Buying a house 2012

killers1

Avengers wrote: »

Thanks Killers for the rapid response,

No, my mortgage advisor did not give me any reason. She only informed me few minutes before 5 pm today. She also mentioned that BOI had dealt with my solicitor in past without any problems. She then asked me if i heard anything from my solicitor about it.

I was't expecting anything like this, and did't get any call from my solicitor too.

I rang the solicitor's office around 5pm and he is in a meeting(obviously).
so I explained everything to the receptionist asking to call me back ASAP.

Have't heard anything back I will have to wait till monday to get an update.

Is there a way to know a solicitor is blacklisted ? What is PI cover ?

Howcome bank will send loan pack in the first place if the solicitor is blacklisted.

Killers, I appreciate if you have any suggestions on how should i proceed from now on..

Thanks again

PI cover is Professional Indemnity insurance and Solicitors need to have an up to date policy to handle transactions...

I'll send you a PM shortly....

steveonline

Hi everyone,
Quick question on this, all going well (very well at this point!), if you were to go sale agreed on the 30th Nov is it feasible to close the deal and draw down mortgage by year end ?
I'm a FTB and wondering if i left it too late to have any hope of qualifying for MIR!!! Not gone sale agreed yet but v interested in a property that just came to market.

Plus, why did the seller wait till mid November - were they hoping to get interest from FTB's who have one eye on MIR, if so why not come to market earlier in year.

thanks

Dalriada17

steveonline wrote: »

Hi everyone,
Quick question on this, all going well (very well at this point!), if you were to go sale agreed on the 30th Nov is it feasible to close the deal and draw down mortgage by year end ?
I'm a FTB and wondering if i left it too late to have any hope of qualifying for MIR!!! Not gone sale agreed yet but v interested in a property that just came to market.

Plus, why did the seller wait till mid November - were they hoping to get interest from FTB's who have one eye on MIR, if so why not come to market earlier in year.

thanks

Honestly doubt it. Last date for drawdown is about the 17th dec so you would only have two weeks or so for vendors solicitors to draft contracts and Send to Your solicitor who would need to be very fast and honestly I doubt everything would be signed and exchanged in time to request cheque. Also you would need vendors solicitor to have deeds already and if they don't there is def no way. You also would need to get valuer for bank and surveyor out which would, in my experience take longer than two weeks(delay being tryin to get someone out to property) Yu also would need your life insurance and home insurance ready to go.
Have you got offer in already?

engineermike

TheDriver wrote: »

I have found most modern built homes are B3 or C1. C3 seems like older estate houses e.g. 10-15 years old. I know some people with A houses, you need solar panels, heat reclaim etc, you actually need certain items in the house to get it

Modern houses - circa 2009 & after are supposed to achieve B2 - ber rating or above.
C3 isn't great, middle of the road really. Improvements would likely be -
- High efficiency boiler / burner - Condenser.
- Solar thermal contribution to hot water tank.
- Attic insulation should be 300 mm depth.
- Better U value on windows and doors.
- HRV & Heat pump heating system ( high price tag attached!).
mike f:)

steveonline

Hi Dalriada17,
Thanks for the run through, i think you could be right - anyways just did a second viewing on the place today and its about 10k over the asking price at this stage so thats me out!
I wouldn't want to be banking on MIR and miss the deadline for some delay in the process as its a pretty big hit to take. Could Noonan do a U-turn yet?

Or has it all bottomed out? 10k over asking price and its now a bidding war. I've heard it before but the property market is now so fragmented by location & property type that the headline national figures are meaningless depending where & what you want to buy.
Intervention of any type is not good, rent allowance is the next biggest distorter of property prices it should be only for a max 2yrs plus anyone should be able to hand the keys back to the bank and walk away if needed....

