Buying a house 2013!

handlemaster

flintash wrote: »

Confirmed. I know couple of sales, from the first half of the year that are not finished yet. If I can add, my conspiracy theory is that there is reason for equalising sales though out the year. Nobody want to see sharp decline in sales anyways.

or are hopelessly organised ?

or even perhaps are still looking for an increase in prices so can squeeze more from the buyer. I don't think so myself.

It doesn't make sense to drag out a sale if all parties agree... im i missing something ?

Devi

handlemaster wrote: »

It doesn't make sense to drag out a sale if all parties agree... im i missing something ?

Thats what ive been trying to figure out. One theory that ive read somewhere is that the receiver works on contract and is not paid per sale, so it’s in their interest to delay sale as much as possible. Tbh it’s the only one that makes any sense to me as every other party in the deal gets paid when the sale is finalised.

Elbow

Its been a slow frustrating few months but finally contracts signed, house should be ours in 3 weeks, can't wait to get in!

L1011

Roxy10 wrote: »

Hi Everyone,

I am just wondering what my chances are of getting a mortgage in these circumstances:
- Salary 31200 per year full time permanent 2.5 years in this job
- One child
- Single applicant
- No Loans
- 360 per month rent paid through bank transfer on time very month
- Savings are a minimum of €700 per month (sometimes I manage a bit more)

I am looking at a house that will probably end up costing 150k so after my deposit goes against it (at present I am nearly there on saving the full deposit of 8% ie 12k) I will be looking at 138k on my own. Oh I am 26 and have been working full time in the same sector for 6.5 years.

Any advice will be gratefully received

8% limits you to one lender only - most require 10% - and you'll have other costs (solicitor, stamp duty). You may want to hold on till you've more saved.

Sunny Dayz

Question for those who have bought from Receivers:

Have the selling bank to do something with regards to the deeds of the house before it can be transferred to the buyers? We have contracts signed, deposit paid, loan cheque paid over. Solicitor said the selling bank has to agree to transfer of deeds (I think that's it - I've lost the scrap of paper I wrote it on).

thewools

Sunny Dayz wrote: »

Question for those who have bought from Receivers:

Have the selling bank to do something with regards to the deeds of the house before it can be transferred to the buyers? We have contracts signed, deposit paid, loan cheque paid over. Solicitor said the selling bank has to agree to transfer of deeds (I think that's it - I've lost the scrap of paper I wrote it on).

I'm at the same stage as yourself. I'm currently waiting for a letter from the selling bank to agree to final fee (house price minus solicitor / auctioneer fees etc).

Contract signed over a month ago - closing date was 16th september. Still no sign of this letter from the selling bank... :mad:

Sunny Dayz

thewools wrote: »

I'm at the same stage as yourself. I'm currently waiting for a letter from the selling bank to agree to final fee (house price minus solicitor / auctioneer fees etc).

Contract signed over a month ago - closing date was 16th september. Still no sign of this letter from the selling bank... :mad:

I think agreeing the selling price has been done - it was the bank who decided on sale agreed after a few months wait.

thewools

Sunny Dayz wrote: »

I think agreeing the selling price has been done - it was the bank who decided on sale agreed after a few months wait.

Yes - that was my case too... Took ages to get them to agree to the selling price. And I was the only bidder too!

I thought once I had the contracts signed everything was finished... obviously not!!

Roxy10

MYOB wrote: »

8% limits you to one lender only - most require 10% - and you'll have other costs (solicitor, stamp duty). You may want to hold on till you've more saved.

Thanks for the reply MYOB. I can probably get my hands on the other 2% by way of a gift I was just wondering if I had the deposit would I be even considered on my current stats? Apart from the 2% I may get off my parents if I need to I have saved the entire 8% myself over the last year.

I guess Im interested in knowing how other single parent applicants have got on with all the new rules and regulations. I was told by a broker Id have no problem if I saved that but Im hearing alot of horror stories from people about how they can't get a mortgage.

Sunny Dayz

thewools wrote: »

Yes - that was my case too... Took ages to get them to agree to the selling price. And I was the only bidder too!

I thought once I had the contracts signed everything was finished... obviously not!!

Ahhh don't say that!

thewools

Sunny Dayz wrote: »

Ahhh don't say that!

U may have better luck than me

The other house sales (3 others) from same receiver in the area have been done in 8-10 weeks from sale agreed. Well, that's what the auctioneer said. :rolleyes:

My offer was accepted 16 weeks ago I think...

Dortilolma

Roxy10 wrote: »

Thanks for the reply MYOB. I can probably get my hands on the other 2% by way of a gift

Even if you do have the 10% when it comes to final approval (once you've got the house sale agreed and all) the bank is still going to want to see a bit more saved to cover solicitors fees, stamp duty and set up costs (furniture and what not).

