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

loveisdivine

Most of our stuff is already in boxes. We weren't able to unpack properly where we are now as we only really have 1 room and the rest is boxed up in storage.

I think I'm just gonna email the solicitor again.

matrim

Santy2015 wrote: »

We went sale agreed on the 9th of April got keys the 22nd of July. All the contracts were signed before the 31st of May

We sent in our booking deposit and went sale agreed on the 26th April. We signed our half of the contracts on the 27th July and had a tentative date of 10th August for closing. But last week we heard back that their solicitor is on holidays for most of August. On top of that, during the whole process so far we've been told the sellers are not in a chain and are ready to move out once everything is in place. Last week we were told that they haven't received the contracts on their new place and we might have to wait for them to close. So it could be September or later before we get to move in. I just hope that our valuation, mortagage protection doesn't lapse because of all the delays.

It's such a fustrating and slow process despite the fact that there no major issues with the house or deeds have appeared.

Standard Toaster

loveisdivine wrote: »

Getting inpatient now. Solicitor never emailed me back yesterday. Can't set up the home insurance without a firm closing date. Just want to be out of where we currently are and into our lovely new house! So much to do and I want to get the ball rolling on stuff.

Re home insurance.
You can set it up and have it ready to go. You can then give the nod 2 weeks prior to drawdown. That's my experiance with UB anyway.

Naid23

Hey guys, havent posted in a bit. Still bidding on the same house for nearly 3 weeks now- EA Has been horendous. Not once hs he caled us when he has an other bid. The other bids only seem to magically go up once we email for an update.
He told us that we had the highest bid for a week and then went and had another viewing this weekend gone and now theres more bids. Its so frustration- why he didnt put our bid to the owners i will never know.
He got smart in his email saying he wanted to close the house this week. it really seems like we bidding against ourselves and we gonna put it on the table that our offer is only valid til close of business tomorrow. Soooo annoying.

loveisdivine

Well just as I was about to send the solicitor another email, I got one from them with the the final bill and requesting payment! So that's another step forward. I've replied asking if there is a more firm closing date yet.

We are only just over 2 weeks away from the closing date stated in the contract, I know this can change, but if it doesn't I don't want to be leaving things till the last second to get organised.

mirrorwall14

A lot of frustration out there right now it seems. I was warned about solicitors holidays by a friend who went sale agreed in July last year so we checked and it appears that won't be an issue for us. We shall see. I'm going to be climbing the walls now though because I hate not being in control and we have absolutely everything done that can be done by us now. I don't like waiting

Got a good chunk of the spare room packed this morning which is great. We did a huge clearout before we had out 18 month old and it seems to have stood to us because there's nowhere near as much crap as there was then. Half a bag of rubbish and about half a bag for the VDP or free on adverts so far

loveisdivine

Closing this Friday!

mirrorwall14

loveisdivine wrote: »

Closing this Friday!

Yippee for you!!

loveisdivine

Wait, does this mean we get keys on Friday or is that usually a few days later?

mirrorwall14

I've been following this page

13 CLOSING
Once all queries raises and the Requisitions have been satisfied and all matters are dealt with a closing date and time is finalized to suit all parties. You should check with your Bank/Building Society that everything is in order to allow the loan cheque issue. A common cause of delay is that the Life Insurance or Fire Insurance has not been taken out in time. Your Solicitor will prepare a Statement setting out the balance required to complete the purchase and costs. This is sent to you in advance of the completion in order that you can deliver the balance of funds to your Solicitor (see 15 below). This takes into account any extras or allowances agreed by you and the Seller.

14 LOAN CHEQUE
This is received in advance of the completion date.

15 BALANCE OF FUNDS
These are delivered by you, by Bank Draft made payable to your Solicitor in advance of the completion date. Normally the loan cheque and balance of funds are received the day before the completion date.

16 CLOSE SALE AND MOVE IN
The completion is the formal completion of the purchase. This takes place at the Seller's Solicitors offices. You do not need to attend as your Solicitor will represent you. Your Solicitor checks the Vendor's Title and when he/she receives good Title with fully signed documents hands over the balance of the purchase price. At that keys are handed over to your Solicitor. For a second hand purchase for a new house the Site Foreman is contacted by telephone following completion of the transaction and informed to release the keys to you. Usually you collect the keys from the Site Foreman.

loveisdivine

I see, so it seems our solicitor will meet them on Friday, exchange everything and then we will collect the keys from him after that?

