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

Bananaleaf

When bidding is over and we go sale agreed, I need a surveyor and a solicitor.

1. Would it be wise for me to be looking into surveyors and solicitors now, to speed things up if we do go sale agreed?
2. Also, we are currently renting. We have been here for 4yrs so I think we only need to give 30days notice. We haven't signed a contract this year. Our landlord is lovely and has been really decent to us. I would like to keep him in the loop, so was thinking if we go sale agreed that we would inform him of this. The OH says no because it's still not set in stone. What is the right thing to do in this situation?

Thanks

okeydokeys22

It would be no harm ringing a few solicitors to get quotes. We found that their prices varied wildly. Certain aspects of the price are set in stone regardless of solicitor, eg land registry fees, search fees, stamp duty will always be 1% of the purchase price. But what varies is their actual fee which can range from 850 plus vat to 1700 plus vat. Vat is 23% BTW. Big differences so it's worth making a few phone calls.

Also, I'd be hesitatant in keeping your land lord completely in the loop. Even if you go sale agreed it will most likely be 8 weeks minimum until you close the sale and receive keys. I personally wait until you are about to sign contracts, it will most likely be a month or so after that before you get keys anyway.

ELM327

okeydokeys22 wrote: »

It would be no harm ringing a few solicitors to get quotes. We found that their prices varied wildly. Certain aspects of the price are set in stone regardless of solicitor, eg land registry fees, search fees, stamp duty will always be 1% of the purchase price. But what varies is their actual fee which can range from 850 plus vat to 1700 plus vat. Vat is 23% BTW. Big differences so it's worth making a few phone calls.

Also, I'd be hesitatant in keeping your land lord completely in the loop. Even if you go sale agreed it will most likely be 8 weeks minimum until you close the sale and receive keys. I personally wait until you are about to sign contracts, it will most likely be a month or so after that before you get keys anyway.

If you have a good relationship with your landlord I'd mention you were looking at buying in the future but leave it at that.
Otherwise I'd say nothing until the required notice period needed to be given

starmc14

I got my keys 3 weeks after signing contracts.

Just give you an idea of time lines... sale agreed Aug 15th, signed contracts Oct 5th, got keys Oct 26th.
Mine was a sale with no chains and complications bar a query on freehold v leasehold.

ELM327

starmc14 wrote: »

I got my keys 3 weeks after signing contracts.

Just give you an idea of time lines... sale agreed Aug 15th, signed contracts Oct 5th, got keys Oct 26th.
Mine was a sale with no chains and complications bar a query on freehold v leasehold.

Ok, mine is no chains either (first time PPR buyer) and the property is already vacant. It's a LL selling up.

We haven't actually gone sale agreed yet but the last event was them accepting my offer on Friday evening. I'm relatively optimistic regarding closing the sale before January.

kippy

ELM327 wrote: »

Thanks,
This is where I'm at now. Offer accepted and solicitor engaged. We havent been asked for a booking deposit, I presume this is dealt with by the solicitor. It just seems a very slow moving process. And we need to be moved in by the end of our lease at 31st January.:eek:

The solicitor generally wouldn't be involved in the booking deposit. You would generally hand that to auctioneer and both parties would advise auctioneer of the relevant solicitor details. Auctioneer would then post copies of the sales notices to both solicitors and vendor/buyer which would contain details of all parties involved, money paid over as booking deposit and agreed sales price.
You need to get onto the auctioneer and ask about the booking deposit to get things moving so they can issue the sales notice.
You will need to keep on top of all parties to have any chance of being in before end of year.
Realisticilly If you are not in the new house or have the sale closed before 22nd December, it won't be done over the holidays. I'd even suggest it could be tough to close that week.
Make sure you have a fall back option as in my opinion the 6/7 weeks you have to close most likely aren't enough unless absolutely everything moves well. As mentioned make sure you keep on to auctioneer and your own solicitor to ensure things keep moving. You'll need to check with bank to ensure they have a valuer available and also line up a survey yourself. All of these things take time.

lilmissprincess

Got news this evening that 2 out of the 3 siblings selling the house we bid on have approved of us, and the other is likely to tomorrow morning, all going well - what comes next after its accepted?

guile4582

isnt this thread supposed to be focused on saving/applying for a mortgage rather than bidding etc?

i was told by the bank i need 80k in savings to get a mortgage for your average 2 bed apartment, 240k (within a commutable distance to my place of work in Dublin (not city centre based) )

is there anything in the pipeline to help a single applicant ? rent to buy etc?

i just feel like at 35 and only halfway towards that savings target that its just not practical and real reality seems to be i can never own my own property. despite earning well over the average salary and displaying an ability to repay 1600e a month! (currently saving 1k and rent is 600 a month)

totally despondent

ELM327

guile4582 wrote: »

isnt this thread supposed to be focused on saving/applying for a mortgage rather than bidding etc?

i was told by the bank i need 80k in savings to get a mortgage for your average 2 bed apartment, 240k (within a commutable distance to my place of work in Dublin (not city centre based) )

is there anything in the pipeline to help a single applicant ? rent to buy etc?

i just feel like at 35 and only halfway towards that savings target that its just not practical and real reality seems to be i can never own my own property. despite earning well over the average salary and displaying an ability to repay 1600e a month! (currently saving 1k and rent is 600 a month)

totally despondent

Of course those saving and applying will need help with the next steps of the process too. I've found this thread very helpful!

