Saving/Applying for a mortgage 2015/16/17/18/19

househunter08

househunter08 wrote: »

Don't get your hopes up too much. There a few things that could cause a delay. Our closing date was last Thursday but our solicitor had not received the funds from the bank in time so it rolled over to Friday. Then at about 4.30 on Friday we got a call to say that it couldn't complete as the local property tax had not been paid yet Hopefully today is the day!

I have jinxed myself. Mortgage was drawn down last friday but sellers solicitor cannot close as they do not have the property Id needed to pay local property tax apparently they have been trying to get this from revenue over the phone to no avail and have now made an online request for it to be posted out. Anyone know how quick revenue online requests are processed and posted?

averagejoe123

I am surprised you were allowed draw down before this was sorted. You have already started paying interest on these funds unfortunately.

The revenue are fairly prompt at sending out these forms once requested so hopefully it will only be a few days. It must be a probate sale as otherwise the person the property is registered to can get this over the phone I am pretty sure.

Either way both sets of solicitors should of had this spotted before drawing down the funds.

Hopefully it's sorted soon.

househunter08

averagejoe123 wrote: »

I am surprised you were allowed draw down before this was sorted. You have already started paying interest on these funds unfortunately.

The revenue are fairly prompt at sending out these forms once requested so hopefully it will only be a few days. It must be a probate sale as otherwise the person the property is registered to can get this over the phone I am pretty sure.

Either way both sets of solicitors should of had this spotted before drawing down the funds.

Hopefully it's sorted soon.

Correct, it is a probate sale which is why I think the estates solicitor could not easily get it over the phone. Hoping the letter is sent soon. Although, even then, it will be sent to the address of the house we are buying where no one is currently living!

Should also mention our solicitor was under impression they vendors solicitor had this information as the closing date was confirmed for last Thursday only a few days beforehand.

Juwwi

starmc14 wrote: »

Signed my contracts on Tuesday and the solicitor said he is putting the closing date as Friday October 13th!!!! Does this mean I will get my keys on this day??!!

Check with your solicitor a day or 2 before would be my advice.

We had been given a date of selling our house on the 28th Sep and buying new house on the 29th Sep when signing all contracts by our solicitor .

We moved furniture out on the 28th and and heard nothing until I phoned our solicitor the next day the day we were due to get keys for new house to be told there had been a hold up on the 26th with purchasers bank needing a document so nothing went through .

And still as of today nothing has gone through .

purpleisafruit

Got approval in principle from AIB the other day. Posted on Tuesday, called on Friday to say it was approved so now begins the hunt for sites to build on

househunter08

Finally got the keys I don't think I'll ever want to do this again!

heebusjeebus

househunter08 wrote: »

Finally got the keys I don't think I'll ever want to do this again!

Fair play! You'll have to change your username now!
I'm waiting on keys. Was supposed to be today but I think my solicitor is superstitious. Probably looking at Monday or Tuesday now.

Same as yourself though, I never want to go through this again. Withering but hopefully worth it.

mloc123

We have our current house sale agreed now and are already sale agreed on the one we plan to buy.

I am wondering if anyone had experience with balancing the sale of one and purchase of the next. We will be getting a moving company in to pack and move etc .. and will put stuff into storage if need for a week or two.. but.

Has anyone sold/bought/moved on the same day?

Essien

Is it a quiet time of year or something? No new houses in my area have been added to daft/myhome in 3 weeks.

listermint

Essien wrote: »

Is it a quiet time of year or something? No new houses in my area have been added to daft/myhome in 3 weeks.

No one wants to move in winter or Christmas period

Cuddlesworth

purpleisafruit wrote: »

Got approval in principle from AIB the other day. Posted on Tuesday, called on Friday to say it was approved so now begins the hunt for sites to build on

Get mortgage approval from other vendors. Rates and offers change over the course of house hunting and it doesn't hurt to have other options in case one vendor decides to start getting cold feet at the loan offer stage.

purpleisafruit

Cuddlesworth wrote: »

Get mortgage approval from other vendors. Rates and offers change over the course of house hunting and it doesn't hurt to have other options in case one vendor decides to start getting cold feet at the loan offer stage.

