Awaiting contracts from vendors solicitor....

Wesser

Update.

Contracts arrived.

Official loan offer released today.

Oh god. Am i making a big mistake? Some of friends who are mortgage free are heading off for a 6 m holiday!!! Mortgage repayment of over 1200 a month. I know that the alternative is renting:which is way more expensive. but I feel so nervous!!! Is this the biggest mistake of my.life??!!! Will I regret It!! Aaahhh ****ting myself here!!!

Wesser

Am I mad!!!!????

leonffrench

You're not mad. When their 6 month holiday is long forgotten they are back to square one while you are a homeowner

James 007

Wesser wrote: »

Am I mad!!!!????

Your mad, house prices are up 61% since the recession of 2008.

http://www.daft.ie/report

Graham

James 007 wrote: »

Your mad, house prices are up 61% since the recession of 2008.

http://www.daft.ie/report

Are you trying to say he’d be mad not to given that property prices have already recovered from the biggest global financial crash in recent history demonstrating how resilient the property market is and how owning your own home is almost always the best course of action over the longer term?

Not mad at all.

I'd rather own a home and if you decide it's not for you, you can sell it on, but I'd be fairly confident that you'll love it. Especially down the line.

In a few years you'll be well used to paying the mortgage back and you'll be in a routine. Slowly but surely the house will become your own. Your friends will end up mortgaged to the hilt at some point sooner or later, and the holiday they're taking now will be long forgotten about.

James 007

Deleted User wrote: »

Not mad at all.

I'd rather own a home and if you decide it's not for you, you can sell it on, but I'd be fairly confident that you'll love it. Especially down the line.

In a few years you'll be well used to paying the mortgage back and you'll be in a routine. Slowly but surely the house will become your own. Your friends will end up mortgaged to the hilt at some point sooner or later, and the holiday they're taking now will be long forgotten about.

It would all depend on how recession proof your job is, if in construction thats up and down, if in public sector you may be secure. The thinking above landed alot of persons who bought back in the early noughties houses and a few years later the recession hit. The lucky ones were those who continued to rent and then bought at the bottom of the market.

byrnem31

When you retire, you need as little overheads as possible.
If you are renting when you retire, you will still need to pay rent.
I am buying a home now and will have it paid off by the time I retire.
Therefore i will not be paying money to keep a roof over my head. It's better to own in the long run.

astrofool

James 007 wrote: »

It would all depend on how recession proof your job is, if in construction thats up and down, if in public sector you may be secure. The thinking above landed alot of persons who bought back in the early noughties houses and a few years later the recession hit. The lucky ones were those who continued to rent and then bought at the bottom of the market.

The market had risen by 20% by the time they figured out where the bottom was. Still see some people waiting again for the next crash, I'll have my mortgage paid off before they get started at this rate...

Graham

astrofool wrote: »

The market had risen by 20% by the time they figured out where the bottom was.

And at least another 30% by the time banks had started lending.

Deleted User

Deleted User wrote: »

Well I'm already in the house as it's a council house I'm buying.

This is the latest from my solicitor today:



So from the sounds of that it should be this week or next that i get sorted out I hope. Doesn't seem like, at this stage, there's any point in continuing to harass them.

Although I could be wrong of course. Hopefully by the end of next week I'll be posting here with a big smile on my face.

One month later, 26th to 26th, and today the money was transferred from my Credit Union to my Solicitor.

Hopefully i'll have it next week... but i have said that before... :rolleyes:

fg1406

It really is the most interminable process. Our vendors only got mortgage approved 2 weeks ago...they're in a house we went sale agreed on 13 weeks ago. I wish we could enforce a date on them.

Folks, can I ask, as a general rule of thumb, if you were getting a mortgage plus some cash on top (for refurbishing, furnishing etc.) how long after drawdown should it take to actually receive the cash for refurbishing/furnishing?

I still have no money. I've heard nothing from my solicitors at all. I'm tempted to just show up at their office tomorrow morning but unsure will that actually help or not.

