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

TheShow

jaffa20 wrote: »

In comparison to estate agent fees when selling, i think Solicitor fees are not all that bad. A lot of solicitors will only charge around 900euro professional fee.

€900? No chance. Min of €1500+vat + land registry fees of about €800 or more.

I’d be weary of any solicitor charging €900 for the professional fee. With all the additional clients they would take on would they Have the capacity to ensure they can deal with everything correctly and within the timeframe. Or are they just trying to generate quick cash to keep their heads above water?

ILikeBoats

TheShow wrote: »

€900? No chance.

I paid 950 professional fees for my solicitor, he was great.

myshirt

ILikeBoats wrote: »

I paid 950 professional fees for my solicitor, he was great.

I am going to take a guess that you were purchasing a small barge, or a dingy.

hots

myshirt wrote: »

I am going to take a guess that you were purchasing a small barge, or a dingy.

I've had quotes for the same or as high as 1900 ex-vat, there's a fair range out there.

ILikeBoats

myshirt wrote: »

I am going to take a guess that you were purchasing a small barge, or a dingy.

Why?
The professional fee is a set price, doesn't matter what you're buying.
I don't think it reflects the level of service you get either. I'm sure a lot of solicitors have raised their professional fees along with the house price trend, not all of them though.

hanaimai

Anyone know when you do a valuation for a new build, when the house isn't built yet??

Also, can you get a formal loan offer before getting the valuation done and it's just a condition of drawdown, or does it have to be done before the formal loan offer can be issued?

GingerLily

hanaimai wrote: »

Anyone know when you do a valuation for a new build, when the house isn't built yet??

Also, can you get a formal loan offer before getting the valuation done and it's just a condition of drawdown, or does it have to be done before the formal loan offer can be issued?

We bought a new build, the bank arranged the valuation after we had credit approval and they were finalising the loan pack, it took about two phone calls and was done in an afternoon - very simple!
The loan pack needs to be completed before we signed contracts.

There is a second valuation after snagging and just before drawdown, it costs a good bit less, maybe 60e.

coffee_cake

hanaimai wrote: »

I'm applying for loan offers at the moment and I've been specifically asked what rate and term I want put on the application. If you've already gotten the offer you can still change the rate/term but the application will have to go to the underwriters again (since the affordability assessment part is dependent on what rate and term you pick).

Got a call saying aip and its not dependent on the rates but we will have to confirm them soon. Phew. Was my first q after seeing this post.
Only took a week

AppleBottle

Got full approval today!!

Put in an offer on a house on Monday and now just waiting to hear back from the estate agent on this.

Juwwi

AppleBottle wrote: »

Got full approval today!!

Put in an offer on a house on Monday and now just waiting to hear back from the estate agent on this.

Best of luck .

Bawnmore

2 questions someone here might know the answer to:

1. We went sale agreed at the very beginning August but haven't received paperwork from the vendors solicitor yet - is this normal? I've been chasing it with the estate agent, but it started with "they should have sent those already" and now it's "I'll check with them again". Could be perfectly normal - just to check.

2. We're shopping around for home insurance quotes. We're meeting with our own bank to talk about this next week at some stage and we've been told that they do the 1st 4 months home insurance for free, and we're free to move away to another insurance company after this is we want without any penalty. Does this sound right? I'm well aware banks prices on insurance will be inflated, but if we were to get 4 months free and be able to swap over without any penalty it might be worth a shout to save a few bob.

whatever76

QQ - Went sale agreed and paid the 5 k deposit to EA - Decided not to go ahead with purchase in end and backed away ( over 2 weeks now) - haven't received deposit back yet from EA . How long on average should it take to get deposit back ?

AppleBottle

Question for you guys;

When you’ve made an offer with the estate agent to buy, how long were you waiting to hear anything back?

We made an offer on Monday and haven’t heard anything yet. Just wondering what people’s experience of this is. And if I should follow up today?

catrionanic

Question about deposits. We are second time buyers and sale agreed on our next home.
We need a 20% deposit. The bulk of this will come from the proceeds of the sale of our first home (which is also sale agreed).

We are to pay a holding deposit of 10k. Does the remainder of the 20% deposit get paid on completion? The people buying our own house are first time buyers, and have paid their 10% deposit upon signing contracts. Obviously we would be unable to pay it at that stage ourselves until our own house sale is completed.

stargazer 68

AppleBottle wrote: »

Question for you guys;

When you’ve made an offer with the estate agent to buy, how long were you waiting to hear anything back?

We made an offer on Monday and haven’t heard anything yet. Just wondering what people’s experience of this is. And if I should follow up today?

We usually got a call or text the next day on any of the ones we offered on.

Mark1916

AppleBottle wrote: »

Question for you guys;

When you’ve made an offer with the estate agent to buy, how long were you waiting to hear anything back?

We made an offer on Monday and haven’t heard anything yet. Just wondering what people’s experience of this is. And if I should follow up today?

I would follow up, we heard within a couple of hours of our bid being accepted (we bid close to the asking price). However the Estate Agent should also be keeping you up to date with any other offers but it could be a case where you're the only bidder thus far and the vendor wants to give it time before making a final decision. No harm in asking the questions though.

TheShow

whatever76 wrote: »

QQ - Went sale agreed and paid the 5 k deposit to EA - Decided not to go ahead with purchase in end and backed away ( over 2 weeks now) - haven't received deposit back yet from EA . How long on average should it take to get deposit back ?

As soon as you declare yourself out, he should refund the monies. By law the funds must be held in a "clients account" so the funds don't get mixed up in the normal office cashflow. There should be no reason for a delay in returning these funds to you. Follow up with them asap.