We had a 10% deposit but the lender still wanted to see an extra 7K to cover all other costs.

I'm afraid I don't know about single parents but I do know of a couple with one little one and one full-time working parent who are have been refused.

TheScriptFan

A week into the bidding war and 33K up on original offer...I fear I may be out of the running...

killers1

Villa05 wrote: »

Thanks killers, Are you seeing any sales fail due to clients being approved in principle, but when applying for drawdown the mortgage offer is either reduced or withdrawn? I'm hearing story's of this issue arising again

Is the October budget likely to force banks to tighten lending criteria?

Depends on the strength of the AIP to be honest. If buyers are putting in bids on the strength of a ptsb 'AIP in 7 seconds...' or a BOI/ICS AIP where the bank are yet to look at the supporting documentation these are the ones that are prone to falling through. The Banks that issue an AIP after formally assessing all supporting documentation tend to stand over them.

The budget can have a negative/positive effect on lending criteria, for example an increase in tax rates/pension levies etc would then be factored into the banks calculators. Likewise a reduction in any of these or reintroduction of TRS would have a positive effect on the calculators. It doesn't go hand in hand that banks are told to tighten lending criteria just because there has been a budget. There needs to be a material change reducing/increasing net disposable income in order to effect borrowing capabilities

Trish56

Hi Roxy,
Based on the information supplied you would qualify for 118k with AIB. You did not mention if you pay childcare and if so this would reduce the amount you qualify for further.

Roxy10 wrote: »

Hi Everyone,

I am just wondering what my chances are of getting a mortgage in these circumstances:
- Salary 31200 per year full time permanent 2.5 years in this job
- One child
- Single applicant
- No Loans
- 360 per month rent paid through bank transfer on time very month
- Savings are a minimum of €700 per month (sometimes I manage a bit more)

I am looking at a house that will probably end up costing 150k so after my deposit goes against it (at present I am nearly there on saving the full deposit of 8% ie 12k) I will be looking at 138k on my own. Oh I am 26 and have been working full time in the same sector for 6.5 years.

Any advice will be gratefully received

Roxy10

Trish56 wrote: »

Hi Roxy,
Based on the information supplied you would qualify for 118k with AIB. You did not mention if you pay childcare and if so this would reduce the amount you qualify for further.

Thanks for the feedback Trish . I don't have childcare as my child is in school while I work.
I thought in and around that figure myself based on friends who have applied etc but a broker I visited said that he would say I would get the full amount so I said I would throw it out here and see what everyone thinks.

I have another option my partner and myself could apply jointly the only reason we were thinking of not doing that is he has a 14k loan repayments of 400pm . He is permanent in his job a year and on 34k gross a year.

Again if anyone had any opinions or previous experience with either 2 scenarios I would be most grateful for the advice.

thewools

Closing date was 16th September!! Still no keys... :rolleyes::rolleyes:

My solicitor issued a completion notice on the ~ 19th September so we are getting close to the completion date...

Hopefully everything is resolved by next week as the 28 days will be up then.

What happens if we don't close by completion date though?

Am I entitled to compensation? / can I pull out of sale? (don't want to do this however)

adam88

thewools wrote: »

Closing date was 16th September!! Still no keys... :rolleyes::rolleyes:

My solicitor issued a completion notice on the ~ 19th September so we are getting close to the completion date...

Hopefully everything is resolved by next week as the 28 days will be up then.

What happens if we don't close by completion date though?

Am I entitled to compensation? / can I pull out of sale? (don't want to do this however)

Had the same thing myself not so long ago. Basically if they don't comply with the completion notice you have to take them to court to close it. Costly!!!! Costs will be awarded against him but I'd say it be hard to get the money out of them. You can also claim for compensation I.e rent thAt you have to pay else where. You can rest assure that there solicitor is informing them that they don't have a leg to stand on.

It's a tedious process and nearly drove me to the bottle. Lol. You wouldn't want to be buying houses too often lol

Tommy_L

Hi there

I am thinking of buying a house / apartment in Dublin in 2013 and could do with some advice!!

I'm 29 years old and I work in the city centre. Salary €55,000 per year, permanent private sector job. I would be a single applicant but a good friend (who I currently live with) had indicated he would move into new place too, provided location etc. suited.

Would have a deposit of roughly €50,000, have not loans or other fixed out goings. Rent is currently €500 p.m. and I save about €1,000 p.m. My budget is about €250,000.

I am farily open minded about where I live (I'm not from Dublin but have lived in different parts of the city since college, particularly liked Ashtown, Drumcondra and the Dublin 8 area), would be looking for a 3 bed place.

My main questions - if people have time / opinions - are:

1. Would it be better to buy a house or an apartment? Seems like there are some nice / fancy looking apartments in my pricerange e.g. in Ashtown / IFSC but have been warned off them by people mentioning management costs etc

2. Would it be better - at current low interest rates- to borrow more over a longer period? Would mean fairly modest monthly repayments but the potential to save / invest surplus cash elsewhere?

