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

brisan

Cutie_mcfruity wrote: »

Hi. I’m in the same situation except we’re buying a house. Partner getting the subsidy but working his normal hours! UB won’t let us drawdown and we’ve everything else in place, we were due to close on May 29th!
I’ve gone to several brokers and called different lenders myself, all coming back with the same thing that he has to show one payslip off the subsidy.
His employer has said they can’t take him off it even just for the sake of one month!!
I’m really up the walls with it all. I’ve gone to my local TD not that he will do much but I can’t take this laying down.
It’s just madness how they can allow this to go on, especially with talk of it being extended into next year. I honestly dunno what to do

Thousands of others are in the same situation .
As was previously explained your partners firm had to show a loss of revenue to claim the TWSS.
By claiming TWSS your partners employer are admitting they are financially insecure.
The Government could pull TWSS and your partners firm may have to lay off staff
The bank are taking this into consideration and being cautious.
The amount of mortgage approvals for April May were at record lows both in terms of volume and value and I would expect June and July to be similarly low considering the amount of people on PUP and TWSS

CarMc

Deleted User wrote: »

erm, mortgage approval should be your first step before you go bidding on houses.

We have approval in principle, after bid is accepted and we go sale agreed the bank have to issue full approval then.

Nijmegen

To be honest while it's very frustrating to find out a bank won't lend to you if your company is on some form of pandemic support, it is an entirely understandable risk management strategy. If the banks lent to a load of people today who couldn't pay their mortgages in 6 months time because the covid recession is the worst it could be and their companies fail after coming off pandemic supports, the banks would need a bailout from the tax payer to cover the losses. The central bank quite rightly regulates our banks to be a lot more risk averse than they were before the last crash.

To avail of the wage subsidy scheme employers must "have lost a minimum of 25% of turnover because of the COVID-19 pandemic."

A business that loses 25%+ of its turnover is at huge risk of collapse depending on how and when government supports are withdrawn and where the economy is at, sector by sector and depending on the particular circumstances of the business. For example maybe a business also isn't paying its creditors, landlord etc, and after coming back to trading they'll all chase what they're owed and there it goes. Or businesses in the city that rely on a lot of office footfall won't have a market to return to now that so many employers are reducing or eliminating office based work.

For a bank to lend in those circumstances is stupid. Yes, it's not fair on individuals but very little about this pandemic is fair on anyone.

CarMc

CarMc wrote: »

So we have AIP in from the bank, have a bid in on a house and hoping it will be accepted, next hurdle will be getting the bank to approve the mortgage, from what I've read here they are using anything they can to not approve loans at the moment,

But if we do get to the next step I'd like to get a survey done on the house so my question is does anyone know how I find a surveyor and roughly how much will it cost?

Thanks.

Anyone know about the surveyor part of my question? How do I find one and roughly how much would one cost? Thanks

brisan

flyingoutside wrote: »

Something like that would be great.

I'm actually disappointed with my solicitor. Seems in no rush even though she knows we wanted to move quickly on this. Also seems very willing to just give in on it. Even that it hurts her own clients. She got on the EA to see if he could do anything but he already told us weeks ago they were ready to move so don't trust him either. The process would make you paranoid.

Something everybody should take note of

brisan

fleabag wrote: »

That must be even more frustrating and I'm sure it's repeated around the country. I'd also considered going to my (FF) TD as it seems as if the Government are trying to keep the economy going and the construction/house buying industries stimulated while the banks are putting the brakes on.

According to the Tonight Show Banks are looking at losses of over 1 Billion due to covid.
One cant blame them for being cautious seeing how long it takes to repossess a house with an non performing mortgage

givyjoe

brisan wrote: »

According to the Tonight Show Banks are looking at losses of over 1 Billion due to covid.
One cant blame them for being cautious seeing how long it takes to repossess a house with an non performing mortgage

Alot of this seems to be because they are already writing debt down on what they expect to be non performing loans, or so I read. Seems a bit hasty to be writing down mortgages (most folks will pay once this passes and are on payment breaks anyway), I would have thought that written off debt would be commercial, far more likely for that to be irretrievable as businesses go under.

brisan

givyjoe wrote: »

Alot of this seems to be because they are already writing debt down on what they expect to be non performing loans, or so I read. Seems a bit hasty to be writing down mortgages (most folks will pay once this passes and are on payment breaks anyway), I would have thought that written off debt would be commercial, far more likely for that to be irretrievable as businesses go under.