What apartment are you purchasing for 240k? I'm buying a 3 bed apartment 40 minutes from Dublin and it's half that.
To buy an apartment for 240k you would need a deposit of 36k (240,000*15%)

I realised quickly that I would need to be earning over 100k to consider buying in Dublin and therefore ruled it out. There are lots of places in Kildare, Meath and wicklow (depending on where in Dublin your job is based) that are easily commutable.

My rent was 1k per month, and I had been saving 1k+ per month. Would you like a laugh? My mortgage looks like it will be 400 a month. But to meet the 85% LTV for an apartment I had to save quickly.

keane2097

36k deposit assumes a gross income of around 60k (60*3.5 + 36 = 246k). Someone on 48k would need 80k deposit (48*3.5 + 80 = 248k).

guile4582

ELM327 wrote: »

Of course those saving and applying will need help with the next steps of the process too. I've found this thread very helpful!

What apartment are you purchasing for 240k? I'm buying a 3 bed apartment 40 minutes from Dublin and it's half that.
To buy an apartment for 240k you would need a deposit of 36k (240,000*15%)

I realised quickly that I would need to be earning over 100k to consider buying in Dublin and therefore ruled it out. There are lots of places in Kildare, Meath and wicklow (depending on where in Dublin your job is based) that are easily commutable.

My rent was 1k per month, and I had been saving 1k+ per month. Would you like a laugh? My mortgage looks like it will be 400 a month. But to meet the 85% LTV for an apartment I had to save quickly.

where is this place 40mins from Dublin?

I work near UCD. I would like to stay communtable to dublin as this is where all my friends are/social life etc.

i am also conscious that I would prefer not to take the maximum off the bank and have massive repayments (cake and eat it too ..i know ...i know!)

and as previous poster said I dont earn 60k

ELM327

Ah ok. I'd prefer not to be too personally identifiable as we are only in the process and I haven't paid the booking deposit yet.
But suffice it to say it's to the northwest of dublin. And I work in the north west of dublin.

UCD is on the southside if my geography is correct, that leaves kildare and wicklow to look at.

I forgot about the 3.5 multiple. Because I was only asking for 120 it wasn't part of my considerings. Like yourself I didnt want to take the maximum amount available.

Bananaleaf

ELM327 wrote: »

Of course those saving and applying will need help with the next steps of the process too. I've found this thread very helpful!

What apartment are you purchasing for 240k? I'm buying a 3 bed apartment 40 minutes from Dublin and it's half that.
To buy an apartment for 240k you would need a deposit of 36k (240,000*15%)

I realised quickly that I would need to be earning over 100k to consider buying in Dublin and therefore ruled it out. There are lots of places in Kildare, Meath and wicklow (depending on where in Dublin your job is based) that are easily commutable.

My rent was 1k per month, and I had been saving 1k+ per month. Would you like a laugh? My mortgage looks like it will be 400 a month. But to meet the 85% LTV for an apartment I had to save quickly.

Prices are sky rocketing as we speak though. We are currently looking in one of those places you mentioned on commuter belt and prices for two beds are the price as quoted by guile. They're not being listed at that price, but get into the bidding and they are going for 30k+ more than they were listed.

As guile says, mid 30s and with prices rising quicker than is possible to save. It's soul destroying.

Edit: congrats to you though. Hearing of some coming through the other side gives me hope.

guile4582

probably pointless but going to say it nevertheless

i sincerely hope people think about these things when it's time to go to the ballot box. FG can keep saying it was FF's fault but that was a decade ago and they inherited this and that, just fix it!! and if you are 35 realistically you have 5 years to get sorted mortgage wise (my own opinion)

I wrote to the minister (what good that will do) but the system is fundamentally flawed when people with such income and ability to repay cannot get on the ladder, but yet pay so much in tax and stay in employment. guess i am sick of putting my life on hold.

not everyone gets married nor should they be expected to in order to get a gaff! its demoralising housesharing knowing full well you could easily make the monthly repayments needed. the grim reality of housesharing in my 50s! jesus! (joke!)