TheShow

Bawnmore wrote: »

2 questions someone here might know the answer to:

1. We went sale agreed at the very beginning August but haven't received paperwork from the vendors solicitor yet - is this normal? I've been chasing it with the estate agent, but it started with "they should have sent those already" and now it's "I'll check with them again". Could be perfectly normal - just to check.

2. We're shopping around for home insurance quotes. We're meeting with our own bank to talk about this next week at some stage and we've been told that they do the 1st 4 months home insurance for free, and we're free to move away to another insurance company after this is we want without any penalty. Does this sound right? I'm well aware banks prices on insurance will be inflated, but if we were to get 4 months free and be able to swap over without any penalty it might be worth a shout to save a few bob.

1. I went sale agreed on my house and the agent had the particulars of sale out to me and my solicitor the next day.
If its the actual contracts that your looking for, these could take a bit longer. Especially if the vendor is a receiver. If this is the case expect long waits.

2. seems plauseable particularly if they told you that you can switch without penalty. although i would look for that in writing just to be sure.

TheShow

AppleBottle wrote: »

Question for you guys;

When you’ve made an offer with the estate agent to buy, how long were you waiting to hear anything back?

We made an offer on Monday and haven’t heard anything yet. Just wondering what people’s experience of this is. And if I should follow up today?

Yes, follow up today. Ask them why they've taken so long to get back to you that you are an interested buyer.

TheShow

catrionanic wrote: »

Question about deposits. We are second time buyers and sale agreed on our next home.
We need a 20% deposit. The bulk of this will come from the proceeds of the sale of our first home (which is also sale agreed).

We are to pay a holding deposit of 10k. Does the remainder of the 20% deposit get paid on completion? The people buying our own house are first time buyers, and have paid their 10% deposit upon signing contracts. Obviously we would be unable to pay it at that stage ourselves until our own house sale is completed.

Normally what happens is you pay 5k as a booking deposit. Upon exchange of contracts you pay balance of 10 % deposit and all remaining funds on completion.

If you don't have the balance of 10% deposit to pay on exchange of contracts, then your solicitor may be able to negotiate paying the remaining balance at completion. If they cannot, then you may need to seek a bridging loan from your bank to cover this.

Bawnmore

TheShow wrote: »

1. I went sale agreed on my house and the agent had the particulars of sale out to me and my solicitor the next day.
If its the actual contracts that your looking for, these could take a bit longer. Especially if the vendor is a receiver. If this is the case expect long waits.

2. seems plauseable particularly if they told you that you can switch without penalty. although i would look for that in writing just to be sure.

Thanks - I probably shouldn't have said contract - just the regular paperwork in general. We need the folio and maps etc to allow the engineer to do a full survey, but haven't gotten anything yet. I assumed this would have been standard paperwork that would be ready to be sent to our solicitor, and 5 weeks feels a little excessive to me. That said this is all new to us, so could be perfectly normal.

shamrock55

Quick question,if I was to get a home improvement loan to do up the house I'm looking to sell(needs it,and should add a bit of value)would a bank look at that repayment of say over 12 mths as ability to save,as in I'd normally be saving 1000 per month but now instead could be paying that back on a loan.

Thanks

TheShow

shamrock55 wrote: »

Quick question,if I was to get a home improvement loan to do up the house I'm looking to sell(needs it,and should add a bit of value)would a bank look at that repayment of say over 12 mths as ability to save,as in I'd normally be saving 1000 per month but now instead could be paying that back on a loan.

Thanks

Yes, it will be on the bank statements. And you will still have your savings accumulated up to now.

- bo -

Received keys on Friday morning to our place (first time buyers). Delighted. 7 and a half months of hassle over. Spent the weekend tearing down wallpaper and filling in holes with polyfiller!

amcalester

I've a question about solicitors fees, when are these paid - before or after closing?

My solicitor has asked for the fees and outlays to be included with the outstanding deposit, but I would have thought I pay this after completion.

Mark1916

amcalester wrote: »

I've a question about solicitors fees, when are these paid - before or after closing?

My solicitor has asked for the fees and outlays to be included with the outstanding deposit, but I would have thought I pay this after completion.

I think it's Solicitor preference, mine requested them anytime before drawdown of the mortgage.

GingerLily

amcalester wrote: »

I've a question about solicitors fees, when are these paid - before or after closing?

My solicitor has asked for the fees and outlays to be included with the outstanding deposit, but I would have thought I pay this after completion.

I paid mine with the balance for the mortgage about the same time as drawdown. I wouldn't feel comfortable paying before final contracts have been issued.

amcalester

Mark1916 wrote: »

I think it's Solicitor preference, mine requested them anytime before drawdown of the mortgage.

GingerLily wrote: »

I paid mine with the balance for the mortgage about the same time as drawdown. I wouldn't feel comfortable paying before final contracts have been issued.

Contracts have been issued, signed etc and closing is the end of this month.

I'm arranging to pay the balance and they've invoiced me for their fees as well.

I just wasn't sure if I should be paying these before I have the keys.

GingerLily

amcalester wrote: »

Contracts have been issued, signed etc and closing is the end of this month.

I'm arranging to pay the balance and they've invoiced me for their fees as well.

I just wasn't sure if I should be paying these before I have the keys.

Sorry I was confused because you said deposit rather than balance!

Before keys isn't unusual, but is should be within a close time frame of when the keys have been agreed.

TheShow

My solicitor sent me a letter detailing how much I need to transfer for deposit balance, stamp duty & her fees. I sent it on in one go.
What difference does it make really.