But if one part of your business is under performing (commercial loans ) it will affect other parts of your business
As you say if businesses go under that means job losses and those affected may have mortgages

Alrigghtythen

brisan wrote: »

Something everybody should take note of

100% I just got rid of a cowboy estate agent & solicitor who tried to sell me a lemon.

Nijmegen

givyjoe wrote: »

Alot of this seems to be because they are already writing debt down on what they expect to be non performing loans, or so I read. Seems a bit hasty to be writing down mortgages (most folks will pay once this passes and are on payment breaks anyway), I would have thought that written off debt would be commercial, far more likely for that to be irretrievable as businesses go under.

Household debt (all kinds) was €136.9bn in 2019, according to the Central Bank. €93.1bn of this is related to mortgages. Outstanding lending to Irish resident corporates is about €76bn.

A €1bn impairment out of Covid would be amazingly small damage for what's going on - less than half a percent. I'd say it'll escalate quite quickly if there are any wobbles.

brisan

Alrigghtythen wrote: »

100% I just got rid of a cowboy estate agent & solicitor who tried to sell me a lemon.

Caveat Emptor
I am surprised at how Little research people do when buying a house.
its the biggest investment of your life and something you will be paying for for 30 years
People buying new houses in the arse hole of nowhere because it has a lovely kitchen is beyond me.
No transport links ,shops schools etc and still they plough on
LOCATION LOCATION LOCATION
Buy the worst house in the best area you can afford

woodchuck

CarMc wrote: »

Anyone know about the surveyor part of my question? How do I find one and roughly how much would one cost? Thanks

We asked around for recommendations from some friends we knew who had bought houses recently.

The cost seems to vary depending on the surveyor and the size of the house. We paid €622 (including VAT), which was a fair bit more than we originally expected based on averages quoted online.

Alrigghtythen

brisan wrote: »

Caveat Emptor
I am surprised at how Little research people do when buying a house.
its the biggest investment of your life and something you will be paying for for 30 years
People buying new houses in the arse hole of nowhere because it has a lovely kitchen is beyond me.
No transport links ,shops schools etc and still they plough on
LOCATION LOCATION LOCATION
Buy the worst house in the best area you can afford

I did research. I wasnt buying a house in the arse hole of no where. What are you on about?

brisan

Alrigghtythen wrote: »

I did research. I wasnt buying a house in the arse hole of no where. What are you on about?

Sorry if I caused offence I was not referring to you
I was talking in General of new housing estates being built and bought up quickly with no facilities or transport links in place
You obviously did your research if you discovered the property was a lemon

sweet_trip

There's a nice house near me up for sale...via auction.

I'm noticing a lot of houses seem to be going down this route lately.


I spoke to the bank and they said before they will allow me to bid on it, I need a solicitor and the bank to value the house. I also imagine an engineers report too before I get involved in bidding.


My question; Anybody know how much a solicitor valuation will cost? I really don't feel comfortable spending presumably a couple of grand just being able to sit in on some poxy internet auction where I'll be outbid by rich people.

brisan

sweet_trip wrote: »

There's a nice house near me up for sale...via auction.

I'm noticing a lot of houses seem to be going down this route lately.


I spoke to the bank and they said before they will allow me to bid on it, I need a solicitor and the bank to value the house. I also imagine an engineers report too before I get involved in bidding.


My question; Anybody know how much a solicitor valuation will cost? I really don't feel comfortable spending presumably a couple of grand just being able to sit in on some poxy internet auction where I'll be outbid by rich people.

Let the buyer beware is a saying that applies to all purchases.
It applies doubly to houses for sale at auction .
There is a reason the house is for sale at auction and not on the open market.
Normally you can download the legal pack beforehand
Do so and get your solicitor to check it out.
There could be any numbers of issues from Pyrite ,to a sitting tenant to legal boundary dispute.
Once the hammer comes down a successful bidder is committed to the purchase
Some auction properties will not allow access to potential bidders

Salanky

Booking deposit paid, survey booked for Monday......nervous for the survey cause according to the ber cert the cottage was first built in 1899. Its been renovated recently in the last 10 to 12 years but the last sale fell through on the survey. The estate agent said that nothing major showed up on it and that the surveyor was a bit of a cowboy. He charged €850 for the survey and told them to knock it down and rebuild something else to take advantage of the views from the house. My surveyor is charging €430.50 which is maybe €70 more than he charged my sister for her survey maybe 3 years ago.