Bananaleaf

guile4582 wrote: »

probably pointless but going to say it nevertheless

i sincerely hope people think about these things when it's time to go to the ballot box. FG can keep saying it was FF's fault but that was a decade ago and they inherited this and that, just fix it!! and if you are 35 realistically you have 5 years to get sorted mortgage wise (my own opinion)

I wrote to the minister (what good that will do) but the system is fundamentally flawed when people with such income and ability to repay cannot get on the ladder, but yet pay so much in tax and stay in employment. guess i am sick of putting my life on hold.

not everyone gets married nor should they be expected to in order to get a gaff! its demoralising housesharing knowing full well you could easily make the monthly repayments needed. the grim reality of housesharing in my 50s! jesus! (joke!)

No government will touch the housing problem because it will make them no money and the solution is too far down the line to concern them. Those that are sitting in the parties now would not be in them to get the kudos for solving the housing issue if that situation were to occur, so why bother?

Makes me sick wanna pop out 7 kids and hit up the social. Joke. Kinda.

Bananaleaf

On the 'south facing' thing - when an EA says that the house is 'south-facing' - maybe this is a ridiculous thing to ask, but it makes sense in my mind...

Is there a difference between a 'south-facing house' and a 'south-facing garden'

For example, when I hear south facing, I think south facing garden. We were looking at a place, and by the position of the it in relation to other property we viewed, we were convinced that it couldn't have been south facing. Not a south facing garden anyway. This got me thinking. Obviously, from some angle, the house (or some part of it) is facing south.

Is there specific criteria that needs to be met before a house can be called south-facing? Or has the paranoia associated with house hunting taken its toll? :pac:

Sarn

I always check on Google maps or use the compass on my phone to check the aspect.

In relation to single buyers, the reality is that you need to save a larger deposit and will be much older compared to a couple when you buy.

In my case I was going to buy on my own and saved accordingly to do it. However, as there are now two of us we'll be buying as a couple but will now have a much larger safety net as we only need to use one salary.

Bananaleaf

Sarn wrote: »

I always check on Google maps or use the compass on my phone to check the aspect.

In relation to single buyers, the reality is that you need to save a larger deposit and will be much older compared to a couple when you buy.

In my case I was going to buy on my own and saved accordingly to do it. However, as there are now two of us we'll be buying as a couple but will now have a much larger safety net as we only need to use one salary.

Will get a compass for my phone and pop up later this evening, but out of interest, how do you do it on Google Maps? I went to street view and regular view but there is no compass icon anywhere

Sarn

Bananaleaf wrote: »

Will get a compass for my phone and pop up later this evening, but out of interest, how do you do it on Google Maps? I went to street view and regular view but there is no compass icon anywhere

The compass appears on the desktop version.

Essien

Bananaleaf wrote: »

Will get a compass for my phone and pop up later this evening, but out of interest, how do you do it on Google Maps? I went to street view and regular view but there is no compass icon anywhere

It generally opens facing the right way anyway (North to the top) - Just switch to satellite view and zoom into wherever you need.

Cuddlesworth

Bananaleaf wrote: »

On the 'south facing' thing - when an EA says that the house is 'south-facing' - maybe this is a ridiculous thing to ask, but it makes sense in my mind...

Is there a difference between a 'south-facing house' and a 'south-facing garden'

For example, when I hear south facing, I think south facing garden. We were looking at a place, and by the position of the it in relation to other property we viewed, we were convinced that it couldn't have been south facing. Not a south facing garden anyway. This got me thinking. Obviously, from some angle, the house (or some part of it) is facing south.

Is there specific criteria that needs to be met before a house can be called south-facing? Or has the paranoia associated with house hunting taken its toll? :pac:

http://suncalc.net

I lived in a apartment block where a handful of apartments got direct sunlight for a whole hour in the height of summer. Worth thinking about.

DancingHomer

guile4582 wrote: »

probably pointless but going to say it nevertheless

I wrote to the minister (what good that will do) but the system is fundamentally flawed when people with such income and ability to repay cannot get on the ladder, but yet pay so much in tax and stay in employment. guess i am sick of putting my life on hold.

Anyone with a full time job can get on the ladder. You can pick up a 2 bedroom apartment an hour from Dublin for around 70k. During the boom they cost twice that.

A lot of this Howard Beale 'mad as hell' internet grandstanding is a load of tired old bollocks IMO.

kippy

DancingHomer wrote: »

Anyone with a full time job can get on the ladder. You can pick up a 2 bedroom apartment an hour from Dublin for around 70k. During the boom they cost twice that.

A lot of this Howard Beale 'mad as hell' internet grandstanding is a load of tired old bollocks IMO.

Where are these magical places you speak of and how much fuel would the chopper need to get in and out of Dublin in an hour?
If there really were a plentiful supply of two bed apartments within an hour commute of Dublin city centre I doubt we'd have a housing crisis.

myshirt

Yeah I'd like to know where these places are also.

