Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

Sweet.Science

zuhuraswa wrote: »

Sorry to hear that, especially at the last minute.
If you were using one, would your broker not have tried getting approval from another institution, or did BOI have something specific that you were looking for?
I am using a broker and he got me 3 different AIP

Yeah i'd be looking at the broker here myself

ec18

Sadeybaby wrote: »

I've been sale agreed since November. I'm receiving half gift and half from CU. It's a chain sale from parents house. I'm reliant on the sale of my parents house. If the buyers for prenatal house have inserted a Loan Approval Clause.

And I did the same, However will I still lose my deposit if buyers from parents house fall through. My solicitor said she can insert same clause but wouldn't think the vendors solicitors would be in agreement to the subject to sale/equity clause.

If this is the case how are buyers protected if they are cash buyers, loan approved and dependent on the purchasers loan doesn't proceed? Ideally i would like certainty that subject to sale/equity clause is accepted but what if it isn't? Will I still get my deposit back as its out of my control if buyers for some reason couldn't drawdown. I've attached the clause for my parents contracts. Can you advise?

My solicitor is inserting the loan approval clause and CU are aware that I'm dependent on gifted funds. My parents are divorced, so we are waiting for my dad to sign first and then mother. Can I still send my contracts off signed or should I wait for parents to be fully completed. Am i at risk by not waiting as I have a deadline from the vendors for 12 o clock today to return or the house is being repaired.

Ultimately you need to be advised by your solicitor on what option poses the least risk to you. We can't advise here boards doesn't allow legal advice.

givyjoe

Sweet.Science wrote: »

Yeah i'd be looking at the broker here myself

Criminal that they (the broker) hadn't other banks lined up. It's one of the main reasons you go to a broker, i.e. negate the need to submit multiple applications/sets of docs yourself. My one own one pulled the same stunt with our second AIP, didn't bother herself with the others bar BOI.

brianc27

Anyone else find estate agents seem to be completely disinterested in your bid, I'm finding myself chasing after them to get acknowledgment that they received my bid, some just don't respond, I've a pending bid on sherry Fitz website for two days now

Sweet.Science

brianc27 wrote: »

Anyone else find estate agents seem to be completely disinterested in your bid, I'm finding myself chasing after them to get acknowledgment that they received my bid, some just don't respond, I've a pending bid on sherry Fitz website for two days now

Pending on that site means the offer hasnt been accepted by the vendor as far as I know

SheepShep

brio09 wrote: »

We had gone sale agreed on a property 2 weeks ago. Valuation is done and report submitted to the bank. Surveyors went in today, so waiting on that report. Solicitor finally received the contracts on Friday. We heard from the solicitor today and there is a clause on the contract stating the sale is conditional upon the vendor completing purchase of an alternative accommodation. I find this bizarre as does our solicitor. Our solicitor has reached back to the vendor's solicitor that at least a time limit should be put on this clause. Let's see what they come back with. The vendor is sale agreed elsewhere I find it very strange that they plan on leaving it open-ended and so out of the buyer's control! We love the property very much and would be disheartened if we have to walk away from it. Has anyone else seen such unreasonable conditions on the contract lately?

Our sellers tried that and our solicitor rang us to say she was going back to them to say absolutely no way. So it was removed.

SheepShep

Starlord_01 wrote: »

We put the start date on both policies 3 days before we are due to get the keys.

Yep this is great advice. I had secured home insurance and mortgage protection for the date of closing. Three days before closing the bank rang me asking me to change urgently to that particular day as that was the day they were officially signing off/issuing cheque to my solicitor.

brio09

SheepShep wrote: »

Our sellers tried that and our solicitor rang us to say she was going back to them to say absolutely no way. So it was removed.

Glad to hear that the clause was removed on your contract. We are hoping the same happens with our contract. Our solicitor is definitely pushing back! Thank you for sharing your experience!

morrissey1307

brianc27 wrote: »

Anyone else find estate agents seem to be completely disinterested in your bid, I'm finding myself chasing after them to get acknowledgment that they received my bid, some just don't respond, I've a pending bid on sherry Fitz website for two days now

Yep, finding I have to follow up with the EA a day or two later to confirm they have received, at which point they'll only inform me then that there's been an even higher offer in.

Only one or two have actively been notifying me of offers coming in, the rest only seem to be bothered when you chase them up.

brianc27

morrissey1307 wrote: »

Yep, finding I have to follow up with the EA a day or two later to confirm they have received, at which point they'll only inform me then that there's been an even higher offer in.