Frustrating is not the word. All contracts have been signed and money is with solicitor. I can see no reason why i haven't gotten my surplus money yet to continue on house work. Am I missing something obvious?

juke

Can you not just phone your solicitor and ask?

Seriously - S/he will probably give you a very clear answer - people here can just speculate:

Like - maybe there's a delay on the council's part
or maybe the CU's solicitors have certain requirements.

A call should clear it up for you.

juke

juke wrote: »

Can you not just phone your solicitor and ask?

Seriously - S/he will probably give you a very clear answer - people here can just speculate:

Like - maybe there's a delay on the council's part
or maybe the CU's solicitors have certain requirements.

A call should clear it up for you.

I've been ringing and ringing. I'm getting nowhere. Last week my solicitor was on holiday, but i was given a stand-in solicitor. I was told the Council's solicitor was also on holiday but was back at work on the thursday.

I rang on thursday, receptionist took a note, said she'll pass it on and solicitor will get back to me.
I rang on friday, receptionist took a note, said she'll pass it on and solicitor will get back to me.
I rang this morning, receptionist took a note, said she'll pass it on and solicitor will get back to me.


Haven't heard a peep. :mad::(


The money is in the Solicitor's account over a week at this stage, and not a word from anyone. Credit Union have been excellent and informed me when the money was transferred.

EDIT: I was told, though, by the stand-in solicitor, that they won't give me anything at all (money) right now (i asked for 5-10k just to get back on track with the building work) .. the Council have signed contracts, as have I, so we're all legally obligated to buy/sell the house, so i asked would the solicitor release a few grand to me (not the whole lot) and they said no, "incase something catastrophic happens and the council decide not to sell the house". But both sides are beyond that point. It's infuriating.

I don't care how long it takes the Council to get their money (and the council dont seem fussed either) but i just want to get crackin' in the extension so im not sitting in a building site on Xmas morning.


EDIT Again: Just rang again, and same again. I'm told (by receptionist) solicitor will ring me back today.

astrofool

Deleted User wrote: »

I've been ringing and ringing. I'm getting nowhere. Last week my solicitor was on holiday, but i was given a stand-in solicitor. I was told the Council's solicitor was also on holiday but was back at work on the thursday.

I rang on thursday, receptionist took a note, said she'll pass it on and solicitor will get back to me.
I rang on friday, receptionist took a note, said she'll pass it on and solicitor will get back to me.
I rang this morning, receptionist took a note, said she'll pass it on and solicitor will get back to me.


Haven't heard a peep. :mad::(


The money is in the Solicitor's account over a week at this stage, and not a word from anyone. Credit Union have been excellent and informed me when the money was transferred.

EDIT: I was told, though, by the stand-in solicitor, that they won't give me anything at all (money) right now (i asked for 5-10k just to get back on track with the building work) .. the Council have signed contracts, as have I, so we're all legally obligated to buy/sell the house, so i asked would the solicitor release a few grand to me (not the whole lot) and they said no, "incase something catastrophic happens and the council decide not to sell the house". But both sides are beyond that point. It's infuriating.

I don't care how long it takes the Council to get their money (and the council dont seem fussed either) but i just want to get crackin' in the extension so im not sitting in a building site on Xmas morning.


EDIT Again: Just rang again, and same again. I'm told (by receptionist) solicitor will ring me back today.

I doubt you'll see a penny till the sale goes through, the solicitor would be negligent to release any of the mortgage until that time as well. Your goal should be to get the sale done, then chase for the refurbishment money.

In an absolutely shocking turn, I got call back, and was told the money will be transferred tomorrow.


I also got sent a 'completion certificate'... dated 26th October. So I could have had my money nearly 2 weeks ago, really. At least it's done now though. All that's left is to keep checking my bank account. A great sense of relief, but still.. took me about 9 months from start to finish. Buying a house is a disgraceful situation in Ireland. The amount of nonsense involved is eye-watering.

Wesser

Closed today!!

Delighted with myself.

Documents arrived at 1657 and EA closed at 1700 so will have to wait until monday morning for the Keys.