinking the same to be honest. Great thread by the way getting some great information of this

doubleglaze

Our offer has been accepted, providing we can complete the sale quickly (the vendors have just made an offer on another property). We are 25,000 short of the full cash amount - which would normally take us 6-7 months to save.

Anyone know what the quickest way of borrowing that 25,000 off the bank might be? I am reluctant to go the mortgage route, as it would take too long. Personal loan? Car loan?

dove2011

killers1 wrote: »

I'd be inclined to ask your mortgage advisor too whether the cheq req was received, what date were the funds requested for and were all drawdown conditions satisfied at that time. I'd be afraid your solicitor might just try to fob you off blaming the bank if they hadn't sent in the documentation in time.

Hi all
Just an update- AIB has taken full responsibility for there error in cancelling my mortgage- yes the solicitor faxed a cheq req 4 day prior to the mortgage expiry date. AIB has agreed to provide me with the same T&C as my previous mortgage- so today or Monday I am due to sign the mortgage in principle contract with the view to closing towards to end of next week.

The vendors solicitor is taken his time even though the vendor has provided the NE funds since last September- I suppose more interest for the vendors solicitor while the vendors funds are in there customer account.

Just want the closing date agreed so I can get organised but thankful the end is near- its been a very long process over the last 7 months even though the house was unoccupied....

Ritchi

Would people recommend getting a qualified electrician in before you close a sale to confirm the wiring is as advertised. Or is this something you could come back on after the contract is signed?

Same goes for the heating, which we haven't tested yet.

dove2011

leahyl wrote: »

Bad news from the bank today. Had to reapply for the mortgage as the 3 months had lapsed so needed to apply again. Anyway the mortgage advisor rang today to say that they were now in a position to offer me only 110k as opposed to the 138k I was offered originally due to their credit rating going down (I think that's what she said) so they can now only offer 4 times your salary as opposed to 5...:( I don't think I can manage it now. Ah well all that for nothing

Sorry to hear that- have you tried a mortgage broker instead of going direct?
Has your house you want gone sale agreed? If not why not inform the Estate Agent that 110k is your budget.
I went to view a turnkey property only 4 weeks ago EA was looking for €135k- he then went down to €125k when I informed him I wasn't interested he informed me that he would have sold it for €110k with all appliance etc - fair enough it was easy for EA to say that when I said No I am taking another property but it was a property I was able to fall back on if anything happened. Remember Leahyl its a buyers market at the moment.

dove2011

gym bunny wrote: »

Hi longtime follower of this thread it has been so helpful to us and the advice givin is just so handy.we have just received our keys today and would t likeo say how our experience went,to be fair there was no major delays it was exactly 8 weeks since they accepted the offer to getting the keys which by reading this tread is fast compared to others my most frustrating point was the solicitor they are so slow and felt like I did half they work for them then the mortgage broker was a great help went out of there way to help us,so if any one has any questions fire away.....my one question is when do we go online to apply for MIR?

Congrats- you were lucky with the whole sale process! Enjoy it

efb

doubleglaze wrote: »

Our offer has been accepted, providing we can complete the sale quickly (the vendors have just made an offer on another property). We are 25,000 short of the full cash amount - which would normally take us 6-7 months to save.

Anyone know what the quickest way of borrowing that 25,000 off the bank might be? I am reluctant to go the mortgage route, as it would take too long. Personal loan? Car loan?

You won't get a mortgage for that- a personal loan

orlaanne

Bed man just phoned to ask if we are still getting the keys in time for delivery, "Over my dead body this will stretch out past the 19th", I'll probably eat my words knowing the Slowicitors but anyway.

Villa05

leahyl wrote: »

Bad news from the bank today. Had to reapply for the mortgage as the 3 months had lapsed so needed to apply again. Anyway the mortgage advisor rang today to say that they were now in a position to offer me only 110k as opposed to the 138k I was offered originally due to their credit rating going down (I think that's what she said) so they can now only offer 4 times your salary as opposed to 5...:( I don't think I can manage it now. Ah well all that for nothing

Don't be feeling too down about it. If you really want to purchase, I would tighten the belt and put yourself in the best possible position. Come back to the market in late 2013/2014

In addition to my points made earlier in this thread, your post and Killers insight regarding banks reducing mortgage's after the budget, point to a further deterioration in price. Not only will there be less buyers, those that can buy will have less funds to do so. It would not surprise me if you find a better house at a lower price.

Every cloud has a silver lining

Best Wishes

The Irish Riddler

Ritchi wrote: »

Would people recommend getting a qualified electrician in before you close a sale to confirm the wiring is as advertised. Or is this something you could come back on after the contract is signed?

Same goes for the heating, which we haven't tested yet.

would those not come under the surveyors report?

engineermike

The Irish Riddler wrote: »

would those not come under the surveyors report?

Hi,
Not normally, any visual defects such as:
- a fuse board sighted in a bathroom (yes i've seen it!)
- last service of the boiler
- low efficiency boiler
these type of things would be noted, however a survey / pre purchase survey would be primarily concerned with the building structure, boundaries, drainage etc.
A new build property - having a 'snag list' inspection - would have the heating system tested & electrical system (where possible if devices are connected, cookers etc.).
The snag list inspection would be for normal function / operating conditions etc & installations that don't meet RECI / Bord Gais technical guidelines.

If a property has been sold by a receiver & the builder is not involved or your purchasing an existing property from a private vendor and you have had a structural survey carried out - It is advisable that when you take occupancy that you have whats called 'periodical' check carried out on the electric & heating / boiler by a registered contractor. This assures you the installations are up to spec & regulations and functioning normally, and also serves to record the systems are correct in the event of an insurance claim issue down the line.
Mike F