Only one or two have actively been notifying me of offers coming in, the rest only seem to be bothered when you chase them up.

Pretty much my experience, really annoying, doesnt take much for them just to acknowledge my offer or reply if there's a counter offer, I'm not even talking about a phone call, a quick email is fine

Treppen

brianc27 wrote: »

Anyone else find estate agents seem to be completely disinterested in your bid, I'm finding myself chasing after them to get acknowledgment that they received my bid, some just don't respond, I've a pending bid on sherry Fitz website for two days now

At least with SF you can bid .... I've been trying to bid over the phone with a well known major EA for the last 2 weeks and they just wont pick up the phone or call me back . Maybe I'll just throw an offer into the sellers letterbox.:pac:

EDIT: Just watching prime time now, general advice from Ronan Lyons and everyone else is... stop bidding and overheating the market yourself, more supply will come on later.

Calm down lads

liam7831

Treppen wrote: »

At least with SF you can bid .... I've been trying to bid over the phone with a well known major EA for the last 2 weeks and they just wont pick up the phone or call me back . Maybe I'll just throw an offer into the sellers letterbox.:pac:

EDIT: Just watching prime time now, general advice from Ronan Lyons and everyone else is... stop bidding and overheating the market yourself, more supply will come on later.

Calm down lads

The Sherry Fitz lady said due to lack of building over the last few years supply wont improve greatly ...

engagethecore

liam7831 wrote: »

The Sherry Fitz lady said due to lack of building over the last few years supply wont improve greatly ...

I see arguments both sides, logically would think that when viewings open more people put up houses for sale so should increase supply but the same might be said on the demand side so may cancel out.

The point RE supply being too low for demand hasn't gone away so I don't see how prices are suddenly going to come off in the short to mid term .

In saying that I don't know where prices are going and when buying a home I think its a longer term investment so over the lifetime it should hopefully come level itself off. Anybody who claims to know where the market is going to go I suggest you go and buy / short some REITS and make a mint and youll be able to buy those houses in no time.

JimmyVik

Treppen wrote: »

At least with SF you can bid .... I've been trying to bid over the phone with a well known major EA for the last 2 weeks and they just wont pick up the phone or call me back . Maybe I'll just throw an offer into the sellers letterbox.:pac:

EDIT: Just watching prime time now, general advice from Ronan Lyons and everyone else is... stop bidding and overheating the market yourself, more supply will come on later.

Calm down lads

Theyve been syaing that for years and years.
Where is the supply going to come from.

Its the people who have to mover to commuterville who i feel sorry for.
They are now saying thats possible becasue of WFH.
If WFH doesnt work out, and i dont believe it will at the end of the day, they are stuck with a horrible commute.
Its like the naughties all over again.

Sweet.Science

I cant believe we shut down house building for most of the year

Bordering on criminal

We were already chasing our tail with supply and demand. We will never catch up or even come close now

LeakyLime

Due to draw down with KBC in the next week or two, will the announcement this morning have an affect on this?

JimmyVik

LeakyLime wrote: »

Due to draw down with KBC in the next week or two, will the announcement this morning have an affect on this?

No.
Any change is years away.
Your draw down will not be effected.

aquinn

LeakyLime wrote: »

Due to draw down with KBC in the next week or two, will the announcement this morning have an affect on this?

“There is no impact on KBC Bank Ireland customers’ products or services and they do not need to take any action as a result of this announcement,” a joint statement from the two banks said.
The statement said existing customers do not need to take any action as a result of this announcement.


Business as usual. More here: https://www.thejournal.ie/kbc-in-talks-with-bank-of-ireland-over-sale-5411552-Apr2021/

JimmyVik

Sweet.Science wrote: »

I cant believe we shut down house building for most of the year

Bordering on criminal

We were already chasing our tail with supply and demand. We will never catch up or even come close now

Oh we will catch up in a few years.
But my fear is that we overshoot, because our government never do anything right.
And when we overshoot we will do it by so much that we will have another crash.

LeakyLime

aquinn wrote: »

“There is no impact on KBC Bank Ireland customers’ products or services and they do not need to take any action as a result of this announcement,” a joint statement from the two banks said.
The statement said existing customers do not need to take any action as a result of this announcement.


