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

GingerLily

amcalester wrote: »

Frank Castle wrote: »

Stamp duty: 1% of house cost minus vat if new build

Are you sure about this? I bought a new build and was paid my solicitor 1% of the purchase price including VAT.

Am I due a refund?

Yes!

SD = 1% of Purchase price/1.135

Frank Castle

Frank Castle wrote: »

For me personally it was (New build home using HTB for 5% deposit):

Mortgage Protection: €24 (minor chronic health issue - used lion.ie highly recommend)
Home Insurance: €270
Life insurance: not required as we went with mortgage protection.
Solicitor: €1100 fee plus €50 for misc.
Stamp duty: 1% of house cost minus vat if new build
Property registration: €700
Property registration mortgage fee: €175
Folio Fee: €75
Searches: €50
Bank property Valuation: €160

Then misc fees like folio copy and swearing is about €20.
On top of this we had additional costs for options we chose for the house which amounted to €2000 extra at the end (PC sums rarely cover what they are supposed to).

You then have fees for a survey and snagging (we did these ourselves so I don't know what the cost would be here, assuming €500?)

So realistically, you want to have ~€10k available to cover all of the other one off expenses. Appreciate the feedback.

amcalester

GingerLily wrote: »

Yes!

SD = 1% of Purchase price/1.135

Thats brilliant thanks.

I was going to see the solicitor tomorrow anyway to sign some paperwork, I'll have an extra spring in my step tomorrow.

Ballingarry

Frank Castle wrote: »

For me personally it was (New build home using HTB for 5% deposit):

Mortgage Protection: €24 (minor chronic health issue - used lion.ie highly recommend)
Home Insurance: €270
Life insurance: not required as we went with mortgage protection.
Solicitor: €1100 fee plus €50 for misc.
Stamp duty: 1% of house cost minus vat if new build
Property registration: €700
Property registration mortgage fee: €175
Folio Fee: €75
Searches: €50
Bank property Valuation: €160

Then misc fees like folio copy and swearing is about €20.
On top of this we had additional costs for options we chose for the house which amounted to €2000 extra at the end (PC sums rarely cover what they are supposed to).

You then have fees for a survey and snagging (we did these ourselves so I don't know what the cost would be here, assuming €500?)

How is the solicitors fee calculated. I have a relation buying a 2nd hand house which is costing approx. €300,000 and the solicitors fees are in the region of €4,000 - they have received a bill to that effect. Is this normal or does it sound excessive.

Frank Castle

amcalester wrote: »

Are you sure about this? I bought a new build and was paid my solicitor 1% of the purchase price including VAT.

Am I due a refund?

you are. Mine refunded me the difference as it was afterwards she informed me that new builds do not include the VAT for stamp duty

Frank Castle

Ballingarry wrote: »

How is the solicitors fee calculated. I have a relation buying a 2nd hand house which is costing approx. €300,000 and the solicitors fees are in the region of €4,000 - they have received a bill to that effect. Is this normal or does it sound excessive.

Is this for the solicitors fees alone? not including stamp duty etc? Sounds excessive to me, but my solicitor worked on a fixed fee bases (cost of house is irrelevant).
I did get quotes from solicitors who charge hourly but avoid them like the plague.

Your location will affect the cost too as solicitors in Dublin are going to charge more with larger overheads. mine is in the west of Ireland

Frank Castle

Deleted User wrote: »

So realistically, you want to have ~€10k available to cover all of the other one off expenses. Appreciate the feedback.

10K should be more than enough, depending on the cost of your house and the stamp duty entailing from that. (also depending on how many extras you ask your developer for, assuming its a new build).

Frank Castle

Frank Castle wrote: »

10K should be more than enough, depending on the cost of your house and the stamp duty entailing from that. (also depending on how many extras you ask your developer for, assuming its a new build).

Yeah, based on the figures above, I dont think it should come to €10k
Closer to €7k, but would rather budget too much initially

GingerLily

If you're looking to buy a new build be aware that you might need flooring, it was the second largest expense for us after the purchase of the house itself! And it's something you need before moving in

Ballingarry

Frank Castle wrote: »

Is this for the solicitors fees alone? not including stamp duty etc? Sounds excessive to me, but my solicitor worked on a fixed fee bases (cost of house is irrelevant).
I did get quotes from solicitors who charge hourly but avoid them like the plague.

Your location will affect the cost too as solicitors in Dublin are going to charge more with larger overheads. mine is in the west of Ireland

Yes it is for solicitors fees alone - there is another €3,000 for stamp duty. I thought it was excessive. Location is Mid West.
Thanks for reply

Doop

Ballingarry wrote: »

Yes it is for solicitors fees alone - there is another €3,000 for stamp duty. I thought it was excessive. Location is Mid West.
Thanks for reply

We're just completing our purchase now and our solicitor was very attentive and ... Sol fees were €1500 ex vat, searches and stamp duty etc

L1011

4k ex vat for professional fees alone is insane. Does it include registration fees etc though?

myshirt

Ballingarry wrote: »

Yes it is for solicitors fees alone - there is another €3,000 for stamp duty. I thought it was excessive. Location is Mid West.
Thanks for reply

Send that to the taxing master immediately. This solicitor has some neck. I've went through piles of title documentation in the most painful conveyances known to man and I've never seen this charged.

ontheditch2

Received quotes from a number of solicitors for house in the €270-300k bracket. Solicitors fees were generally €1350-1750.
Add in deeds, Stamp Duty, engineers, valuer etc, the costs will come in at about €6,500-7,000 all in.

freeze4real

What are the benefits of using a broker vs going straight to a bank?


