Buying a house 2013!

Glenbhoy

Shedite27 wrote: »

From what I understand, if I get a mortgage agreement in principle, it's valid for 6 months. If my circumstances change in those 6 months, does the AIP become invalid?

I'm thinking of moving job, more money but would be on probation (likely) for 6 months. Just wondering if i could get an AIP now, then if I find a house I like while on probation I could buy it?

Afaik and the likes of killers etc will confirm, checks at drawdown are as rigorous (if not more so) than at the approval stage, therefore, if circumstances change, the old approval is no longer valid. In saying that, I would imagine that if your new position is of a similar nature and salary, then they may have a tiny bit of discretion to allow approval anyway (as if there's actually such a thing as a permanent job outside of the public sector nowadays).
What you should remember is that banks are still looking for excuses not to lend money.

My advice, get the Approval, then you'll have a feel for they'll approve and live your life as normal, change job and if the right house comes along, talk to the bank and explain the situation. Don't incur any costs such as surveyors, engineers, legal etc until you have an up to date approval in place which reflects your changed cirumstances.

Aido888

Hi All,

The OH and I are hoping to apply for a mortgage early next year. We hope to have 10k saved by then to put with 20k that we have in the Post Office therefore a deposit of about 30k.

We have the 20k due to the unfortunate circumstances of a bereavement in the family so therefore we did not save it ourselves or inherit it. Will it make any difference that we did not save this money ourselves?

Any advice would be greatly appreciated.

L1011

Aido888 wrote: »

Hi All,

The OH and I are hoping to apply for a mortgage early next year. We hope to have 10k saved by then to put with 20k that we have in the Post Office therefore a deposit of about 30k.

We have the 20k due to the unfortunate circumstances of a bereavement in the family so therefore we did not save it ourselves or inherit it. Will it make any difference that we did not save this money ourselves?

Any advice would be greatly appreciated.

From experience of very similar circumstances, when it comes to drawdown they'll want proof that it came from a non-recoverable source (so proof of probate in this case) as they need to ensure its not from another loan.

They'll also want proof that you did save some of the total money, 10k from 30k should be enough, 10 from 28 was for me. Sent in a stack of printed off e-statements with the other things they asked for.

killers1

Aido888 wrote: »

Hi All,

The OH and I are hoping to apply for a mortgage early next year. We hope to have 10k saved by then to put with 20k that we have in the Post Office therefore a deposit of about 30k.

We have the 20k due to the unfortunate circumstances of a bereavement in the family so therefore we did not save it ourselves or inherit it. Will it make any difference that we did not save this money ourselves?

Any advice would be greatly appreciated.

It'll make no difference. So long as your incomes qualify to borrow the amount you are looking for based on the banks calculators and you have a proven repayment capacity to repay the stressed mortgage repayment you're in with a good chance of approval i.e rent + savings > mortgage repayment @+2% (on a consistent basis for 6 mths +)

Aido888

Thanks for the advice guys!!!

quad_red

And so we rumble on.

Six weeks since going sale agreed, still no contracts from the vendor's solicitor.

Word from their side (EA, solicitor) is that everything is 100%, the delay is just from the bank issuing the deeds.

I asked were there issues with negative equity or anything like that and they've refused to give any details just reiterating that the vendors are fine and it's just a delay getting the deeds.

Gonna raise the heat on the EA and our solicitor today and tell them pull the finger out.

You guys have advice or specific questions/lines of inquiry I should be following here?

Thanks,
Quad

mel.b

Similiar story here. I went sale agreed on the 1st May and my solicitor only got the contracts last Wednesday, so 6-7 weeks. In my case the hold up was the bank (ulster) saying they hadn't received faxes etc asking for the deeds to be released, even though they had as they were sending back confirmations saying they received the faxes! Thankfully i now have a provisional closing day for the end of July

Your solicitor just needs to keep onto the vendors solicitor

kennyb3

mel.b wrote: »

Your solicitor just needs to keep onto the vendors solicitor

+1, forget the EA they aren't really part of the process now (only when you collect keys). Get your solicitor to phone theirs once a week for updates and keep pressure on.

quad_red

Ha - just called their solicitor directly there. They told me they could discuss anything with me and it all had to be done through our solicitor.

Time to get hot and heavy with our dope!

valleyoftheunos

quad_red wrote: »

Ha - just called their solicitor directly there. They told me they could discuss anything with me and it all had to be done through our solicitor.

Time to get hot and heavy with our dope!

Best off to keep your calls pleasant and not more often than once a week. Constantly calling isn't going to speed things up of the bank are being difficult or as is sometimes the case the seller is simply dragging their heels.

killers1

quad_red wrote: »

Ha - just called their solicitor directly there. They told me they could discuss anything with me and it all had to be done through our solicitor.

Time to get hot and heavy with our dope!

Thread carefully with that sort of approach, there's no chance the vendors solicitor was ever going to discuss this with you and you run the risk of just annoying the vendor...

Contracts can take a while to issue for a whole host of different reasons.. As was mentioned above just keep the pressure on your solicitor for regular updates.

adam88

quad_red wrote: »

Ha - just called their solicitor directly there. They told me they could discuss anything with me and it all had to be done through our solicitor.