Dalriada17

Hi Steveonline
Pity about that house :-(
I honestly think there is some panic buying on now. We looked at properties earlier in year and while they sold there wasn't any of the same interest in properties with bidding wars and prices over asking in this area. We looked at 3bed yesterday with view to putting in offer. On way in the door we were told it was now at 270k so we decided on walk around to offer 274k as absolute max. Talking to agent 15mins later found out one of the bidders offered 280k - basically blew everyone out of running. However agent said vendors cannot sell and complete before Christmas so buyers won't get MIR. We could offer more but the house isn't worth that at all and similar have sold for max 255k!!!!! We left them to it which I guess was what they wanted.
No idea what will happen in budget but I dont think prices have hit bottom at all yet in some areas. It is definitely dependent on location though.

steveonline

Hey Dalriada

Something going on at the moment alright, i guess panic buying could sum it up from what i have seen too. Hard luck on the house but maybe better off in the long run. I can't see this happening in the new yr with MIR gone for FTB's, another crippling buget and most likely a cut in RA.

I'm contemplating a complete change of attack on this, i was trying for something other then the 3 bed semi but as i'm renting one and my landlord has mentioned selling before so i may give him a ring!!!

Agree prices may come down further as from what we're told houses should be about 3 times income, with average industrial wage at 41k we should be looking to pay 120k for a 3 bed semi as the benchmark, maybe wishful thinking....

cassiedoll

Congrats folan on ur new home. delighted to hear ur good news.

manbat

Dalriada17 wrote: »

Hi Steveonline
Pity about that house :-(
I honestly think there is some panic buying on now. We looked at properties earlier in year and while they sold there wasn't any of the same interest in properties with bidding wars and prices over asking in this area. We looked at 3bed yesterday with view to putting in offer. On way in the door we were told it was now at 270k so we decided on walk around to offer 274k as absolute max. Talking to agent 15mins later found out one of the bidders offered 280k - basically blew everyone out of running. However agent said vendors cannot sell and complete before Christmas so buyers won't get MIR. We could offer more but the house isn't worth that at all and similar have sold for max 255k!!!!! We left them to it which I guess was what they wanted.
No idea what will happen in budget but I dont think prices have hit bottom at all yet in some areas. It is definitely dependent on location though.

I had a offer in on a property at 10k below asking, after 3 weeks estate agent came back and said another 5k and its yours basically as seller would prefer FTBs aheading of other bidders. Myself and my other half (as she tells me thats what I have to call her) had gone off the property and declined due to interest in other properties, that was on friday evening and come saturday morning we found the property had been reduced by 20k!!! 10k below our original offer.

Do not trust the estate agents as they are just using the MIR panic to milk first time buyers.

maroondog

Would I be right in thinking the ship has sailed for MIR? Be hard pressed to get a sale thru and loan drawn down by the end of the year givin the amount of checks/questions/updated info requests from banks on mortgage applications. FTB myself and think ill be holding off till new year and this mini frenzy passes.

TheDriver

maroondog: unless it is absolutely seamless and lots of luck, I would say generally its too late being honest. The bidding itself could take 1-2 weeks, getting deeds, engineer and remember its not 31Dec because most things will be shut or on holiday mode so its really only 4 weeks left anyways.

Lenny

So myself and my partner view a house back in September, after a bit of back and forth we agreed on a price on the 5 th October and paid the booking deposit. It a little under 2 weeks to get the contract., there was an extra part with the content the people were taking.. cooker/fridge, washing machine, fireplace & surround, outdoor lights, flowers, curtain poles.

Basicly everything in the house. After back an forth of saying these things were fixtures we have come to some agreement were they’re still taking some stuff.

But the solictors said that their clients are still discussing the closing date. It will be something in the new year.

When viewing this house we made it clear to the EA that we wanted to be in before Christmas to get the MIR & he made the sellers aware of this. my solicitor also said to their solicitor that we wanted to be in before them

I rang the revenue and to get the MIR the mortgage has to be drawn.. so I was thiking the solicitor could draw our mortgage, and hang on to the money the week of Christmas and we set a date to move in the middle of January

. This property has been for sale since oct 2011, it was sale agree but it fell through. Are they being unreasonable, expecting us to wait until the new year, should we send their solicitor a letter saying we will pull out

If we don’t get a closing date this year or the first week of jan?

