Buying a house 2012

killers1

Dubchick81 wrote: »

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?

Solicitor receives the funds & tells vendors solicitors you are in a position to close. They then exchange monies for closing docs & vacant possession of the property after doing the legal searches on the morning of closing day and the property is yours. Your solicitor will tell you where to collect the keys from, it's generally from the EA or your solicitor. Ring your solicitor tomorrow to see have they confirmed closing date & ring your bank to see have the received CR and issued the funds...

Dubchick81

killers1 wrote: »

Solicitor receives the funds & tells vendors solicitors you are in a position to close. They then exchange monies for closing docs & vacant possession of the property after doing the legal searches on the morning of closing day and the property is yours. Your solicitor will tell you where to collect the keys from, it's generally from the EA or your solicitor. Ring your solicitor tomorrow to see have they confirmed closing date & ring your bank to see have the received CR and issued the funds...

Oooohhh... Am getting so excited now.. After a VERY big let down earlier in the year after 7 months of being led down the garden path on another property, the end is finally in our sights..
Thank you so much killers1 for your help and guidance...

killers1

Dubchick81 wrote: »

Oooohhh... Am getting so excited now.. After a VERY big let down earlier in the year after 7 months of being led down the garden path on another property, the end is finally in our sights..
Thank you so much killers1 for your help and guidance...

Best of luck! You're nearly there now, you've exchanged contracts so it's just a matter of getting the money from the bank and closing. You'll have your keys before you know it!

Dubchick81

Wohoo... Party in my gaff ha ha ha

manbat

Dubchick81 wrote: »

Wohoo... Party in my gaff ha ha ha

Sound, I'll bring twister and the dutchies.

Killers1, can I ask you question, at this late stage of the game should an empty property be handier to close before the new year? What would be the main factors in getting closed on time at this late stage?

Regards,
MB

killers1

manbat wrote: »

Sound, I'll bring twister and the dutchies.

Killers1, can I ask you question, at this late stage of the game should an empty property be handier to close before the new year? What would be the main factors in getting closed on time at this late stage?

Regards,
MB

Hey MB,
A property being empty might appear to be easier to close quickly but it's not always the case. For either an occupied or unoccupied property at this stage I'd say you'd need the following to be in place to close this year:

1. Vendors solicitor has title deeds ready to draw up contacts and issue to your Solictor within days of going sale agreed. Contracts in order and no issues.
2. You having mortgage approval only subject to a Valuation Report.
3. Having a surveyor who can access the property within a couple of days of having an offer accepted.
4. A willing vendor who wants to drive things forward to close this side of 2013
5. Two efficient solicitors working closely together to get things wrapped up quickly
6. A good broker/advisor to oversee everything and keep the pressure on all parties to move things along.

It's not impossible, but highly unlikely at this stage that you can close a sale in 4ish weeks on a property where an offer hasn't even been accepted yet. If the vendors solicitor doesn't have title deeds in the next week or so at the latest to issue contracts it won't happen..

Bigcheeze

engineermike wrote: »

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:)

My detached 1970's house was an E something when I bought it. Since then I have put in new heating system with high efficiency boiler and insulated pipework, Attic insulation, under floor insulation, replaced about 90 halogen downlighters with LED's. Hopefully, it will have gone up a few notches on the ratings. Main things I did not do were upgrading existing windows and wall insulation.

folan

PaddyCar wrote: »

Congrats!! So how long it take from paying booking deposit to getting keys?

Thanks.

Deposit was paid 7 weeks and 2 days earlier. alot of that was down to the fact that the house was being let. we took it easy and were ready on our side after 3-4 weeks

Dubchick81

folan wrote: »

Thanks.

Deposit was paid 7 weeks and 2 days earlier. alot of that was down to the fact that the house was being let. we took it easy and were ready on our side after 3-4 weeks

Ours should close this week too and it'll be 7 weeks tomoro that we paid our booking deposit.. Saying that the vendor had EVERYTHING ready to go.. Contracts were to our solicitor within about a week.. 3 or 4 days after our structural surveyor had been out.. They had all letters to cofirm no planning permission was needed on the shed out back, front porch and drive in.. They had the deeds and the death cert for the vendors husband as he was on the deeds.. The deeds!! And anything else that was needed.. And apparently their solicitor was really efficient (this is what our sol said, I wouldn't have a clue!) Its all run really smoothly for us with no hiccups...

Ritchi

Signing next week, which will be 5 weeks from paying the booking deposit. Could have been quicker, but their solicitor is a little slow on some things.

engineermike

Bigcheeze wrote: »

My detached 1970's house was an E something when I bought it. Since then I have put in new heating system with high efficiency boiler and insulated pipework, Attic insulation, under floor insulation, replaced about 90 halogen downlighters with LED's. Hopefully, it will have gone up a few notches on the ratings. Main things I did not do were upgrading existing windows and wall insulation.

