mortgage question

Specialun

so i have approvals from kbc for the sum i want and for 6 months. however i have 2 questions, which i was going to ask kbc end of the week but i know ye boards folk know ****

1) so the approval for for 6 month. what if the house is taking 12 months to build. do i need to get approval again after 6 or is the approval until sale agreed

2) lets say i put down the 10% and my circumstances changed in between the house being built. ie some1 got sick or i lost my job. is that tough titties and you lose your cash or do you withdraw and then another buyer agrees to buy the house you get your deposit back

im just looking at the dangers of waiting 9 months for the house to be built inbetween deposits

bank have been ****e to deal with. prob take a decade to get an answer and im not a genius on all this

btw this is what a young wan at sherry fitzgerald told me n saturday

* 5k on the day of open viewing. this is refundable up to 3half weeks. after this time the deposit is non refundable and your asked to pay 10%. all non refundable if anything changes after 3 half wks

368100

Specialun wrote: »

so i have approvals from kbc for the sum i want and for 6 months. however i have 2 questions, which i was going to ask kbc end of the week but i know ye boards folk know ****

1) so the approval for for 6 month. what if the house is taking 12 months to build. do i need to get approval again after 6 or is the approval until sale agreed

2) lets say i put down the 10% and my circumstances changed in between the house being built. ie some1 got sick or i lost my job. is that tough titties and you lose your cash or do you withdraw and then another buyer agrees to buy the house you get your deposit back

im just looking at the dangers of waiting 9 months for the house to be built inbetween deposits

bank have been ****e to deal with. prob take a decade to get an answer and im not a genius on all this

btw this is what a young wan at sherry fitzgerald told me n saturday

* 5k on the day of open viewing. this is refundable up to 3half weeks. after this time the deposit is non refundable and your asked to pay 10%. all non refundable if anything changes after 3 half wks

1) you would need to refresh the approval before you draw but if theres no change in circumstances then this is just a formality.

2) thats totally up to the builder. Given the current demand it would be unreasonable not to return your deposit if that happened. You could try and agree a refundable deposit up to signing the contract, your solicitor is the one to request that.

Specialun

hi

but wouldnt i sign the final contract after the house is built and after inspection..as in just before i move in.

the young actioneer implied i sign the contracts after 3 half weeks house is not ready until feb 2019

confusion on this too tbh. that cannot be right. unless she meant three half weeks before i get keys

368100

Specialun wrote: »

hi

but wouldnt i sign the final contract after the house is built and after inspection..as in just before i move in.

the young actioneer implied i sign the contracts after 3 half weeks house is not ready until feb 2019

confusion on this too tbh. that cannot be right. unless she meant three half weeks before i get keys

You might sign an agreement to buy the house, but actual contracts (to make the house legally yours) are usually signed a couple of weeks in advance of moving in.

Specialun

368100 wrote: »

You might sign an agreement to buy the house, but actual contracts (to make the house legally yours) are usually signed a couple of weeks in advance of moving in.

yes but she said all deposits are non refundable after 3 half weeks..as in after you sign agreement
to buy house..im saying that cannot be right as the house is 9 months from completion

368100

Specialun wrote: »

yes but she said all deposits are non refundable after 3 half weeks..as in after you sign agreement
to buy house..im saying that cannot be right as the house is 9 months from completion

Thats why you get your solicitor on the case. They will try and get you to sign an agreement with no refund of deposit, thats going back to when there was less demand and they might be left with no buyer or a delay in finding another buyer if you pulled out.

But given way the market is, its very unlikely someone else wont be waiting in the wings to buy if you didnt proceed.

Another reason would be the more deposits they raise the less they need to finance so they say they wont refund. Theyre perfectly entitled to request this on non refundable basis.

Im not saying itll definately work but ive seen non refundable deposits agreed as refundable but with very specific conditions/scenarios of when it would be refunded. Best of luck

Specialun

368100 wrote: »

Thats why you get your solicitor on the case. They will try and get you to sign an agreement with no refund of deposit, thats going back to when there was less demand and they might be left with no buyer or a delay in finding another buyer if you pulled out.

But given way the market is, its very unlikely someone else wont be waiting in the wings to buy if you didnt proceed.

Another reason would be the more deposits they raise the less they need to finance so they say they wont refund. Theyre perfectly entitled to request this on non refundable basis.

Im not saying itll definately work but ive seen non refundable deposits agreed as refundable but with very specific conditions/scenarios of when it would be refunded. Best of luck

but how can they say its non refundable 9 plus months before any property is built...5k non refundable after 3 half weeks and then the remainder of tne 10% within a few weeks..non refunable..thats madness

368100

Specialun wrote: »

but how can they say its non refundable 9 plus months before any property is built

Because they can also say, if you dont like it then jog on and theyll get someone else who are willing to agree to those terms given the demand in the market.