Pain the arse as we have handed in our notice to our landlord

orlaanne

Well it's all over. Got the keys at lunchtime and starting moving in our stuff shortly! Also when we were at the estate agents picking up the keys he told us a house one street away went last week for 5k more than ours but needs a load more work and it's on a main road! Mir is doing funny things to people.

tim9002

orlaanne wrote: »

Well it's all over. Got the keys at lunchtime and starting moving in our stuff shortly! Also when we were at the estate agents picking up the keys he told us a house one street away went last week for 5k more than ours but needs a load more work and it's on a main road! Mir is doing funny things to people.

Good luck! I believe the same thing happened in the UK about 12 years ago when they phased out MIR.

Dubchick81

Avengers wrote: »

Hi Readers,

FTB, we are supposed to collect keys this month end. Just got a call from my mortgage advisor(BOI) that the underwritters can not take instructions from my solicitor and advised me to find a new solicitor.

Can this really happen just before closing ?

we have signed the contracts and paid the balance deposit. I think vendor has signed the contract and returned to my solicitor(to be confirmed).

My solicitor has mentioned that he would put a request to draw down funds in advance so that we won't miss the FTB Mortgage interest relief.

How come banks say at the last minute to change solicitor?

What are my options now? should i really change solicitor and re-do the whole process again?

Has anyone experienced simillar problem ?

I hope Killers would have more insight in this matter...

I really don't want to miss the MIR so disappointed now

Thanks in advance

Oh no.. Sorry to hear your troubles with BOI and your solicitor. Have you managed to get sorted?
Am just waiting to close our mortgage with BOI too so hopefully they don't do the same to us...

Killers was just wanting to ask, and hope you don't mind.. As of Friday 16th Nov.. The bank have had all docs n everything required to draw down the cheque with the exception of our Solicitors Cheque Request.. From that stage and assuming our Sol. has got that in to them by today, maybe tomoro.. How long to you wreckon it'll take til we close?? Am I being too keen thinking it can still happen this week??
Also, where do I go to apply for MIR online?? And what exactly do I need to get the ball rolling? Date of first mortgage payment, mine and my BF's NI numbers and anything else?? Thanks a million for your help. Much appreciated..

dove2011

orlaanne wrote: »

Well it's all over. Got the keys at lunchtime and starting moving in our stuff shortly! Also when we were at the estate agents picking up the keys he told us a house one street away went last week for 5k more than ours but needs a load more work and it's on a main road! Mir is doing funny things to people.

Congrats...have plenty of fun times in your new abode...
Mortgage request drawn down on thursday hopefully keys towards to end of the week- all furniture ready to be delivered- losing patience living at my parents now and driving 70 miles daily..... will the next few days hurry up!!!!

Dubchick81

dove2011 wrote: »

Congrats...have plenty of fun times in your new abode...
Mortgage request drawn down on thursday hopefully keys towards to end of the week- all furniture ready to be delivered- losing patience living at my parents now and driving 70 miles daily..... will the next few days hurry up!!!!

Hi Dove2011
Do you mind me asking how long it took from the bank receiving the cheque request to drawing it down??
Am currently at this stage myself and have booked 2 weeks as of Friday from work to move in n get settled properly.. But not sure if I'm been too ambitiuos and should maybe change it to following week and week after that...
Congratulations to you tho on getting your keys.. Know just how excited you must be

Dalriada17

orlaanne wrote: »

Well it's all over. Got the keys at lunchtime and starting moving in our stuff shortly! Also when we were at the estate agents picking up the keys he told us a house one street away went last week for 5k more than ours but needs a load more work and it's on a main road! Mir is doing funny things to people.

Best of luck to you.