They have requested the loan chq from Haven and we have sent the balance of the bill today. We already paid the balance of the deposit a couple of weeks ago.

Obviously I'll confirm all this with them but it's nice to get it straight in your own head and not be constantly asking them questions.

SB_Part2

We collected our keys off the EA.

mirrorwall14

We're constantly asking questions loveisdivine. I'm behind you in the stages so I've only that to go on, someone more advanced may know more.
Congrats SB!!!!

Sheeeeit

We went sale agreed on June 18th. Signed contracts mid-July and now have a closing date of September 2nd.
Everything seems to have gone very smoothly for us, between dealing with banks, solicitors, estate agents, engineers etc. I guess we are the lucky ones.
Just can't wait to get into this bloody house now, gives us two months to get it ready before baby number 1 arrives.

Naid23

Bid has jumped another 5k! Its not worth what the current bid is! We both have a very strong feeling that he is just tryna get more money out of us. We're prepared to walk away so gonna call his bluff and say our last bid still stands but we not willing to go higher.

Not once has he called us when theres a counter bid- they only magically appear when we call! Terrible terrible estate agent!

Laghan

Naid23 wrote: »

Bid has jumped another 5k! Its not worth what the current bid is! We both have a very strong feeling that he is just tryna get more money out of us. We're prepared to walk away so gonna call his bluff and say our last bid still stands but we not willing to go higher.

Not once has he called us when theres a counter bid- they only magically appear when we call! Terrible terrible estate agent!

That's so frustrating, I hope ye get the outcome ye want. We're looking at a house at the moment but we have yet to make an offer. The asking price is just about what it's worth but I have a feeling it might go crazy with people bidding on it, no offers on it yet though. I'm preparing for the let down already!! House prices are certainly on the rise... *sigh

Naid23

Laghan wrote: »

That's so frustrating, I hope ye get the outcome ye want. We're looking at a house at the moment but we have yet to make an offer. The asking price is just about what it's worth but I have a feeling it might go crazy with people bidding on it, no offers on it yet though. I'm preparing for the let down already!! House prices are certainly on the rise... *sigh

Thanks. House is currently 20k over asking- clearly they put it up low to get interested parties in. Bull$hit- houses in the area are going for close to 300k cause its on the luas line so shouldve known it was too good to be true.

loveisdivine

Looks like it will probably be Monday or Tuesday closing now as the bank need 24 hours to approve the life policy, which they will receive today and then another 48 hours to issue the cheque. Hopefully have the keys by the end of next week Suits us better to be honest as we already have a load of plans for this weekend so it would have been a bit crazy.

whiskeyman

Naid23 wrote: »

Bid has jumped another 5k! Its not worth what the current bid is! We both have a very strong feeling that he is just tryna get more money out of us. We're prepared to walk away so gonna call his bluff and say our last bid still stands but we not willing to go higher.

Not once has he called us when theres a counter bid- they only magically appear when we call! Terrible terrible estate agent!

If that's what you think, it's time to walk away.
Would you be happy if you bid over that again and then got the house?
I've walked away from many houses knowing it's not worth it (in my mind) but obviously to others it's worth it.
Agent sounds terrible too.
Hopefully something comes good for you guys soon. I know the frustration all too well!

Naid23

whiskeyman wrote: »

If that's what you think, it's time to walk away.
Would you be happy if you bid over that again and then got the house?
I've walked away from many houses knowing it's not worth it (in my mind) but obviously to others it's worth it.
Agent sounds terrible too.
Hopefully something comes good for you guys soon. I know the frustration all too well!

Thanks Whiskeyman. We are standing firm on our offer and prepared to walk away - such a head wrecker. Would be great if they had to prove there was other bids.

