Buying a house in Negative Equity

TheDriver

our contracts had special conditions about the consent letter etc and I personally wasn't prepared to sign anything that was going to tie me into a situation that had no quantifiable timeframe. They were not impressed when I said I would sign when the letter came-sure it was only going to be next week anyways if I believed the vendors solicitor..........

coll30

HouseHunter13 wrote: »

I got contract sent out in March, you can sign it but it wont make any difference they will not be able to sell without the consent which may never come, approaching 14 months sale agreed now, I feel like an idiot tbh

Just got word the contracts are in solicitors and consent from bank to sell I'm still not getting excited until keys are in my hand. Way too much stress over the last few months

leinster93

HouseHunter13 wrote: »

I got contract sent out in March, you can sign it but it wont make any difference they will not be able to sell without the consent which may never come, approaching 14 months sale agreed now, I feel like an idiot tbh

If the vendor signs the contracts after you have signed it then the sale inevitably will have to go through. We have contracts signed since January but are still waiting on the bank to discharge the property!

We were assured when we went sale agreed everything was good to go...

TheDriver

leinster93 wrote: »

If the vendor signs the contracts after you have signed it then the sale inevitably will have to go through. We have contracts signed since January but are still waiting on the bank to discharge the property!

We were assured when we went sale agreed everything was good to go...

surely there was something in contracts stating this?? Otherwise the closing date cant be kept and liability can be claimed on one party

HouseHunter13

leinster93 wrote: »

If the vendor signs the contracts after you have signed it then the sale inevitably will have to go through.

are you sure it works like that?

TheDriver

contracts are indeed that, contracting to buy/sell the house. However if there is a special condition in there, it may cause issues e.g. pending letter of consent. What if it doesn't arrive or no consent will be given??

HouseHunter13

TheDriver wrote: »

contracts are indeed that, contracting to buy/sell the house. However if there is a special condition in there, it may cause issues e.g. pending letter of consent. What if it doesn't arrive or no consent will be given??

as far as I know I can walk away with my deposit as there was a clause stating after a certain date I could do this...

i cant understand why they're keeping up this charade themselves, what is in for them keeping me on the hook, i feel I'm being used but i don't know why just that the most likely outcome will be i'll be the one to have lost out

complete nightmare

leinster93

TheDriver wrote: »

surely there was something in contracts stating this?? Otherwise the closing date cant be kept and liability can be claimed on one party

With rising house prices since we went sale agreed it was not in our interest to lose the sale. I suppose legally we could try and chase a liability claim but who wants the headache and besides as it has transpired since we went sale agreed the vendor is in financial difficulty; so what liability could we actually achieve. The contracts in our case were not signed until well after the stipulated closing date. The excuse given was that the vendor did not receive the contracts within the time frame of the closing date set out. After investing so much time and money what could we do; walk away? We didn't and still don't want the sale to fall through.

HouseHunter13

leinster93 wrote: »

With rising house prices since we went sale agreed it was not in our interest to lose the sale. I suppose legally we could try and chase a liability claim but who wants the headache and besides as it has transpired since we went sale agreed the vendor is in financial difficulty; so what liability could we actually achieve. The contracts in our case were not signed until well after the stipulated closing date. The excuse given was that the vendor did not receive the contracts within the time frame of the closing date set out. After investing so much time and money what could we do; walk away? We didn't and still don't want the sale to fall through.

but if the bank refuse to issue the consent you could be left in limbo indefinitely? like the sale will not have fallen through but will also never be completed

leinster93

Technically yes you are right. We could have been left in limbo but this situation only transpired well after we went sale agreed.

There were conditions which the vendor had to meet due to his situation and by this stage we were well and truly sucked in.
The bank setout a load of conditions the vendor had to meet before they discharge the property. These have now been met as of last week. A letter allowing discharge of property is being sent out this week....from the bank.

HouseHunter13

leinster93 wrote: »

Technically yes you are right. We could have been left in limbo but this situation only transpired well after we went sale agreed.

There were conditions which the vendor had to meet due to his situation and by this stage we were well and truly sucked in.
The bank setout a load of conditions the vendor had to meet before they discharge the property. These have now been met as of last week. A letter allowing discharge of property is being sent out this week....from the bank.

Glad to hear you're getting somewhere!

iguana

Our solicitor has confirmed they have the consent to sale document. I can't quite believe it. Hopefully we can get this all settled asap now.

leinster93

iguana wrote: »

Our solicitor has confirmed they have the consent to sale document. I can't quite believe it. Hopefully we can get this all settled asap now.