Time to get hot and heavy with our dope!

Don't ring there solicitor. It looks unprofessional and looks as if you don't trust your solicitors. I wouldn't be surprised if your solicitor decided not to represent you anymore. And before people say I'm paying them to do the job , yes you are but unfortunately this is the way it happens. My sale took 6 months and there was no banks involved. Just chill. You'll be living in it long enough

quad_red

valleyoftheunos wrote: »

Best off to keep your calls pleasant and not more often than once a week. Constantly calling isn't going to speed things up of the bank are being difficult or as is sometimes the case the seller is simply dragging their heels.

killers1 wrote: »

Thread carefully with that sort of approach, there's no chance the vendors solicitor was ever going to discuss this with you and you run the risk of just annoying the vendor...

adam88 wrote: »

Don't ring there solicitor. It looks unprofessional and looks as if you don't trust your solicitors. I wouldn't be surprised if your solicitor decided not to represent you anymore.

I honestly didn't realise that it was such a big hoo haa. And I didn't call them cursing or anything - I just called inquiring. The paralegal said that they couldn't have any contact and I said no problem, sorry about that.

The vendor's solicitor was on holiday for two weeks, then ours is a week and half late with an update. I've left everyone involved work on their own timeline, been in contact no more than once a week and and been totally reasonable and friendly.

I wouldn't have called anyone had my solicitor returned the email I sent her last week or followed it up as she promised she would have. If people threw a strop based on that then I'd be happy to take my money elsewhere.

adam88

quad_red wrote: »

I honestly didn't realise that it was such a big hoo haa. And I didn't call them cursing or anything - I just called inquiring. The paralegal said that they couldn't have any contact and I said no problem, sorry about that.

The vendor's solicitor was on holiday for two weeks, then ours is a week and half late with an update. I've left everyone involved work on their own timeline, been in contact no more than once a week and and been totally reasonable and friendly.

I wouldn't have called anyone had my solicitor returned the email I sent her last week or followed it up as she promised she would have. If people threw a strop based on that then I'd be happy to take my money elsewhere.

Your right but most solicitors will show you the door if you go over the heads. How many times have the Quinn's lost solicitors cause they were messing them about. Lose your solicitor then you'll know about waiting.

Also just ring your solicitor once a week. Be firm and fair and tell her you'd like to be kept updated. I contacted mine weekly. They understand that you want it closed

killers1

quad_red wrote: »

I honestly didn't realise that it was such a big hoo haa. And I didn't call them cursing or anything - I just called inquiring. The paralegal said that they couldn't have any contact and I said no problem, sorry about that.

The vendor's solicitor was on holiday for two weeks, then ours is a week and half late with an update. I've left everyone involved work on their own timeline, been in contact no more than once a week and and been totally reasonable and friendly.

I wouldn't have called anyone had my solicitor returned the email I sent her last week or followed it up as she promised she would have. If people threw a strop based on that then I'd be happy to take my money elsewhere.

The Vendors solicitor is not legally allowed to disclose any information about their clients dealings so was never gonna to tell you anything.

jpd85

Went through something similar recently so i know how annoying all the waiting is! It took 6 weeks to get contracts as bank needed to release deeds to vendors solicitor. There was no negative equity issue with this.
I contacted my solicitor weekly. All you can do is keep in contact and make sure anything you can do like mortgage life and home insurance are all sorted. Make things as smooth as possible when contracts do arrive.

crazy_kenny

We are in the same position. Sale agreed since end of March and didn't receive contracts for 10 weeks. Signed contracts last week and hopefully have keys soon.

valleyoftheunos

quad_red wrote: »

The vendor's solicitor was on holiday for two weeks, then ours is a week and half late with an update. I've left everyone involved work on their own timeline, been in contact no more than once a week and and been totally reasonable and friendly.

I wouldn't have called anyone had my solicitor returned the email I sent her last week or followed it up as she promised she would have. If people threw a strop based on that then I'd be happy to take my money elsewhere.

You let everyone work on their own timeline until you rang the vendor's solicitor! I appreciate you didn't realise it would be a problem but it really is the sort of thing that would annoy everyone involved and makes you appear as if you don't trust your own solicitor or the vendor. No one is going to throw a stop over it but it wouldn't improve your relationship with your solicitor and could make their job harder.

Usually solicitors don't update you because there simply isn't anything new to tell you. I realise clients like to be updated regardless but it serves little practical purpose and ultimately a week isn't very long in conveyancing terms.

quad_red

I feel like a bit of a dope here. To be fair, I wasn't going to demand anything sensitive from the vendors solicitor. Merely advice on an expected closing date.

valleyoftheunos wrote: »

You let everyone work on their own timeline until you rang the vendor's solicitor! I

I'd tried to contact both the EA (last Friday -left voicemail) and my solicitor (I only gave the solicitor a day to respond to my last email. But my last mail before that was two weeks ago and she promised me an update at the start of last week). As you say, there was nothing to report so both didn't bother responding. So I got a bit impatient and went straight to the 'source'.

