Stuck in a chain, waiting on council

hairyslug

Hopefully someone can help or offer advice

We are in a chain of 4, us being the 3rd house. The 1st buyer is selling to the council, we are hoping the council sign the memorandum in the next 10 days when they meet.

We are 1 month into our mortgage approval, it will be difficult to reapply for a mortgage as our situation has slightly changed.

Do councils (Wexford) usually work through these things quite quickly or can it drag on, the estate isnt that old so Im hoping there wont be to many contract issues.

Thanks

SarahMollie

hairyslug wrote: »

Hopefully someone can help or offer advice

We are in a chain of 4, us being the 3rd house. The 1st buyer is selling to the council, we are hoping the council sign the memorandum in the next 10 days when they meet.

We are 1 month into our mortgage approval, it will be difficult to reapply for a mortgage as our situation has slightly changed.

Do councils (Wexford) usually work through these things quite quickly or can it drag on, the estate isnt that old so Im hoping there wont be to many contract issues.

Thanks

Not to be the barer of bad news, but banks sometimes want you to provide up to date certs closer to the time when you draw down the mortgage if there has been a few months since your original application.

Circumstances changing before drawdown always presents a risk.

irishguy1983

SarahMollie wrote: »

Not to be the barer of bad news, but banks sometimes want you to provide up to date certs closer to the time when you draw down the mortgage if there has been a few months since your original application.

Circumstances changing before drawdown always presents a risk.

Yeah I'm a bit confused by that one myself.

I am just about to close out and yet the bank never asked for up to date salary slips, bank details, etc. I got my mortgage approval at the end of last Sep and for all they know I could be out of work at this stage, gone crazy with my savings, switched job,etc.

I am not complaining - I am just surprised.

hairyslug

Thanks, any news, good or bad prepares us.

The council has signed the memorandum, contracts should be signed in the next 10/12 days.. does anyone have experience dealing with the council and how long they take to close (we should have been closing on our purchase next week)

Another question, slightly related.

I have an inheritance due, we are in the process of probate at the moment, this along with savings would get us to buy our "dream house" the house we really wanted but was just out if our reach. Financially, would we be better to buy for cash, transfer our mortgage of our current NE house over to it and sell it off

SarahMollie

hairyslug wrote: »

Thanks, any news, good or bad prepares us.

The council has signed the memorandum, contracts should be signed in the next 10/12 days.. does anyone have experience dealing with the council and how long they take to close (we should have been closing on our purchase next week)

Another question, slightly related.

I have an inheritance due, we are in the process of probate at the moment, this along with savings would get us to buy our "dream house" the house we really wanted but was just out if our reach. Financially, would we be better to buy for cash, transfer our mortgage of our current NE house over to it and sell it off

Few things that came to mind;

Will you have a tax liability on the inheritance?

New house typically means new mortgage. Do you currently have a good deal, ie a tracker, that you might have to give up?

What alternatives do you have for the money? Keeping it on deposit gives low yields (negative in real terms) so do you have investment alternatives? If not, it might be worth paying down a mortgage if your interest on it is large.