Should this be a condition with all sales now that if a prospective buyer asks such should be supplied?
How long did ye have to wait from the time ye went sale agreed to get a consent of sale document?

iguana

All in I'd say it was just about 7 months. Far from the longest on here but still a very stressful period and we're not there yet.

HouseHunter13

iguana wrote: »

Our solicitor has confirmed they have the consent to sale document. I can't quite believe it. Hopefully we can get this all settled asap now.

great news for you!

HouseHunter13

well after 14 months I've called time on this sick joke and have asked for my money back

I really hope anybody that finds out they are buying a house in NE that they run for the hills. From the get go I've been strung along and lied to but apparently its just part of buying a house in Ireland in the current climate and you just have to suck it up.

I'm not angry about the time I've wasted, the money (valuation, surveyor and solicitor costs), the numerous other houses I let pass me by, its the fact that it would cost me an extra 30k - 50k to buy a house and I just don't have it.

Looks like i'll be renting for the foreseeable and maybe a nice holiday, I think I deserve it!


For the remaining guys on this thread still waiting, I'm really really rooting for you guys and hopefully your sale completes. I'll keep following the thread and keep my fingers crossed you.

c'est le vie

gmisk

Really sorry to hear it didnt work out for you househunter13 .

But for your own sanity might be for the best!

I am pretty much in the same situation, keep saving, I am sure the rate we are going we arent a million miles away from another collapse....

cpoh1

HouseHunter13 wrote: »

well after 14 months I've called time on this sick joke and have asked for my money back

I really hope anybody that finds out they are buying a house in NE that they run for the hills. From the get go I've been strung along and lied to but apparently its just part of buying a house in Ireland in the current climate and you just have to suck it up.

I'm not angry about the time I've wasted, the money (valuation, surveyor and solicitor costs), the numerous other houses I let pass me by, its the fact that it would cost me an extra 30k - 50k to buy a house and I just don't have it.

Looks like i'll be renting for the foreseeable and maybe a nice holiday, I think I deserve it!


For the remaining guys on this thread still waiting, I'm really really rooting for you guys and hopefully your sale completes. I'll keep following the thread and keep my fingers crossed you.

c'est le vie

Why not just keep the option on the house if you intend to rent for the forseeable future. Im sure they will get consent eventually off the bank and at 14 months you must be close? Fees have all be paid/accumulated so cant get any worse so you might aswell hold on!

leinster93

I agree with CPOH. At this stage it would be worth just sitting on it if you are going to rent. The bank would be happy if you pulled out as they would most likely get more money for the house now.

Mr.McLovin

leinster93 wrote: »

I agree with CPOH. At this stage it would be worth just sitting on it if you are going to rent. The bank would be happy if you pulled out as they would most likely get more money for the house now.

I don't think the bank would give the vendor consent after 14 months of increases

2013Lara

So sick of this now, strongly considering going to the papers with it. (Someone from RTE has contacted me before but I turned them down). Almost 15 months in now.

on_my_oe

Please do! There's too much sympathy for those in negative equity - fair enough things have turned to custard, you get a little leeway, but some 'vendors' are pushing it expecting to drag it out for three years*. The banks are just as bad - they should be required to acknowledge and either accept ir decline an offer within 28 days. I have no proof but I think some of the property increases in Dublin have been fuelled by the market being artificially strangled by mortgage holders in arrears, condoned by the banks who figure they'll benefit by prices going up.


* Tenants who don't pay rent should be evicted within 90 days, while repossession proceedings should begin at 90 days and completed within 180 days if mortgage holders are in arrears.

HouseHunter13

2013Lara wrote: »

So sick of this now, strongly considering going to the papers with it. (Someone from RTE has contacted me before but I turned them down). Almost 15 months in now.

I also turned down the chance from RTE, I'm sorry I did as I'd like people to know what they're getting themselves into and save them a whole lot of money and heartache!

............................

My case has yet taken another twist, instead of my money coming back, the contracts have been returned signed (apparently done today - waiting for conformation)

You'd be mistaken to take this as good news though, the consent to sell was in place by the bank but has expired (I had no idea this could happen)

So I'm probably wasting my time asking does anybody know what happens in a situation like this because I'm sure its a first. Is it just a matter of renewing it or activating it again or do they have to begin the whole sorry process again?

I'm actually emotionally drained from this, I really don't know if I can take anymore...

missjuly

Hey guys, was checking on here to see if anyone has made progress oh lara that is horrible you really have been through it all. Wow who knew once the longed for consent letter came it could expire. I feel like there really should be awareness of people in our situation its disgracful!