68 lost souls

Quick question re:savings. We are mortgage approved from all the banks. I have a savings account which I use normally use to pay for car related expenses like tax and insurance. I normally put €200 a month into it and then would withdraw whatever amount is needed every 6 months. I have 6 months regular savings in it now and have an unexpected car expense due to a service require more parts. I might be bale to struggle through without drawing from the account but will maybe need to not pay in for the next two months. Am I better not paying in at all or paying in a reduced amount?

We are more than likely to be putting a deposit on a new build next month and close in March.

Or am I better off withdrawing the money I need now to pay for the parts and continue saving then as normal?

SB_Part2

I wouldn't withdraw.

My savings couldn't be used (well my payment capacity) in our application because I withdrew some money for Christmas. They go back over savings etc when you go to get full approval.

Naid23

SB_Part2 wrote: »

I wouldn't withdraw.

My savings couldn't be used (well my payment capacity) in our application because I withdrew some money for Christmas. They go back over savings etc when you go to get full approval.

Ah balls! Didnt know they did that. Mines gonna look bad now cause i had to use 3k last week to pay towards my mams funeral cause it had to be paid upfront. Money will be replaced in a few weeks but gonna have to explain that to them before drawdown - hopefully because the transfer was made from my account to masseys they might be ok. Thanks for the Heads up on that SB

SB_Part2

They might be ok with that. I wasn't getting away with my "I really needed to buy myself a Christmas present" excuse

68 lost souls

SB_Part2 wrote: »

I wouldn't withdraw.

My savings couldn't be used (well my payment capacity) in our application because I withdrew some money for Christmas. They go back over savings etc when you go to get full approval.

I thought that might be the case. I'm just wondering if failure to continue savings for 2 months would be the same result or even perhaps lowering savings amount for 2-3 months?

Dr.Rieux

Is it a separate account? We transfer into 3 separate accounts every month.

1. Our savings.
2. Our bills, including 1/12th the yearly car costs (tax, insurance, servicing, small contingency).
3. A "slush" fund which we use for unexpected costs.

The bank only considered account number 1 as our saving potential, so we made sure never to transfer out of it. When I had to get work done on the car unexpectedly we had the other two accounts to take the money from.

SB_Part2

68 lost souls wrote: »

I thought that might be the case. I'm just wondering if failure to continue savings for 2 months would be the same result or even perhaps lowering savings amount for 2-3 months?

What they told me was that it has to be consistent. So if there's a break (which in my case there was) they started from the following month.

I.e I had put 1000e into the account for 11 months solid, missed a month (Dec) and then started again in Jan. Mortgage approval was in March and they wouldn't accept any of my savings for the previous year or the savings from Jan to March.

I was pretty lucky that I wasn't looking for a massive mortgage and my OH had enough to cover the mortgage with just his savings.

greenorchard

We were never asked for updated savings statements when we went for full approval. The only thing they requested was my most recent payslip. I was only back in work a month when we got approval in principle so only had one recent payslip in our original application so I presume that's the only reason they asked for another one.

We are still at sale agreed stage. The sellers, who wanted a really quick sale, have gone quiet for the last three weeks. Hopefully our solicitor will get what he needs from them soon.

mirrorwall14

greenorchard wrote: »

We were never asked for updated savings statements when we went for full approval. The only thing they requested was my most recent payslip. I was only back in work a month when we got approval in principle so only had one recent payslip in our original application so I presume that's the only reason they asked for another one.

We are still at sale agreed stage. The sellers, who wanted a really quick sale, have gone quiet for the last three weeks. Hopefully our solicitor will get what he needs from them soon.

We've been told by the bank that we are done too. No more statements or anything needed. Hopefully that proves true!

Naid23

EA Came back to us and said it was between us and another bidder. We told him that we would match the bid and he got real snappy saying we cant 'match a bid and he would not accept it. That only a higher bid would be considered'
Needless to say we told him we wouldnt be going any higher as the house wasnt worth it- he then made a comment bout us wasting his time. 3 weeks we've been chasing him. Absolutely unbelieveable! This guy is a well established estate agent and our whole dealings with him have been atrocious! Would love to be able to name and shame but cant do that!

Have bid on 2 houses so far and both times the Estate agents have been bad! Souring the whole buying a house business! Hopefully something comes up soon!