I have a daughter with letter of approval since Wednesday, valuation done, insurance sorted, Solicitor all over it, exit figure agreed - all that required seems good to go. She’s panicking she won’t get it drawn down in time, what’s the general feeling of everything clicking into place or any supplementary advice so I can appear the learned one. TIA.
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Solicitors are only trying to justify their existence at this stage of process. We got letter of approval dated 11th October. Took for today for it to arrive in the post. I have been trying to get ahead of the process. I tried organising the independent valuation myself. There was a list of independent valuers with contact details on AIB site so I rang one of them up. Scheduled appointment for last Wednesday. I rang AIB valutation team to tell them I had everything in place, paid my €150 and they said I had to cancel it as phone call had to come from them and they had to arrange it and would do so in 7-10 working days. I didnt bother cancelling it and when AIB rang the same valuer he kept my initial appointment. I have began the process of getting the life cover. They just need a completion date which I will get a ballpark one from auctioneer on Monday. Same applies for home insurance. Just going to insure it for rebuild/reinstatement value as opposed to market value. The contracts are with my solicitor. When I rang him today he said he had some pre contract questions but he will be told to get to fuck next week. Unless it is built on a sinkhole I really couldnt care at this stage. I hope to be signing letter of offer next week and an application in writing submitted for drawdown. Best case is 28th of Oct I think for drawdown but allowing for some delays it might be 10th. It will be tight.
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My informant tells me there can be a time-lag between your solr requesting the cheque and AIB issuing it - this was a problem apparently in August. She’s like a ferret down a hole pursuing things - they’ll possibly deliver the cheque in person to keep her off their backs. In the lap of the God’s I keep telling her….Good luck btw.
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I went and got a valuation done and AIB said it wasn’t from off their list of valuers and I had to get one their lads to do it, dunno how they get away with it.
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Thanks. I hear reliably they have cleared a lot of that back log now.
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It’s all about the apples
Irish Independent online had a headline this morning that mortgage holders may pay up to 300 euro more next year with AIB on fixed mortgage rates. They were alluding to that being the maximum increase.
The 300 euro extra is based on a 100k loan just with a reasonable LTV below 80%. How many people only owe the banks 100k ffs.
That bullshit annoyed me earlier. If you’re based in Dublin its likely 1800 euro more. Fucking apes.
Incompetent cunts. That is misinformation.
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It’s a good read - as is Ronan Lyons piece in The Currency today too
It’s striking that the answer is always the same, the government needs to build, own and operate a large stock of houses.
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But, but, but… The market
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I think there is a role for the state to build and own (and not sell off) their own housing stock but it is only part of the answer.
It cracks me up that people who rant about the state’s efforts in infrastructure (children’s hospital, Luas, port tunnel etc etc) think that when it comes to house-building the state is suddenly going to crack the on-budget, on-time thing.
Bits of the housing market are at tiger levels. A lot of it is nowhere near though.
I think people forget the absolute insanity of the prices.
It’s a very large part of the answer and a normal housing market is impossible without it.
Your second point is irrelevant and doesn’t really make any sense. Irrelevant because the state need to build, own and operate houses, so it has to be done. And it doesn’t make sense because comparing a super project like building a children’s hospital to building homes is not in any way like for like.
People that are insulated from it have no realisation of what the housing market is like for people who rent, it’s carnage.
There’s a nice detached property in Saggart coming to the market shorty for any of you Dublin based chaps.
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“a very large part” seems a bit broad to me. I think there is a role for the state to provide a base level of housing - primarily to those who typically require other social supports from the state. Obviously this would be almost all rental - I struggle to see why the state should be building houses for private ownership.
Either way, a lot of these discussions are fairly ideological. The second point in my original post was as to how effective the state could be in getting involved in building houses now and that its track-record in infrastructure delivery (which I think large amounts of housing would fall under) is fairly mixed at best. It’s one thing wanting the state to build houses but it’s a lot less clear whether they’re able to do so quickly and efficiently.
I thought the list of questions in this article were pretty succinct in outlining the actual challenges the state would face to carry out large scale house building.
I’ve heard precious little detail from anyone advocating the “state needs to build houses” view on how some of these practical issues would be addressed and my sense is that even with a SF led government these practicalities are going to be hugely challenging to overcome and will have a large time lag.
I’d agree with that - I think the whole focus on the housing market should be on reducing pressures on the rental market - even at the expense of the private purchase/FTB market.
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During the boom years, between 1997 and 2006, 43,218 new local authority units were added to the stock. During the same period 17,197 units were sold to tenants. In other words, over 43 percent of new output was lost through tenant purchase.
If we look at the years since the crash, the picture is even more disturbing.
Between 2011 and 2014, local authorities added 2,364 units to their stock. Over the same years, they sold 2,233 units. Tenant purchase sales were equal to 94 percent of new units. And this was in the middle of a chronic housing crisis.
However, most left-wing political parties stay away from the issue, as tenant purchase is extremely popular among the scheme’s potential beneficiaries, who are also a key constituency for the left.
Abolishing tenant purchase is a bit like increasing taxation. It’s fairly obvious we need to do it to have decent public services, but there is no short-term political gain in advocating for it.
This why we need a strong civil society and social movements that can shape housing policy beyond the narrow confines of electoral politics.
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