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

ELM327

ELM327 wrote: »

Are you a single or joint applicant?


The reason I ask is that you generally have to be above 80k to even be considered for an exemption.

I'm a single applicant, earn less then 80K and I received an exemption, so it can be done

ELM327

bubblypop wrote: »

I'm a single applicant, earn less then 80K and I received an exemption, so it can be done

I'm sure it can be done, which is why I said "generally".
You generally need over 80k as a couple or single applicant. The bank can give exemptions for whatever reason it wants, the 80k is an internal rule/guideline and not CBI policy

Emma2019

bubblypop wrote: »

I'm a single applicant, earn less then 80K and I received an exemption, so it can be done

Same. All the banks have various requirements. Some want over 65k, some only look at how much disposable income you have.

Try with a few, KBC are meant to be pretty good for them

Meathlass

Received AIP yesterday from Avant. Only applied last Tuesday so a very fast turnaround. If only it will be that easy to find a house!

Sweet.Science

Emma2019 wrote: »

Same. All the banks have various requirements. Some want over 65k, some only look at how much disposable income you have.

Try with a few, KBC are meant to be pretty good for them

Think KBC have stopped them completely

Cash_Q

brownbinman wrote:

having gone through a probate sale, I'd imagine there's more crap in the house than they thought and will take longer to clear. Took us a looonnnggg time to clear our parents house

brownbinman wrote:

That said, 2 toddlers and a firm date...that's their problem and I'd hold them to the date. Let them take a few days off work to clear it if they need to

I get that, but we bought a house that went through probate, the sellers had several months longer than a standard sale while we waited for probate to be granted. We had a newborn and toddler at the time and we would not have been happy to wait even longer for them to clear the house when it took so long anyway.

Broker has basically told me that I have to almost be sale agreed to apply for exemption... Can cover with my overall savings for now anyway. But annoying uncertainty.

Oops , quick edit

givyjoe

Deleted User wrote: »

Broker has basically told me that I have to almost be sale agreed to apply for aip... Can cover with my overall savings for now anyway. But annoying uncertainty.

Eh, you sure you mean AIP? You should have AIP in place before even bidding, most agents at the moment won't take your offer unless you can prove funding is in place and you won't get near sale agreed without it. Do you mean an exemption?

givyjoe

givyjoe wrote: »

Eh, you sure you mean AIP? You should have AIP in place before even bidding, most agents at the moment won't take your offer unless you can prove funding is in place and you won't get near sale agreed without it. Do you mean an exemption?

Correct, I have aip. Sorry I was half asleep and I'm not mental, mistype corrected. :P

Monsieur Folie

Thoughts on going sale agreed when the vendor has yet to find a house?

They were bidding on one but it fell through. Are we in for months of pain and a high risk of them dropping out?

The house in question is lovely, ticks all of our boxes and is probably a few K cheaper than we thought we'd get it for in the current market. We are renting and have a good relationship with our landlord so we can probably stay in the apartment indefinitely until the house is ready.

brownbinman

Monsieur Folie wrote: »

Thoughts on going sale agreed when the vendor has yet to find a house?

They were bidding on one but it fell through. Are we in for months of pain and a high risk of them dropping out?

The house in question is lovely, ticks all of our boxes and is probably a few K cheaper than we thought we'd get it for in the current market. We are renting and have a good relationship with our landlord so we can probably stay in the apartment indefinitely until the house is ready.

keep looking until contracts are signed in case sellers pull the sale or falls through for whatever reason

zootroid

Monsieur Folie wrote: »

Thoughts on going sale agreed when the vendor has yet to find a house?

They were bidding on one but it fell through. Are we in for months of pain and a high risk of them dropping out?

The house in question is lovely, ticks all of our boxes and is probably a few K cheaper than we thought we'd get it for in the current market. We are renting and have a good relationship with our landlord so we can probably stay in the apartment indefinitely until the house is ready.

I think that for someone trading up, they need to be sale agreed on their own property before being able to search properly for a new house. They won't know the extent of their budget until they're sale agreed, and any offer they place on a house would be less likely to be accepted until they're sale agreed on their own place. That said, there's no harm in keeping an eye on the market until you've signed a contract

The Davestator

I don't think I was alone in expecting a few more properties to come online once viewings started. I know it was only yesterday, but none where I am looking!

RichardAnd

The Davestator wrote: »

I don't think I was alone in expecting a few more properties to come online once viewings started. I know it was only yesterday, but none where I am looking!

Anecdotally, I know of some people who were waiting to put the house up for sale. MyHome currently has 12664 properties for sale, which is up a few hundred from a weeks ago. Give it time.

Citroen2cv

Cash_Q wrote: »

Explain your predicament with having no accommodation. Why do they need an extra week if its a probate sale. I'd be inclined to refuse outright, if contracts are signed then they should be committed to the date.

Perhaps the vendor has not signed their part of the contract yet. They might be delaying signing until the last minute.