Has anyone any good news to share on this front?

iguana

HouseHunter13 wrote: »

My case has yet taken another twist, instead of my money coming back, the contracts have been returned signed (apparently done today - waiting for conformation)

You'd be mistaken to take this as good news though, the consent to sell was in place by the bank but has expired (I had no idea this could happen)

Did your solicitor have the consent to sell document all along while the vendor stalled? Or was the consent 'missing' somewhere?

HouseHunter13

iguana wrote: »

Did your solicitor have the consent to sell document all along while the vendor stalled? Or was the consent 'missing' somewhere?

No my solicitor never had consent to sell document. Apparently their solicitor did but it has expired. The stalling was down to 'issues' between the couple.

I have no idea if they ever had the consent. The story I keep getting fed back from the EA or their solicitor has changed many times over the last year.

Last time I threatened to pull out back in march, the contracts for me to sign appeared then more stalling.

I cant figure out why they want me on the hook for this house yet cant be straight with me. I'm sick of trying to second guess everything.

Can a consent letter expire?

missjuly

Apparently the bank has made a decision on how the vendor can repay some of the debts (think they had a separate loan out against the house) . The vendors solicitors got word of this last week but they don't know the terms the bank has set out and apparently are waiting on a letter from bank stating this and if the vendors agree its green light. ...but im afraid they have already seen the terms and don't agree I mean if bank made decision last week would they not have sent letter by now. Anyway what im wondering is has anyone else been at this stage am I still in for a wait....cracking up!! If anyone has any info would be much appreciated!

iguana

So after an extremely stressful few weeks, it's all over and we've completed. It all got held up at the end due to the vendors not having paid their property tax and NPPR. The NPPR penalties are enormous (with the total amount owed close to €8000) and we were only told they were the problem, the day the grace period ended, meaning that the fees had practically doubled since the day before. I was terrified it was all about to collapse at the eleventh hour as we had been asked to complete the week before and we and our solicitor had scrambled to be ready to close on their date only to be given a baffling excuse for it not to happen at 3.30pm that day, which later turned out to be their realisation that they couldn't legally sell with the taxes unpaid.

But thankfully it's all done now. I really couldn't have gotten through it without this thread, the information I've gathered here has been invaluable and I really hope we start to see more sales close soon for all the posters still waiting. It's a horrible process but I know mine has been relatively easy compared to many on here. I'm really going to have to buy my solicitor a box of chocolates or something. She did a great job dealing with all the messing that went on from the other side, I think she must be nearly as happy as I am, because now she doesn't have to deal with all the hassle of this sale any more.

missjuly

Aw delighted for you so nice to hear good stories! How months did the whole process take? Congrats again

MouseTail

Congrats Iguana. As well as chocs for the solicitor, get some champagne for yourselves.

2013Lara

Congrats Iguana, great news enjoy the moving in celebrations and the decorating!!

Were still waiting, completely fed up. Vendors solicitor has given us the contact details of their person in ebs and are open to me contacting her but I'm in 2 minds as to what to do. I'm not sure who decided it would be something worth doing- the vendor or I'm thinking maybe the person in the bank. I have threatened the papers and a complaint against ebs with the central bank and I'm ready to do this if it comes to it. We are 15 months in now and living in the house a year. If I lose the house, I will have no work as I work from home and have built myself up in the year. We're finally doing well for ourselves, but I'm just waiting for it to all come crashing down.

HouseHunter13

great news iguana, delighted for you!

wishing you the best in your new home

HouseHunter13

2013Lara wrote: »

Were still waiting, completely fed up. Vendors solicitor has given us the contact details of their person in ebs and are open to me contacting her but I'm in 2 minds as to what to do. I'm not sure who decided it would be something worth doing- the vendor or I'm thinking maybe the person in the bank. I have threatened the papers and a complaint against ebs with the central bank and I'm ready to do this if it comes to it. We are 15 months in now and living in the house a year. If I lose the house, I will have no work as I work from home and have built myself up in the year. We're finally doing well for ourselves, but I'm just waiting for it to all come crashing down.

is it possible the bank want you to pull out? - the vendor wants to walk away and is happy with the conditions and you want to close, its hard to figure out what the problem is.

I'd make it loud and clear that you would have to be forcefully removed with a media circus to go with it, maybe the hassle and threat of that may push it through. Its amazing situation because there is nowhere to turn to for advice as its probably never been a situation like this before.