Bluefoam

The extension of the wage subsidy scheme isn't good news for allot of buyers...

brisan

Salanky wrote: »

Booking deposit paid, survey booked for Monday......nervous for the survey cause according to the ber cert the cottage was first built in 1899. Its been renovated recently in the last 10 to 12 years but the last sale fell through on the survey. The estate agent said that nothing major showed up on it and that the surveyor was a bit of a cowboy. He charged €850 for the survey and told them to knock it down and rebuild something else to take advantage of the views from the house. My surveyor is charging €430.50 which is maybe €70 more than he charged my sister for her survey maybe 3 years ago.

The 2 bits in bold
I would believe the first one
i would disbelieve the second one .
Even if your surveyor passes it the fact that one out of two surveyors would not pass it would have alarm bells ringing.
Dont fall in love with the house because it looks pretty and you have great plans for it .
Put your sensible head on

brisan

Bluefoam wrote: »

The extension of the wage subsidy scheme isn't good news for allot of buyers...

At least it guarantees them a wage and keeps their employer in business
Without it a lot of employers would be in serious trouble considering you have to show a considerable loss of income to qualify for it
If it helps their employer out of the crisis and they can start afresh in 12-18-24 months at least they will have a job to apply for a mortgage with

Salanky

brisan wrote: »

The 2 bits in bold
I would believe the first one
i would disbelieve the second one .
Even if your surveyor passes it the fact that one out of two surveyors would not pass it would have alarm bells ringing.
Dont fall in love with the house because it looks pretty and you have great plans for it .
Put your sensible head on

He said its had three surveys done with the first done by someone he knows. The second was done by one he didnt know but the woman who was sale agreed got the survey done and everything was fine until two weeks before closing when he got a letter from her solicitor pulling out and telling him not to contact her again. The third survey was the expensive one. He said the buyer was there for the survey and was asking loads of questions about extending the place and building up to make space for a family. He did say the lack of vents in the walls would come up because its got foot thick walls. I trust my surveyor to have a really good look at everything, hes known for being quite pedantic about things which is good.

brisan

Salanky wrote: »

He said its had three surveys done with the first done by someone he knows. The second was done by one he didnt know but the woman who was sale agreed got the survey done and everything was fine until two weeks before closing when he got a letter from her solicitor pulling out and telling him not to contact her again. The third survey was the expensive one. He said the buyer was there for the survey and was asking loads of questions about extending the place and building up to make space for a family. He did say the lack of vents in the walls would come up because its got foot thick walls. I trust my surveyor to have a really good look at everything, hes known for being quite pedantic about things which is good.

Caveat Emptor.
I would take everything an estate agent says with a pinch of salt,make that a mound of salt
Have you read the disclaimer that EA sometimes put on the end of an advertisement.
It puts the onus on you to check everything.
If you trust your Surveyor great ,but point out what previous surveyors said.
SO 2 OUT OF 3 SURVEYORS HAVE SAID NO ????
Alarm bells

tolow

Bluefoam wrote: »

The extension of the wage subsidy scheme isn't good news for allot of buyers...

Yeah isn't great for a lot of people. I don't see a lot of people posting the same as me but I really don't get people being up in arms over this. If your employer does genuinely need this assistance from the government then is it really wise for a bank to be borrowing to you? Probably easy for me to say as I'm not affected by it.

StickyMcGinty

First time buyer in the process of house hunting myself, listening to people’s journeys has been amazing help so far.

Saw a place today and want to get a builder to do a run through the place with me and my partner. We have some questions about renovations, costs etc - but we don’t have anyone in our network. Any recommendations for the Dublin City area folks? Thanks!

Salanky

brisan wrote: »

Caveat Emptor.
I would take everything an estate agent says with a pinch of salt,make that a mound of salt
Have you read the disclaimer that EA sometimes put on the end of an advertisement.
It puts the onus on you to check everything.
If you trust your Surveyor great ,but point out what previous surveyors said.
SO 2 OUT OF 3 SURVEYORS HAVE SAID NO ????
Alarm bells

I'm not taking everything he said as gospel by any stretch but he has been truthful with all the things he has told me so far from what I have been able to check up and the info the seller and one of the neighbours has given has matched in general conversation away from the estate agent. My surveyor has been told about the previous surveys and he said he knew who did the most recent survey and said he wouldnt comment on how reliable or not reliable he was and leave it at that. I'm not gonna go ahead with it if something comes up obviously but at the same time it has to be taken into account there are age related things going to come up on the survey. Of the three surveys two said it was fine because the first time it was sale agreed they were only two weeks from closing and there had been a delay on her mortgage. To be fair to the estate agent he probably told me more than he should have and he has talked the seller into knocking 7 or 8 sheds on the land along with levelling it out, moving the boiler and the oil tank and trimming back some large trees. Yes he wants the sale cause its his job but the seller wants a quick sale too so its not in the estate agents interest to lose a potential buyer with all the hassle people are having trying to draw down mortgages.