Lenny- I'd get onto your solicitors. Was any closing date indicated in vendors contracts? Have you signed them? It seems v unreasonable of the vendors to hold off closing when they should have known well that you would want to close before Christmas. Do you know if they are moving on themselves - if in a chain maybe they are not closing until jan. we are selling and closing in dec so the buyer can get MIR. It's really pita as we will be homeless for Christmas unless can get short term lease somewhere. Otherwise will be living between a few houses. However we weren't going to delay for buyers just because it was highly inconvenient for us.
Def get onto your solicitor. Regarding drawing down before Christmas with closing after - get advice from solicitor on this. Best of luck.

Lenny

Yes they're looking to move on.. I think the whole delay of the contents they were taking back and forth was to delay and get more time.. we have not signed anything. They got the contracts with a cover letter stating the closing date "will be some time in the new year" don't know what they're playing at. As it was 7 weeks ago this Wednesday we paid our deposit. I think they're waiting for the perfect home to come up..
That's why I was thinking of threatening to pull out

dove2011

Lenny wrote: »

Yes they're looking to move on.. I think the whole delay of the contents they were taking back and forth was to delay and get more time.. we have not signed anything. They got the contracts with a cover letter stating the closing date "will be some time in the new year" don't know what they're playing at. As it was 7 weeks ago this Wednesday we paid our deposit. I think they're waiting for the perfect home to come up..
That's why I was thinking of threatening to pull out

Threatening to pull out- that is what I did- I paid a booking deposit at the start of May, and was told a few more weeks until middle of October when I went to view another property- I rang my solicitor informing him that I was putting in an offer on a different house and guess what I was informed that I could sign my contract at the end of the that week... which was the 17th october...
So with all the details back in forth hoping to have my keys this week!!

dove2011

Dubchick81 wrote: »

Hi Dove2011
Do you mind me asking how long it took from the bank receiving the cheque request to drawing it down??
Am currently at this stage myself and have booked 2 weeks as of Friday from work to move in n get settled properly.. But not sure if I'm been too ambitiuos and should maybe change it to following week and week after that...
Congratulations to you tho on getting your keys.. Know just how excited you must be

Hey Dubchick
Haven't received the funds yet- but should be there tomorrow suppose to take 2-4 working days when it comes to processing it and transfer.

TheDriver

went to look at a house today, on the market a week and someone already had a offer thrown in, smelt of first time buyer trying to guy anything worth buying. Do people still jump in with offers?

TheDriver

Lenny wrote: »

So myself and my partner view a house back in September, after a bit of back and forth we agreed on a price on the 5 th October and paid the booking deposit. It a little under 2 weeks to get the contract., there was an extra part with the content the people were taking.. cooker/fridge, washing machine, fireplace & surround, outdoor lights, flowers, curtain poles.

Basicly everything in the house. After back an forth of saying these things were fixtures we have come to some agreement were they’re still taking some stuff.

But the solictors said that their clients are still discussing the closing date. It will be something in the new year.

When viewing this house we made it clear to the EA that we wanted to be in before Christmas to get the MIR & he made the sellers aware of this. my solicitor also said to their solicitor that we wanted to be in before them

I rang the revenue and to get the MIR the mortgage has to be drawn.. so I was thiking the solicitor could draw our mortgage, and hang on to the money the week of Christmas and we set a date to move in the middle of January

. This property has been for sale since oct 2011, it was sale agree but it fell through. Are they being unreasonable, expecting us to wait until the new year, should we send their solicitor a letter saying we will pull out

If we don’t get a closing date this year or the first week of jan?

Pain the arse as we have handed in our notice to our landlord

heard of this with others. When I sold my house, i packed up and left as quick as I could because the power is in the buyers hands until money is handed over. I would threaten to pull out if they are not signed or ask for a reduction in line with your loss in MIR. Why should you take the hit?

Dubchick81

Just be careful when your threaten to pull out that you are willing to pull out if you don't get the answer you want....

Been tryna get hold of my solicitor today to find out if he's sent in his cheque request but he's not returned my calls.. Quite annoyed but assuming its coz he has no news for us.. Will try him again tomoro tho.. Hate this crap of not knowing.. Am hoping its gone in n we we can close this week..