..........................

my own mess continues, I have not been able to confirm contracts were signed in over 2 weeks since they were to be issued. its just an absolute shambles...

HouseHunter13

missjuly wrote: »

Apparently the bank has made a decision on how the vendor can repay some of the debts (think they had a separate loan out against the house) . The vendors solicitors got word of this last week but they don't know the terms the bank has set out and apparently are waiting on a letter from bank stating this and if the vendors agree its green light. ...but im afraid they have already seen the terms and don't agree I mean if bank made decision last week would they not have sent letter by now. Anyway what im wondering is has anyone else been at this stage am I still in for a wait....cracking up!! If anyone has any info would be much appreciated!

you seem to be doing well on the timeframe you mentioned to get as far as you have but as for how long more is anyones guess, like how long is a piece of string...

hope it works out for you, keep us posted

missjuly

HouseHunter13 wrote: »

you seem to be doing well on the timeframe you mentioned to get as far as you have but as for how long more is anyones guess, like how long is a piece of string...

hope it works out for you, keep us posted

Thanks! Yeah things seem to be moving thank god! They vendors signed the agreement with the bank on their repayments as far as I know. So they have to send that back to bank then an official letter of consent will be issued-I thought the vendors signing the letter was the consent as such. The vendor's solicitor wants us to sign contracts in the mean time to get things going on the "conveyancing" side of things. My solicitors was saying he could put a clause in if consent isn't in with a month that our deposit would be paid back and contract void?! Has anyone else done anything like this? Is there any harm in signing contracts? Also any of you who have bought a house before did you have a copy of contract so you could read through it before going into sign? Would it be a good thing to ask for or am I totally over thinking this. Opinions would be much appreciated!

lukesmom

missjuly wrote: »

Thanks! Yeah things seem to be moving thank god! They vendors signed the agreement with the bank on their repayments as far as I know. So they have to send that back to bank then an official letter of consent will be issued-I thought the vendors signing the letter was the consent as such. The vendor's solicitor wants us to sign contracts in the mean time to get things going on the "conveyancing" side of things. My solicitors was saying he could put a clause in if consent isn't in with a month that our deposit would be paid back and contract void?! Has anyone else done anything like this? Is there any harm in signing contracts? Also any of you who have bought a house before did you have a copy of contract so you could read through it before going into sign? Would it be a good thing to ask for or am I totally over thinking this. Opinions would be much appreciated!

When we went into sign a few months ago I took about 5/10 minutes to read the contract and noticed they had the address wrong! So had to have them done up again with the correct address. And of course I took my time to read over the new contract the day we signed.

HouseHunter13

missjuly wrote: »

Thanks! Yeah things seem to be moving thank god! They vendors signed the agreement with the bank on their repayments as far as I know. So they have to send that back to bank then an official letter of consent will be issued-I thought the vendors signing the letter was the consent as such. The vendor's solicitor wants us to sign contracts in the mean time to get things going on the "conveyancing" side of things. My solicitors was saying he could put a clause in if consent isn't in with a month that our deposit would be paid back and contract void?! Has anyone else done anything like this? Is there any harm in signing contracts? Also any of you who have bought a house before did you have a copy of contract so you could read through it before going into sign? Would it be a good thing to ask for or am I totally over thinking this. Opinions would be much appreciated!

this is in your interests. it just means you can pull out after this date without loosing your deposit even though a contract is signed just in case there are unforeseen delays. you don't have to activate this clause, its at your discretion.

missjuly

Wow they actually had the address wrong, will be reading the contract very carefully!

Yeah I understand the clause is in our interest! ! I was just thinking it could be messy if letter was delayed and we did activate clause refunding deposits and all that. I was thinking maybe we should just wait till the actual letter is in to sign contracts. But in reality we have been waiting five months nearly six and we do want it and will sign contracts and get the ball rolling on the conveyancing side of thing's-have no idea what that actually involves. Please god the confirmation letter will come quick. Think I'm just being over cautious because we have been waiting so long. Thanks for the replys :-)

riclad

Read the contract,
make sure your name is spelled right,
the address is correct ,
the dates are correct .
People make mistakes when typing from document to document .
A standard contract to buy is only 1 or 2 , pages long.

Don,t just sign it,without reading it.
banks have been known to make mistakes.

gmisk

http://www.myhome.ie/residential/brochure/5-woodfield-avenue-inchicore-dublin-8/2164008 (link fixed)

Good luck whoever buys this place!!!!!!!!!....(if they manage to!)
I was treated appallingly by the owner and strung along for over a year sale agreed on it...then my solicitor received a one line fax saying it was off the market...now its back on the market for a full 60k more than I was sale agreed at.