I have a meeting with PTSB to see what they can do for me. I have 1.2/1.5k saved for the past 2yrs now..25k with OT & bonus my wage is 65k.


LL gave me my 3 monthnotice so I'm considering options ATM.

ruaneg

A questions for those buying new builds. Are your solicitors able to insert the 'subject to loan' clause in the contracts?

It seems alot of developers have unconditional contracts atm and its seems like a gamble to go without.

Bargain_Hound

ruaneg wrote: »

A questions for those buying new builds. Are your solicitors able to insert the 'subject to loan' clause in the contracts?

It seems alot of developers have unconditional contracts atm and its seems like a gamble to go without.

Hit and miss it seems. I was lucky enough to get it included in ours.

GingerLily

ruaneg wrote: »

A questions for those buying new builds. Are your solicitors able to insert the 'subject to loan' clause in the contracts?

It seems alot of developers have unconditional contracts atm and its seems like a gamble to go without.

We couldn't get it in ours, it was definitely a gamble but worked out fine for us in the end

awec

We got it included.

Frank Castle

ruaneg wrote: »

A questions for those buying new builds. Are your solicitors able to insert the 'subject to loan' clause in the contracts?

It seems alot of developers have unconditional contracts atm and its seems like a gamble to go without.

It is becoming more and more common for developers to do this. Realistically it is just an excuse for them to keep your deposit. As if you do get refused for the mortgage they are unlikely to chase you for the full amount.
It would be easier for them to just keep your deposit and sell the house to another person.

ruaneg

I suspect builders are refusing the clause for the more in-demand developments.

averagejoe123

We got it included 5 years ago but our solicitor was basically refusing to accept it without it. I know others in our development didn't get it included

averagejoe123

freeze4real wrote: »

What are the benefits of using a broker vs going straight to a bank?


I have a meeting with PTSB to see what they can do for me. I have 1.2/1.5k saved for the past 2yrs now..25k with OT & bonus my wage is 65k.


LL gave me my 3 monthnotice so I'm considering options ATM.

Some brokers only deal with a few of the banks so you may be limiting your options. Not all banks take OT and bonuses into consideration when calculating the max they are willing to lend.

Once you have all your documents together it is relatively easy to apply to each bank individually.

You would be quite lucky to be in a position to purchase and move into a new home within the 3 months as a lot can hold up the process.

ELM327

freeze4real wrote: »

What are the benefits of using a broker vs going straight to a bank?


I have a meeting with PTSB to see what they can do for me. I have 1.2/1.5k saved for the past 2yrs now..25k with OT & bonus my wage is 65k.


LL gave me my 3 monthnotice so I'm considering options ATM.

You will in all liklihood not be moved in in 3 months so try negotiate an extension with the LL or look at short term bridging options.

moranr7

freeze4real wrote: »

What are the benefits of using a broker vs going straight to a bank?


I have a meeting with PTSB to see what they can do for me. I have 1.2/1.5k saved for the past 2yrs now..25k with OT & bonus my wage is 65k.


LL gave me my 3 monthnotice so I'm considering options ATM.

I was going to go broker but end up looking with a bank and got a Mortgage advisor that was absolutely brilliant. He has done everything for us and gave us great advice. If you want I can PM his details.

Best of luck,

freeze4real

averagejoe123 wrote: »

Some brokers only deal with a few of the banks so you may be limiting your options. Not all banks take OT and bonuses into consideration when calculating the max they are willing to lend.

Once you have all your documents together it is relatively easy to apply to each bank individually.

You would be quite lucky to be in a position to purchase and move into a new home within the 3 months as a lot can hold up the process.

Understood, I've set up appointments with a BOI/AIB just to see what could happen.

ELM327 wrote: »

You will in all liklihood not be moved in in 3 months so try negotiate an extension with the LL or look at short term bridging options.

That's so true. I could go back to my parents place. An option I rally don't want to take.

moranr7 wrote: »

I was going to go broker but end up looking with a bank and got a Mortgage advisor that was absolutely brilliant. He has done everything for us and gave us great advice. If you want I can PM his details.

Best of luck,

Please PM his details. Not sure were my head is at this stage.

Jack_92

Hi,

We just went sale agreed and the EA requested 10k deposit. It seems a lot to me. Is this normal?

DublinDilbert

Jack_92 wrote: »

Hi,

We just went sale agreed and the EA requested 10k deposit. It seems a lot to me. Is this normal?

Depends on the value of the property, but sounds pretty normal. Its to get you used to being a homeowner

Jack_92

DublinDilbert wrote: »

Depends on the value of the property, but sounds pretty normal. Its to get you used to being a homeowner

It's just below 300k

wally79

Jack_92 wrote: »

Hi,

We just went sale agreed and the EA requested 10k deposit. It seems a lot to me. Is this normal?

We paid 7k

It’s refundable until you sign contracts

It also still counts as part of your deposit for the mortgage