Lads, I can see I'm probably coming across as a diva but I don't think it's unreasonable for professionals to use basic courtesy and respond to a client who will be handing over a few hundred grand. We have landlord/crèche and school issues to sort out. We need some sort of timeline and closing date to make plans!

valleyoftheunos

quad_red wrote: »

Lads, I can see I'm probably coming across as a diva but I don't think it's unreasonable for professionals to use basic courtesy and respond to a client who will be handing over a few hundred grand. We have landlord/crèche and school issues to sort out. We need some sort of timeline and closing date to make plans!

Its not unreasonable to want a reply but you will need to be patient, the Solicitors won't want to be waiting around at all either, they will be just as keen to close as you are. if there is a delay it is almost certainly out of their control which means they can't give you a timeline or a closing date. Even if they did it would be completely useless as there is no way they could guarantee it.

All the other issue you've mentioned, alternative accommodation, storage, schools are what make buying a house so difficult. Calm and patience are your friends when it comes to dealing with them.

Best of luck with it!

adam88

quad_red wrote: »

I feel like a bit of a dope here. To be fair, I wasn't going to demand anything sensitive from the vendors solicitor. Merely advice on an expected closing date.



I'd tried to contact both the EA (last Friday -left voicemail) and my solicitor (I only gave the solicitor a day to respond to my last email. But my last mail before that was two weeks ago and she promised me an update at the start of last week). As you say, there was nothing to report so both didn't bother responding. So I got a bit impatient and went straight to the 'source'.

Lads, I can see I'm probably coming across as a diva but I don't think it's unreasonable for professionals to use basic courtesy and respond to a client who will be handing over a few hundred grand. We have landlord/crèche and school issues to sort out. We need some sort of timeline and closing date to make plans!

Forget about emails. There pure useless. Just ring her every second week.

Elbow

Well after 5 months of negotiations we finally got sale agreed yesterday, Absolutely Delighted!

Although if I ever hear the words bank, receivership and house in the same sentence again it'll be too soon!

adam88

Elbow wrote: »

Well after 5 months of negotiations we finally got sale agreed yesterday, Absolutely Delighted!

Although if I ever hear the words bank, receivership and house in the same sentence again it'll be too soon!

5 months and your only sale agreed now. God that's long. More waiting now till ye close.

Elbow

I know, If all goes to plan we're hoping to have the keys by mid September.

Dealing with the banks is an absolute disaster, the only upside is that we're very happy with the price we've agreed, 20% under asking and almost 60% less than what it sold for initially in 1998. :eek:

valleyoftheunos

Elbow wrote: »

I know, If all goes to plan we're hoping to have the keys by mid September.

Dealing with the banks is an absolute disaster, the only upside is that we're very happy with the price we've agreed, 20% under asking and almost 60% less than what it sold for initially in 1998. :eek:

Good things come o those who wait!;)

Dublin25

Elbow wrote: »

Well after 5 months of negotiations we finally got sale agreed yesterday, Absolutely Delighted!

Although if I ever hear the words bank, receivership and house in the same sentence again it'll be too soon!

Congrats - I really hope the times flies by for you.

quad_red

Contracts finally received by our solicitor on Monday! (Apparently the other solicitor posted them on Monday last week - slowest mail ever!).

Anyway, we're sucking diesel now.

Got a letter from my solicitor - she said the closing date is 4 weeks from contract signing. She is going to raise a few pre-contract queries but noted that the contract sent over contains none of the details re the contents we negotiated would be included and the original price (we negotiated a reduction based on problems that were uncovered by the survey).

The solicitor also said we now had to 'satisfy ourselves' in relation to the planning status of the property, the area development plan and any issues related to right of way or easements of interests by third parties.

Is this standard or a way of fobbing liability off on us?

jpd85

quad_red wrote: »

Contracts finally received by our solicitor on Monday! (Apparently the other solicitor posted them on Monday last week - slowest mail ever!).

Anyway, we're sucking diesel now.

Got a letter from my solicitor - she said the closing date is 4 weeks from contract signing. She is going to raise a few pre-contract queries but noted that the contract sent over contains none of the details re the contents we negotiated would be included and the original price (we negotiated a reduction based on problems that were uncovered by the survey).

The solicitor also said we now had to 'satisfy ourselves' in relation to the planning status of the property, the area development plan and any issues related to right of way or easements of interests by third parties.

Is this standard or a way of fobbing liability off on us?

Are you buying with cash? Going through it all at the moment but solicitor must ensure "good title" exists on the property before bank will issue the mortgage cheque. Maybe you could ask solicitor to take the same approach he would if a mortgage was being used? Sounds odd to me as I thought this was exactly why we pay for the solicitors expertise?

m6219

Hi lads, have a question. We are applying for approval in principle and our bank will only lend us 92% of the sale price of the property. Just say we bought a house for 200k that needed 50k to make right, are there any banks that will lend you 250k, rather than 92% of 200, or are they all the same? Thanks in advance

skyfall2012

When you pay a deposit on a house, is that not in effect a contract and the seller cannot pull out?