Business as usual. More here: https://www.thejournal.ie/kbc-in-talks-with-bank-of-ireland-over-sale-5411552-Apr2021/

Great.

boredatwork82

LeakyLime wrote: »

Due to draw down with KBC in the next week or two, will the announcement this morning have an affect on this?

In a similar boat myself. I am hoping l
there will be no change. As they are hoping to sell the business as a going concern. I think we will be fine, fingers crossed!

Claw Hammer

aquinn wrote: »

“There is no impact on KBC Bank Ireland customers’ products or services and they do not need to take any action as a result of this announcement,” a joint statement from the two banks said.
The statement said existing customers do not need to take any action as a result of this announcement.


Business as usual. More here: https://www.thejournal.ie/kbc-in-talks-with-bank-of-ireland-over-sale-5411552-Apr2021/

The reality is that with only 3 banks left, services will be cut and charges and fees as will rise.

LeakyLime

Claw Hammer wrote: »

The reality is that with only 3 banks left, services will be cut and charges and fees as will rise.

Yeah into the future, it is not great for competition and rates.

Smouse156

Could anyone recommend conveyancing solicitor in Dublin please?

Also if buying in Dublin, is a Dublin solicitor needed out of interest?

What are standard fees for new build?

Thanks,

Had an AIP from KBC with an LTI exception and was proceeding with a house purchase. The valuer made left out some information needed by the bank so caused a week delay then we got word from our broker last week that KBC were pulling up the drawbridge on LTI exceptions on the Friday. She just about got the loan offer over the line in the 11th our on the Friday evening.

The news about KBC looking to exit the market explains a lot. They are changing their criteria now and making LTI exception impossible to get going forward.

LeakyLime

cisk wrote: »

Had an AIP from KBC with an LTI exception and was proceeding with a house purchase. The valuer made left out some information needed by the bank so caused a week delay then we got word from our broker last week that KBC were pulling up the drawbridge on LTI exceptions on the Friday. She just about got the loan offer over the line in the 11th our on the Friday evening.

The news about KBC looking to exist the market explains a lot. They are changing their criteria now and making LTI exception impossible to get going forward.

Thank god we didn't need the exception in the end. We're still a about 5 days away from drawing down.

Sweet.Science

cisk wrote: »

Had an AIP from KBC with an LTI exception and was proceeding with a house purchase. The valuer made left out some information needed by the bank so caused a week delay then we got word from our broker last week that KBC were pulling up the drawbridge on LTI exceptions on the Friday. She just about got the loan offer over the line in the 11th our on the Friday evening.

The news about KBC looking to exit the market explains a lot. They are changing their criteria now and making LTI exception impossible to get going forward.

Where did you get this info ? I assumed LTI would be a little easier if they are getting rid of their book in a few years

thunderdog

The sellers of the house we are buying received their grant of probate during the week. It took 6 months to come through from app date (Dublin) which may be of use as a ballpark time for others in a similar situation

Busi_Girl08

cisk wrote: »

Had an AIP from KBC with an LTI exception and was proceeding with a house purchase. The valuer made left out some information needed by the bank so caused a week delay then we got word from our broker last week that KBC were pulling up the drawbridge on LTI exceptions on the Friday. She just about got the loan offer over the line in the 11th our on the Friday evening.

The news about KBC looking to exit the market explains a lot. They are changing their criteria now and making LTI exception impossible to get going forward.

Was going to reply to you in the KBC thread but better here :pac:.

We're in the same boat as above, AIP from KBC with an LTI exception valid for just 2 months. Got a call from our broker to say they're halting LTI exceptions, and that we really had this week to get something across the line to be in with a chance to get an offer with the exception.

We viewed house on Monday evening, really liked it, were in a bidding war all week and were the highest bidder up until last night when we were outbid. Gutted.

Will be arranging a call with our broker early next week to discuss our options, but her advice for us on Monday was that she would get our AIP amended down to the standard 3.5 times to keep us in the loop, and she'll keep an eye on the exceptions in the meantime when it comes to us finding somewhere down the line, but her advice really boiled down to "hold fire for a few months".

We're going to really struggle to be competitive and find somewhere that meets our needs without the LTI exception though, although we're keeping an eye out for some new builds we might have a chance with (have the HTB).

Happy Friday

Claw Hammer

Sweet.Science wrote: »

Where did you get this info ? I assumed LTI would be a little easier if they are getting rid of their book in a few years

A high proportion of LTIs reduce the value of the loan book.