We're not house hunting, in discussions with multiple land owners to purchase a site and already speaking to planning about pros and cons of different sites. AIP is for 12 months and have a builder ready to go within the deadline.

Cuddlesworth

purpleisafruit wrote: »

We're not house hunting, in discussions with multiple land owners to purchase a site and already speaking to planning about pros and cons of different sites. AIP is for 12 months and have a builder ready to go within the deadline.

Advise still stands, AIP is not a guarantee of approval at loan offer stage.

Vetch

ELM327 wrote: »

Has anyone applied to AIB via the online "emortgages" application process?
I've just started an application and was wondering if there was anyone else who has been through the process?

I've just been approved through emortgages. I'm not an AIB customer but it was straightforward nonetheless. Will try to answer any questions you have.

okeydokeys22

Does anybody have opinions on open viewings? Does this mean there has not been enough interest or does it mean the opposite?

A house I've been looking at has been on the market over a month and now has an open viewing having received no bids previously.

Vetch

Hi all, I'm sale agreed and approved by both AIB and BOI. I'm trying to choose between them and between going variable for the whole period or starting out with three years fixed. I'm borrowing less than 100k. AIB works out cheaper at the moment but I guess (?) that BOI will have to respond to AIB's rate cuts. Just wondering if anyone's in the same boat or has any words of wisdom?

LirW

It can simply be a tactic. It saves resources because having an open viewing, you have one or two dates and people that are genuinely interested will follow up. I've been to a few of them and sometimes there were queues, sometimes there were only 2 or 3 other people. Yes, it creates a bit of pressure but you need to grow a thick skin when looking at houses anyway.
Maybe the particular house you're looking at has an asking price that's too high for the area. The house next door to my in-laws was on the market for a year before selling earlier this year in a very desirable part of Dublin, simply because they were asking for too much.

heebusjeebus

Vetch wrote: »

Hi all, I'm sale agreed and approved by both AIB and BOI. I'm trying to choose between them and between going variable for the whole period or starting out with three years fixed. I'm borrowing less than 100k. AIB works out cheaper at the moment but I guess (?) that BOI will have to respond to AIB's rate cuts. Just wondering if anyone's in the same boat or has any words of wisdom?

I think BOI will keep their rates and use Cashback Plus (2% drawdown amount) as a means of incentive for people to go with them.

okeydokeys22

LirW wrote: »

It can simply be a tactic. It saves resources because having an open viewing, you have one or two dates and people that are genuinely interested will follow up. I've been to a few of them and sometimes there were queues, sometimes there were only 2 or 3 other people. Yes, it creates a bit of pressure but you need to grow a thick skin when looking at houses anyway.
Maybe the particular house you're looking at has an asking price that's too high for the area. The house next door to my in-laws was on the market for a year before selling earlier this year in a very desirable part of Dublin, simply because they were asking for too much.

Yes the house was up for 280k in August and is now back up for 295k. We viewed last week and the house needs alot of work, new kitchen bathroom flooring carpet the works. We viewed last week and were told no offers yet so was thinking of going in at 280k. A fabulous house down the road sold for 295k so it's a bit cheeky to look for the same price for this run down house.

What you reckon?

nimmy89

purpleisafruit wrote: »

Got approval in principle from AIB the other day. Posted on Tuesday, called on Friday to say it was approved so now begins the hunt for sites to build on

How so quickly?! Ours was sent last Wednesday and still nothing. I wonder is this a bad sign?! I chased our broker today and he said nothing back as they were closed yesterday. My nerves are gone waiting to hear back

LirW

okeydokeys22 wrote: »

Yes the house was up for 280k in August and is now back up for 295k. We viewed last week and the house needs alot of work, new kitchen bathroom flooring carpet the works. We viewed last week and were told no offers yet so was thinking of going in at 280k. A fabulous house down the road sold for 295k so it's a bit cheeky to look for the same price for this run down house.

What you reckon?