When people say less than a hour to Dublin, where in Dublin do they mean? It could be anywhere. It's like all those hotel rooms advertised with a sea view, but where you get to the hotel you realise you have to use a series of angled mirrors in order to view the sea, and even at that you can just barely make it out. Technically yes, it is a sea view, but for all intents and purposes it's not.

The correct way to measure it is door to door from where the apartment is right to the GPO on O'Connell Street.

Bananaleaf

myshirt wrote: »

The correct way to measure it is door to door from where the apartment is right to the GPO on O'Connell Street.

And not as the crow flies or while doing the drive at 3am on a Tuesday night :rolleyes:

listermint

Just checked apartments for sale in arklow and they're are a good few. Arklow has a train line it's less than an hour to Dublin. Cinema dunnes Tesco supervalu lidl Aldi tk Maxx McDonald's KFC seaviews.

Oh and they are priced between 100 and 150 k.

Life shouldn't revolve around being in Dublin or slaving yourself paying a 300k mortgage on a two bed apartment.

listermint

myshirt wrote: »

Yeah I'd like to know where these places are also.

When people say less than a hour to Dublin, where in Dublin do they mean? It could be anywhere. It's like all those hotel rooms advertised with a sea view, but where you get to the hotel you realise you have to use a series of angled mirrors in order to view the sea, and even at that you can just barely make it out. Technically yes, it is a sea view, but for all intents and purposes it's not.

The correct way to measure it is door to door from where the apartment is right to the GPO on O'Connell Street.

BTW that's one of the stupidest things I've heard you won't get into the gpo from most suburbs in Dublin in an hour by car. If that's the Meadure it's nonsense. The real. Measure is from wherever the place is to your place of employment. Not o Connell street

DancingHomer

listermint wrote: »

Just checked apartments for sale in arklow and they're are a good few. Arklow has a train line it's less than an hour to Dublin. Cinema dunnes Tesco supervalu lidl Aldi tk Maxx McDonald's KFC seaviews.

Oh and they are priced between 100 and 150 k.

Life shouldn't revolve around being in Dublin or slaving yourself paying a 300k mortgage on a two bed apartment.

Yep, plenty of cheap property well within commuting distance of Dublin. Lots of smart arse's here who think they know it all, yet seem blissfully unaware of what's for sale outside their own little bubble. Try searching the propery price register for 'magical' places called Carlow, Portlaoise, Portarlington, etc. Prices are as i have stated, so you all know what you can do with your sarcasm lads!

And who gives a rats what it costs on fuel for your 'chopper' lol. Take the train, or car share, or whatever it takes. It's a better alternative than sitting on your holes blaming de gubberment for your own inertia.

Cuddlesworth

listermint wrote: »

Just checked apartments for sale in arklow and they're are a good few. Arklow has a train line it's less than an hour to Dublin. Cinema dunnes Tesco supervalu lidl Aldi tk Maxx McDonald's KFC seaviews.

Oh and they are priced between 100 and 150 k.

Life shouldn't revolve around being in Dublin or slaving yourself paying a 300k mortgage on a two bed apartment.

Lets see, Arklow apartment at 110k(cheapest) to, lets say, Harcourt street.

Working 9 to 5.

By car,
Arriving at 9am, estimated time 0:55 to 2:00.
Leaving at 5pm, estimated time 1:05 to 2:00.

So on a good day, 2 hours. On a bad day, 4 hours. Lets split it and say 3 hours, I think that's fair.

Public transport is 1:40 leaving and 2:00 getting back. Add some leeway for waiting for the transport options and you have a nice sweet 4 hour commute time.

Average commute is 30 minutes in the country.

Minimum wage is 9.25 a hour. Working days during the year is 232 days.

By car it costs you 580 hours a year over the average commute(2.5 hours extra a day) and 5365 pre tax income a year compared to working that time in a minimum wage job locally.

By bus its 812 hours a year and 7511 Euros a year at minimum wage.

Not to humble brag, but I don't earn minimum wage. And if I worked out a choice between a 4 hour commute time or doing some paid overtime or doing odd jobs in the evening, its a nobrainer for me.

If you put a value on your time, even if you intend to earn no money on it, its never worth it to waste nearly 20% of your waking day to simply travel to and from work.

myshirt

listermint wrote: »

BTW that's one of the stupidest things I've heard you won't get into the gpo from most suburbs in Dublin in an hour by car. If that's the Meadure it's nonsense. The real. Measure is from wherever the place is to your place of employment. Not o Connell street

That is the standard I'm afraid, other than that it's the wild west, but yes for your own situation absolutely measure it door to door from the apartment to your place of work. However for those advertising Navan or Trim as 30/40 minutes to Dublin I'm not buying it. It's at least 1 hour, and a painful hour at that.