Dubchick81

Just be careful when your threaten to pull out that you are willing to pull out if you don't get the answer you want....

Been tryna get hold of my solicitor today to find out if he's sent in his cheque request but he's not returned my calls.. Quite annoyed but assuming its coz he has no news for us.. Will try him again tomoro tho.. Hate this crap of not knowing.. Am hoping its gone in n we we can close this week..

killers1

Dubchick81 wrote: »

Oh no.. Sorry to hear your troubles with BOI and your solicitor. Have you managed to get sorted?
Am just waiting to close our mortgage with BOI too so hopefully they don't do the same to us...

Killers was just wanting to ask, and hope you don't mind.. As of Friday 16th Nov.. The bank have had all docs n everything required to draw down the cheque with the exception of our Solicitors Cheque Request.. From that stage and assuming our Sol. has got that in to them by today, maybe tomoro.. How long to you wreckon it'll take til we close?? Am I being too keen thinking it can still happen this week??
Also, where do I go to apply for MIR online?? And what exactly do I need to get the ball rolling? Date of first mortgage payment, mine and my BF's NI numbers and anything else?? Thanks a million for your help. Much appreciated..

Hi there,
Don't get too hung up on the cheque req. Your solicitor won't send it in until he has agreed a closing date with the vendors solicitor. You're better off chasing your solicitor to see what closing date has been agreed and that will be the day you get your keys. If it's BOI they are fairly good at issuing funds quickly and tend to get a cheque issued the same day the last item is received. It's certainly possible that you can still close this week but check with your solicitor whether they have agreed a closing date with the other side...

You apply for TRS here and the form is fairly self explanatory...

https://www.ros.ie/trs/claim.html?execution=e2s1

killers1

TheDriver wrote: »

went to look at a house today, on the market a week and someone already had a offer thrown in, smelt of first time buyer trying to guy anything worth buying. Do people still jump in with offers?

I would say people still do jump in with offers although it could be a case of the EA establishing a floor price for the property...

killers1

Lenny wrote: »

Yes they're looking to move on.. I think the whole delay of the contents they were taking back and forth was to delay and get more time.. we have not signed anything. They got the contracts with a cover letter stating the closing date "will be some time in the new year" don't know what they're playing at. As it was 7 weeks ago this Wednesday we paid our deposit. I think they're waiting for the perfect home to come up..
That's why I was thinking of threatening to pull out

Renegotiate the price on the basis that you're missing out on TRS, let them take it or leave it.

L1011

TheDriver wrote: »

went to look at a house today, on the market a week and someone already had a offer thrown in, smelt of first time buyer trying to guy anything worth buying. Do people still jump in with offers?

In my case, either every EA in the town was colluding (actually, thinking about it, they might have been!) or there was someone putting in offers of 120k within days on virtually every property priced anywhere from 125-165.

Dubchick81

killers1 wrote: »

Hi there,
Don't get too hung up on the cheque req. Your solicitor won't send it in until he has agreed a closing date with the vendors solicitor. You're better off chasing your solicitor to see what closing date has been agreed and that will be the day you get your keys. If it's BOI they are fairly good at issuing funds quickly and tend to get a cheque issued the same day the last item is received. It's certainly possible that you can still close this week but check with your solicitor whether they have agreed a closing date with the other side...

You apply for TRS here and the form is fairly self explanatory...

https://www.ros.ie/trs/claim.html?execution=e2s1

I know the vendor is really eagor to finalise as well.. My sol has told me (last Friday) the vendor has the closing docs ready (?) On out contract the vendor has input that we close within a month of both and them signing the contract.. Last time I spoke with the sol the bank had everything they needed with the exception of his CR and letter of undertaking.. That was early enough Friday so am hoping he got them over either Friday or today so hopefully then we'll close
Thanks a million for your help Killers1...
So lets say when the cheque request has been received and the cheque drawn down, what happens then?? So we need to meet with anyone to sing anything more or just go get our keys?? N who do we collect them from?