Alrigghtythen

Salanky wrote: »

I'm not taking everything he said as gospel by any stretch but he has been truthful with all the things he has told me so far from what I have been able to check up and the info the seller and one of the neighbours has given has matched in general conversation away from the estate agent. My surveyor has been told about the previous surveys and he said he knew who did the most recent survey and said he wouldnt comment on how reliable or not reliable he was and leave it at that. I'm not gonna go ahead with it if something comes up obviously but at the same time it has to be taken into account there are age related things going to come up on the survey. Of the three surveys two said it was fine because the first time it was sale agreed they were only two weeks from closing and there had been a delay on her mortgage. To be fair to the estate agent he probably told me more than he should have and he has talked the seller into knocking 7 or 8 sheds on the land along with levelling it out, moving the boiler and the oil tank and trimming back some large trees. Yes he wants the sale cause its his job but the seller wants a quick sale too so its not in the estate agents interest to lose a potential buyer with all the hassle people are having trying to draw down mortgages.

The first time it got sale agreed they pulled out because there was a delay on thier mortgage

Second time, they were weeks from closing and just emailed to say never contact them again

Is that correct?

Get out now if you want to save yourself time and money. If you're getting a mortgage, the bank has to be satisfied with the surveyors report.

Salanky

Alrigghtythen wrote: »

The first time it got sale agreed they pulled out because there was a delay on thier mortgage

Second time, they were weeks from closing and just emailed to say never contact them again

Is that correct?

Get out now if you want to save yourself time and money. If you're getting a mortgage, the bank has to be satisfied with the surveyors report.

No the first woman buying it got her survey done and she was happy with it, there was a delay with her mortgage and then two weeks before closing she pulled out with no explanation other than her solicitor sending the estate agent a letter saying she was out and dont contact her again. The second guy was there for his survey and had all these plans to extend it further because although it is a 3 bedroom cottage its not huge so wouldnt suit a growing family without extending it. From what he planned to do the surveyor said it was better to knock it and build something else in its place to suit them and take advantage of the views. I would have thought if there was something major that would show up on survey that was going to stop the sale then the estate agent has to inform you. Doesnt make sense for them to let it go sale agreed again to get a survey done for it to fall through again.

Alrigghtythen

Salanky wrote: »

No the first woman buying it got her survey done and she was happy with it, there was a delay with her mortgage and then two weeks before closing she pulled out with no explanation other than her solicitor sending the estate agent a letter saying she was out and dont contact her again. The second guy was there for his survey and had all these plans to extend it further because although it is a 3 bedroom cottage its not huge so wouldnt suit a growing family without extending it. From what he planned to do the surveyor said it was better to knock it and build something else in its place to suit them and take advantage of the views. I would have thought if there was something major that would show up on survey that was going to stop the sale then the estate agent has to inform you. Doesnt make sense for them to let it go sale agreed again to get a survey done for it to fall through again.

It doesnt make sense but people do strange things.

brisan

Salanky wrote: »

No the first woman buying it got her survey done and she was happy with it, there was a delay with her mortgage and then two weeks before closing she pulled out with no explanation other than her solicitor sending the estate agent a letter saying she was out and dont contact her again. The second guy was there for his survey and had all these plans to extend it further because although it is a 3 bedroom cottage its not huge so wouldnt suit a growing family without extending it. From what he planned to do the surveyor said it was better to knock it and build something else in its place to suit them and take advantage of the views. I would have thought if there was something major that would show up on survey that was going to stop the sale then the estate agent has to inform you. Doesnt make sense for them to let it go sale agreed again to get a survey done for it to fall through again.

No he does not

Salanky

Alrigghtythen wrote: »

It doesnt make sense but people do strange things.

Very true. At the end of the day even if there had been no mention of previous surveys I still need to get one done so may as well wait and see what comes up on it and go from there.