Plenty of private owners tend to overestimate the value of their homes. Understandable, it was their home for maybe decades. In areas with high demand it will move eventually but in rural areas people are willing to let their houses sit on the market forever because they don't get the money they want. Ultimately the EA works for the vendor.
If you place an offer only bid what you're willing to pay for the house. If you are willing to pay 280 and that's it then leave the offer on the table and continue looking.

okeydokeys22

LirW wrote: »

Plenty of private owners tend to overestimate the value of their homes. Understandable, it was their home for maybe decades. In areas with high demand it will move eventually but in rural areas people are willing to let their houses sit on the market forever because they don't get the money they want. Ultimately the EA works for the vendor.
If you place an offer only bid what you're willing to pay for the house. If you are willing to pay 280 and that's it then leave the offer on the table and continue looking.

The house appeared to be rented for some time so has been vacant for 3 months now. The landlord is either in a rush to sell or has all the time in the world and isn't pushed to sell below asking price. It's just hard to tell.

LirW

In that case you can only try and stand your ground. It can go either way. But if it's in Dublin in a decent location it might get snapped up quickly once an open viewing happened.
I called plenty of agents when I started looking back then and they'd only tell me that they have open viewings at date X to attend. Some of them had offers exceeding the asking price the following monday, some didn't move in weeks.

Cuddlesworth

okeydokeys22 wrote: »

Yes the house was up for 280k in August and is now back up for 295k. We viewed last week and the house needs alot of work, new kitchen bathroom flooring carpet the works. We viewed last week and were told no offers yet so was thinking of going in at 280k. A fabulous house down the road sold for 295k so it's a bit cheeky to look for the same price for this run down house.

What you reckon?

I'd go in at 250. Sounds like you would like to buy at 280 and sounds like they would like to sell at 280. So let them argue you up to it.

TT rainbows

I wouldnt assume boi will cut theirs to match. They market differently and try to find a niche. Some banks target better fixed rates and some offer variable rates. The calculation for long term cost is important -
I know in the past some people on fixed had trouble moving when it ended to decent variable rates. Then again 3 years fixed gives you some security over changing market conditions.

purpleisafruit

nimmy89 wrote: »

How so quickly?! Ours was sent last Wednesday and still nothing. I wonder is this a bad sign?! I chased our broker today and he said nothing back as they were closed yesterday. My nerves are gone waiting to hear back

I've been dealing directly with one guy in AIB all the time and he knows the full ins and outs of all our finances. We have no debts, paid them all off at start of the year and are saving double the mortgage amount per month. We are also looking for 3.2 times income and have about a 20% deposit as FTB so I guess they think we are very low risk.

stargazer 68

okeydokeys22 wrote: »

Yes the house was up for 280k in August and is now back up for 295k. We viewed last week and the house needs alot of work, new kitchen bathroom flooring carpet the works. We viewed last week and were told no offers yet so was thinking of going in at 280k. A fabulous house down the road sold for 295k so it's a bit cheeky to look for the same price for this run down house.

What you reckon?

We were looking at a similar one for 280. Place is unliveable at the moment - floors, kitchen etc and it is currently under offer for 290!


Another lovely one on for 290. 'Not organising viewings as the moment but the EA will be in touch' - no he wont because it's being sold privately to the womans niece!

fg1406

Just a vent: our solicitors haven't been able to get contracts from vendor for last month because they are caught in a chain. We've been advised there will be delays. Our lease is up on 31 December. Sick with worry now. We went sale agreed in the summer.

TT rainbows

I took a few holiday rentals after sale agreed when my lease was up a few weeks later.. It can be a very stressful situation. I tried contacting plenty of rental properties but nobody seemed interested for short term rental. Some of these were unrented for months. In the end got a holiday rental for a month in a remote town where the costs are less. Good luck hope it works out.

impr0v

purpleisafruit wrote: »

Got approval in principle from AIB the other day. Posted on Tuesday, called on Friday to say it was approved so now begins the hunt for sites to build on

We were viewing houses by Wednesday; and on Thursday and Friday and Saturday; chilled on Sunday.