I am done with buying and Dublin for the next few years at least...things are gonna go boom again...only a matter of time.

If not I will move to somewhere else in the country where my budget will get me a decent house.

2013Lara

gmisk wrote: »

http://www.myhome.ie/residential/brochu ... -8/2164008

Good luck whoever buys this place!!!!!!!!!....(if they manage to!)
I was treated appallingly by the owner and strung along for over a year sale agreed on it...then my solicitor received a one line fax saiying it was off the market...now its back on the market for a full 60k more than I was sale agreed at.

I am done with buying and Dublin for the next few years at least...things are gonna go boom again...only a matter of time.

If not I will move to somewhere else in the country where my budget will get me a decent house.

Oh my god I'm so angry for ya Gmisk! Wouldn't ya feel like standing outside warning everyone off at the viewings. Your right though, prices have gone up too quick, it will all collapse again and you'll be ready waiting with even more savings.

TheDriver

when I see what mortgage I can get and we both have good public service jobs, I don't know how people are coming up with the cash to buy houses in Dublin...............

HouseHunter13

gmisk wrote: »

http://www.myhome.ie/residential/brochu ... -8/2164008

Good luck whoever buys this place!!!!!!!!!....(if they manage to!)
I was treated appallingly by the owner and strung along for over a year sale agreed on it...then my solicitor received a one line fax saying it was off the market...now its back on the market for a full 60k more than I was sale agreed at.

I am done with buying and Dublin for the next few years at least...things are gonna go boom again...only a matter of time.

If not I will move to somewhere else in the country where my budget will get me a decent house.

house has been removed from the link, fair play for posting it up. I know its not out of spite (which would be totally acceptable seeing how you were treated) but to warn others off it and spare them the cost and stress and upset you experienced.

if its put back up on myhome I'd give it its own thread and keep bumping it!

gmisk

http://www.myhome.ie/residential/brochure/5-woodfield-avenue-inchicore-dublin-8/2164008
I did something dodgy with the link when I posted but corrected....it is still there and for sale!

2013Lara - Hopefully a person would have the good sense to at least google a place before they buy it...they might see this!

I don't want to waste any more time or effort on it to be honest.

HouseHunter13

gmisk wrote: »

http://www.myhome.ie/residential/brochure/5-woodfield-avenue-inchicore-dublin-8/2164008
I did something dodgy with the link when I posted but corrected....it is still there and for sale!

2013Lara - Hopefully a person would have the good sense to at least google a place before they buy it...they might see this!

I don't want to waste any more time or effort on it to be honest.

is it the same EA's selling it?

gmisk

HouseHunter13 wrote: »

is it the same EA's selling it?

But of course!

HouseHunter13

gmisk wrote: »

But of course!

unreal...

I'm sure they'll disclose the NE situation to potential buyers

I'm genuinely angry for you here

gmisk

HouseHunter13 wrote: »

unreal...

I'm sure they'll disclose the NE situation to potential buyers

I'm genuinely angry for you here

"I'm sure they'll disclose the NE situation to potential buyers" ...Oh I am sure they will......I was told it was all in hand when I went sale agreed.................

To be honest I am angry with myself, I passed up other good opportunities to buy while being strung along for a year sale agreed on this place :mad:

The market has now shifted no doubt about it, and I really dont see anything I want to buy in my range....so I will continue to rent for the next while, and continue to save when I can...I am pretty sure prices will crash again but might be years.

gmisk

TheDriver wrote: »

when I see what mortgage I can get and we both have good public service jobs, I don't know how people are coming up with the cash to buy houses in Dublin...............

Bank robberies? Rich parents?
I can relate honestly!

HouseHunter13

gmisk wrote: »

"I'm sure they'll disclose the NE situation to potential buyers" ...Oh I am sure they will......I was told it was all in hand when I went sale agreed.................

To be honest I am angry with myself, I passed up other good opportunities to buy while being strung along for a year sale agreed on this place :mad:

The market has now shifted no doubt about it, and I really dont see anything I want to buy in my range....so I will continue to rent for the next while, and continue to save when I can...I am pretty sure prices will crash again but might be years.

I know the feeling believe me...

on the other hand apparently I'm still in with a shout in closing mine if the EA is to be believed but I'm not holding my breath, I'm also priced out now so might as well see it out at this stage.