90 Halogen downlighters - lord jeasus ! I'll say your rating and bills will improve allrighty.
Windows and doors would have a high enough price tag associated with it, solar thermal is becoming much more affordable. + Deap software is coded to provide higher value on Energy creation / as opposed to energy retention.
mike f

FixYa

Hi guys,
maybe I will repeat something and you will find this question not relevant. But I can see that you need to pick a repayment date in the form.
Does this take affect on if you are entitled to MIR or not? Does mortgage just need to be drawn before 31st Dec or 1st repayment need to be done ?
Thanks for advise

killers1

FixYa wrote: »

Hi guys,
maybe I will repeat something and you will find this question not relevant. But I can see that you need to pick a repayment date in the form.
Does this take affect on if you are entitled to MIR or not? Does mortgage just need to be drawn before 31st Dec or 1st repayment need to be done ?
Thanks for advise

You need to put down the date of first repayment in Month/Year format but it doesn't matter if this is in 2013. Once your loan is accruing interest in 2012 i.e. has drawn down, you are entitled to TRS

SNNUS

killers1 wrote: »

You need to put down the date of first repayment in Month/Year format but it doesn't matter if this is in 2013. Once your loan is accruing interest in 2012 i.e. has drawn down, you are entitled to TRS

Would it be possible for the mortgage to be drawn down even if you are not in the property yet?

killers1

SNNUS wrote: »

Would it be possible for the mortgage to be drawn down even if you are not in the property yet?

The mortgage always has to draw down before you get in to the property as you need to pay for it before they'll give you the keys!!

Ritchi

killers1 wrote: »

The mortgage always has to draw down before you get in to the property as you need to pay for it before they'll give you the keys!!

Understandable, but how can you draw down the mortgage, without owning the property? I assume the property is what use as security for the mortgage.

killers1

Ritchi wrote: »

Understandable, but how can you draw down the mortgage, without owning the property? I assume the property is what use as security for the mortgage.

The bank release the money on the strength of the Solicitors Undertaking which confirms that contracts are in place for the sale to close and that the property will be registered in the purchasers name with a first legal charge over the property being in place in favour of the lender.

engineermike

As Killers has described,
Bank releies on Solicitor to ensure all obligations and due diligence criteria have been met in the conveyancing process.
Contracts in place - funds are drawn down & transferred to solicitors holding account for transfer to vendors solicitor upon signing of contract for sale by both parties.
Primary charge on the property is to the lender / bank.
Deed goes to land registry afterward for registration of the new owner - which can take weeks to months/
mike f

Dubchick81

Got a closing date... Counting down the days til Monday

Lenny

still no closing date..
have been told the venders are looking around 2nd week of janurary..
We would like the 1st week, as when we were viewing and paid deposit we had said we want to be in for christmas.
only viewed and paid booking deposit on house at end of september... :rolleyes:
hopefully going to draw in december, but to be honest if the budget brings any surprises will just pull out at this stage.
excitement of buying the house has well worn off now.

killers, how long does the loan off be valid for? 3 months from the date the loan pack was issued is it?

do we have to sign the contracts for the closing date before we apply draw the mortgage?
or is that done on the morning/day before you do your final inspection and get your keys?

SNNUS

Nothing happening on my side here either after putting a deposit on 8th October, If the mortgage can not be drawn down before the end of the year I will be pulling out of the deal or offer around 15k less which would match the amount lost on MIR. Getting sick of this at the moment.

Ush1

Closing date of December 7th here!

tommyh1977

Hey all, sorry for jumping on board. My house purchase has been one disaster after another. Basically it is a receiver sale we are purchasing with a council mortgage. One problem after the other we overcame, between council engineer not wanting to sign off on property, even though our surveyor found no defects. Next we had clerical errors drawing funds which out us 3 weeks over the closing date.

We put deposit down mid July, signed Contracts first week October, contracts received back from receiver/vendor 11th October with closing date of 26th October. With clerical error we ran 3 weeks over and drew funds last Friday 16th November. Found it strange we had no completion notice or any correspondence from vendor when we ran over.

My sol contacted vendor to arrange closing date this week. Monday he received no reply, Tuesday he received no reply, today he phoned me up to tell me the Revenue had put a judgement on property on 18th October and the repo developers wife had put a lis perene on the property on 23rd Oct.

As you can imagine we are gobsmacked. We are thousands in the hole between legal fees and furniture/carpet deposits etc. We are assuming the receiver is working to get the judgements discharged. The council are most likely to start looking for the mortgage to be returned, after we spent 4 months battling to get it released. Receiver and his solicitor are not acknowledging my solicitors correspondence. Completely frustrated at possibly not having closed by 31st December. I know the mortgage is accruing interest from drawdown and is such eligible for MIR but if we have to hand it back I assume that's the MIR out the window. My sols concern with handing it back is if receiver gives us short notice to close we might not be able to draw back down in time.