Red Silurian

Finally got AIP after being rejected by Ulster Bank and KBC

There seems to be a link between underwriters refusing me money and then going out of business soon after... Is it worth mentioning on any future loan applications I wonder?

voldejoie

I'm out of the process now because I'm changing jobs (for substantially more money, so will hopefully be worth pushing back my plans to buy by a year or so). A little bit scared at what the market will be like when I'm looking next year! Was always intending to buy below the top end of my budget as a single applicant, so it will help to have a higher salary, but I really think that it's damaging hearing the constant doom and gloom and seeing the heat in the market all the time

J2CVC

The Davestator wrote: »

I don't think I was alone in expecting a few more properties to come online once viewings started. I know it was only yesterday, but none where I am looking!

I'd say they're up to their eyes with viewings and requests for viewings this week.

pleh

After more than 5 months we have the keys, we are delighted.

Busi_Girl08

pleh wrote: »

After more than 5 months we have the keys, we are delighted.

Congrats!

cnocbui

The Davestator wrote: »

I don't think I was alone in expecting a few more properties to come online once viewings started. I know it was only yesterday, but none where I am looking!

I have booked a much needed haircut and the earliest is 8 days from now at 7pm.

Putting a house up for sale is probably a bit more involved than a haircut, so maybe it's a bit early yet.

itsusuallyjazz

Monsieur Folie wrote: »

Thoughts on going sale agreed when the vendor has yet to find a house?

They were bidding on one but it fell through. Are we in for months of pain and a high risk of them dropping out?

The house in question is lovely, ticks all of our boxes and is probably a few K cheaper than we thought we'd get it for in the current market. We are renting and have a good relationship with our landlord so we can probably stay in the apartment indefinitely until the house is ready.

I was in that situation and had to grit my teeth a few times to keep going. I went sale agreed 30th Oct and got my keys 1st April. Like you the house was exactly what I wanted so I decided to just sit it out while they found their new house.

The wait was worth it!

Question for anyone here who's bought or buying a fixer upper. Have the bank and valuers had any issue with houses being in poor condition? Impact on mortgage offer?

Looking at a house that needs rewiring, new heating system and another 10k or so of refurbs before even decorating. Don't wanna be too interested if a bank or valuer will put the brakes on a mortgage on the property. (Would be leaving savings left over to cover the above).

brownbinman

Deleted User wrote: »

Question for anyone here who's bought or buying a fixer upper. Have the bank and valuers had any issue with houses being in poor condition? Impact on mortgage offer?

Looking at a house that needs rewiring, new heating system and another 10k or so of refurbs before even decorating. Don't wanna be too interested if a bank or valuer will put the brakes on a mortgage on the property. (Would be leaving savings left over to cover the above).

I bought a 1960s house, had to do a lot more than you mentioned and banks didn't care

if it was subsiding or had other structural issues then that's another story

ElBastardo1

Deleted User wrote: »

Question for anyone here who's bought or buying a fixer upper. Have the bank and valuers had any issue with houses being in poor condition? Impact on mortgage offer?

Looking at a house that needs rewiring, new heating system and another 10k or so of refurbs before even decorating. Don't wanna be too interested if a bank or valuer will put the brakes on a mortgage on the property. (Would be leaving savings left over to cover the above).

Bought a house with damp in the walls, costed at 15k to fix. the bank reduced our loan offer by 15k and would give us the money after we got the works done. The only issue was we needed to show we had the 15k to do the works. The house needed to be rewired and new heating system, but the bank didn't care about that.

Draco

ElBastardo1 wrote: »

Bought a house with damp in the walls, costed at 15k to fix. the bank reduced our loan offer by 15k and would give us the money after we got the works done. The only issue was we needed to show we had the 15k to do the works. The house needed to be rewired and new heating system, but the bank didn't care about that.

Pretty much the same for me - got us to get a builder to cost the issues in the surveyor report and then withheld that much of the mortgage. We can draw it down once we have the work done and certified - not done that part yet as we're getting more significant work done at the same time.

It did add about a 3 month delay to everything for us.

ElBastardo1

Draco wrote: »

Pretty much the same for me - got us to get a builder to cost the issues in the surveyor report and then withheld that much of the mortgage. We can draw it down once we have the work done and certified - not done that part yet as we're getting more significant work done at the same time.

It did add about a 3 month delay to everything for us.

We just needed a letter from the surveyor that the works were done. Didn't complicate it too much in the end. Surveyors are covering their arses, bo the banks are getting a better picture of the state of houses. It just means you may need a bigger deposit to close a sale. If the house is in bits and needs a lot done, having the bare min deposit may stop you closing.

Deebles McBeebles

Probably been asked before but....went sale agreed, now wanting to pull out after surveyor report, contracts not signed obviously but what kind of money is my solicitor due once I pull out? Not the full quote I assume?

inatissy

Citroen2cv wrote: »

Perhaps the vendor has not signed their part of the contract yet. They might be delaying signing until the last minute.

They haven't signed contracts yet which is rather frustrating, and now holding off paying LPT . Just over a week to go.
They have agreed to go back to the original closing date but I'm still weary that they might hold it up some other way.
The house has been up for sale since early Dec, rather frustrating that they just can't get their stuff together.

DubLad69

Deebles McBeebles wrote: »

Probably been asked before but....went sale agreed, now wanting to pull out after surveyor report, contracts not signed obviously but what kind of money is my solicitor due once I pull out? Not the full quote I assume?

Most likely nothing owed, as long as you use same person for your actual purchase.