3. Are there any online tools to compare the best interest rates banks are offering, or is it worth going to a mortgage broker to discuss all this.

Just some initial concerns, would be grateful to hear anyone's thoughts.

Thanks a mill

Tommy

Villa05

@Tommy_L
1. Be careful on apartments, I would second the advise already given, in addition I have no doubt there are more priory halls out there. On the positive side if you are considering an apartment purchase, look for an apartment that can give you +10% return were you to rent it out. Very often the best time to buy an asset is when no one else wants it

2. Stick with what you can afford over 25 year period, Borrowing more at current low interest rates is a trap. Rates will definitely increase over time, Stress test at double current rates as they are emergency low rates. Note just my opinion - others will disagree with me

3. View Killers posts on this thread
Ronan Lyons "Rent or Buy calculator"
http://www.ronanlyons.com/2010/04/20/your-very-own-rent-or-buy-calculator/

http://www.drcalculator.com/mortgage/

https://propertypriceregister.ie/website/npsra/pprweb.nsf/page/ppr-home-en

Tommy_L

Thanks v much Villa, will check out those links..

Do you think it's best to try and fix a low interest rate now?

collegeme

Could i get some advice please?

We are looking to trade up and have approval in principle.

We found a house which i have been told has an offer on. What is the order of next steps.
We dont yet have our house up or a solicitor.

Also its very run down the house we are looking to get. The estate agent was really trying to put us off the house when we called. Why would that be.?

Independance

Got a closing date of 29th Oct which is two weeks tomorrow!! Have been looking and saving for 4yrs now, nearly bought in Jan 2009! Have settled on 3bd semi with garage €250 in west dublin. Have saved 60% of house and will only require a small mortage of 90k, think now is right time to buy, sale agreed since June, lost out to two homes last year which are now €20-30k cheaper.

Devi

Independance wrote: »

Got a closing date of 29th Oct which is two weeks tomorrow!! Have been looking and saving for 4yrs now, nearly bought in Jan 2009! Have settled on 3bd semi with garage €250 in west dublin. Have saved 60% of house and will only require a small mortage of 90k, think now is right time to buy, sale agreed since June, lost out to two homes last year which are now €20-30k cheaper.

Congrats! SA in June??? just out of curiosity, when did you sign contracts? trying to gauge time frames here.

Independance

1st contract signed 1st week of Sept, It has taken ages as there is delays in probate office, no hold up my end, probate executor sales can take min 4mths!!

Villa05

Tommy_L wrote: »

Do you think it's best to try and fix a low interest rate now?

I'm not sure, best guess, No
3 years ago was probably the time to do that, The max you can fix for is 10 years, most banks will only do between 1 and 5 years. The higher rates, in my opinion, will hit after that. There probably will be more increases between now and then to cover losses from the mortgage arrears crisis, but tolerance for such increases will be stretched while the ECB rate remains low.

Variable rates by bank
http://www.askaboutmoney.com/showthread.php?t=168732

thewools

Got keys late Wednesday evening...

Auctioneer closed at 6pm and I was there right on 6pm knocking on the door!! Luckily someone opened up

No electricity in the house atm, and it been off longer than 6 months so need to get the wiring checked and certified...

Getting married next week too and then off to Mexico / Vegas!! Busy few weeks... so hopefully we will have everything sorted upon our return!!

Devi

thewools wrote: »

Got keys late Wednesday evening...

Auctioneer closed at 6pm and I was there right on 6pm knocking on the door!! Luckily someone opened up

No electricity in the house atm, and it been off longer than 6 months so need to get the wiring checked and certified...

Getting married next week too and then off to Mexico / Vegas!! Busy few weeks... so hopefully we will have everything sorted upon our return!!

Congrats on the house and the wedding!

I signed the contracts last week and it had a closing date of Nov 4th on it, not looking likely now, my solicitor wasn't happy with something. Hopefully its before Christmas though, up to my eyes after. The electricity is off in mine too but its off longer than too years, €1800 for a reconnection plus have to get certified as well, let me know how much your electrician charges you, just get an idea.

thewools

Devi wrote: »

Congrats on the house and the wedding!

I signed the contracts last week and it had a closing date of Nov 4th on it, not looking likely now, my solicitor wasn't happy with something. Hopefully its before Christmas though, up to my eyes after. The electricity is off in mine too but its off longer than too years, €1800 for a reconnection plus have to get certified as well, let me know how much your electrician charges you, just get an idea.

Thanks...

Ye electrician looking for around €70 for doing check / cert. He said he will come back and check everything ok once electricity is back on too..

bucky08

70 euro must not be much of a check as i am electrician i would have charged 150 for this service so bite his hand off roughly 3hours of labour in this service