We have sent a 28 day completion notice but I honestly don't think that will phase the receiver any bit.

killers1

Lenny wrote: »

still no closing date..
have been told the venders are looking around 2nd week of janurary..
We would like the 1st week, as when we were viewing and paid deposit we had said we want to be in for christmas.
only viewed and paid booking deposit on house at end of september... :rolleyes:
hopefully going to draw in december, but to be honest if the budget brings any surprises will just pull out at this stage.
excitement of buying the house has well worn off now.

killers, how long does the loan off be valid for? 3 months from the date the loan pack was issued is it?

do we have to sign the contracts for the closing date before we apply draw the mortgage?
or is that done on the morning/day before you do your final inspection and get your keys?

Hi Lenny

When your loan offer is issued the acceptance needs to be signed and returned within 30 days and then you have 6 months to drawdown.

You sign the contracts well in advance of drawdown as they need to be returned to vendors solicitor for the vendor to sign. Your solicitor will only be happy to drawdown funds once she knows vendor has signed contracts and they have been returned to her and a closing timeframe is agreed (although if the date changes a bit after that it's no major issue). You've two options, either speak to your Solictor about drawing down in 2012 or renegotiate the purchase price before you sign contracts.

Lenny

ok this can't sound right so.. our loan offer was issued to the solicator about the 7th of october.. we haven't signed anything yet.. were we supposed to go to the solictors sign it and send it back?
You know the solictors I've been dealing with & I asked the girl there last week how long does the loan offer last for & was told 3 months
are we in trouble now with the process, and you may know from the pm's my partner has changed before we applied..

killers1

Lenny wrote: »

ok this can't sound right so.. our loan offer was issued to the solicator about the 7th of october.. we haven't signed anything yet.. were we supposed to go to the solictors sign it and send it back?
You know the solictors I've been dealing with & I asked the girl there last week how long does the loan offer last for & was told 3 months
are we in trouble now with the process, and you may know from the pm's my partner has changed before we applied..

Remind me who the lender is?

Lenny

killers1 wrote: »

Remind me who the lender is?

aib

killers1

Lenny wrote: »

aib

That's what I thought... It says on your loan offer that the acceptance needs to be returned within 30 days (although bank don't enforce that so nothing to worry about). AIB recently changed the validity of their approval in principles and loan offers from 3 to 6 mths. If your loan offer is about to expire and you haven't drawn down get your Solictor to fax a one liner requesting new offer letter and they automatically send one out without any referral to an Underwriter. Your solicitor did this for a client of mine recently and received new offer valid for a further 3 months a couple of days later. Don't be worrying about the loan offer just firm up on the 2 options I gave you earlier, either drawing down in 2012 or reduced purchase price prior to signing contracts.

Lenny

killers1 wrote: »

That's what I thought... It says on your loan offer that the acceptance needs to be returned within 30 days (although bank don't enforce that so nothing to worry about). AIB recently changed the validity of their approval in principles and loan offers from 3 to 6 mths. If your loan offer is about to expire and you haven't drawn down get your Solictor to fax a one liner requesting new offer letter and they automatically send one out without any referral to an Underwriter. Your solicitor did this for a client of mine recently and received new offer valid for a further 3 months a couple of days later. Don't be worrying about the loan offer just firm up on the 2 options I gave you earlier, either drawing down in 2012 or reduced purchase price prior to signing contracts.

ok cheers for your help. I will ask them to request a new loan offer on friday when the girl is in.
our worse case scenario is paying the 10% non refundable deposit on signing and then something coming to light were they request some info and loosing the deposit.
we have aggreed to more than likely draw in 2012 once we close early jan 2013
as the question on signing.. I'd hate to sign. post the contracts off and the vendors sign and send back with a date in march or something

killers1

Lenny wrote: »

ok cheers for your help. I will ask them to request a new loan offer on friday when the girl is in.
our worse case scenario is paying the 10% non refundable deposit on signing and then something coming to light were they request some info and loosing the deposit.
we have aggreed to more than likely draw in 2012 once we close early jan 2013
as the question on signing.. I'd hate to sign. post the contracts off and the vendors sign and send back with a date in march or something

Lenny just a couple of points...

1) your existing loan offer dated 7th Oct will be valid to drawdown in 2012 or first week in Jan so should be sufficient.
2) the contracts that you sign your solicitor will put a clause in to say its subject to mortgage approval and drawdown which means that if the vendor came back and had a closing date of March on it and if for any reason you couldn't get the mortgage approval at that stage your full deposit would be refunded...
3) so long as you close on the current valid loan offer there is no possibility of the bank coming back looking for further income docs etc. your file has left the underwriters dept when the loan offer issued and is now with completions dept who just tick the boxes as the loan offer conditions are satisfied.