With rent increasing is now the time to buy a 2nd property from the bank

Locke · July 25, 2020, 12:31pm

3 bed with the attic converted up in your neck of the woods going for €350k, turn key

caulifloweredneanderthal · July 25, 2020, 1:23pm

Would ya leave a bike and turbo trainer there for the fat fuck?

Locke · July 25, 2020, 2:08pm

Not mine mate, I’m currently living in leafy Douglas.

flattythehurdler · July 25, 2020, 2:11pm

That will become increasingly uniform with automation.

balbec · July 25, 2020, 2:17pm

Productivity will rocket when @Rocko shuts this place down.

flattythehurdler · July 25, 2020, 3:13pm

Sid doing his best for Irish industry.

Thomas_Brady · July 25, 2020, 7:12pm

Massey · July 25, 2020, 7:47pm

Saoirse knows the score

Massey · July 25, 2020, 7:52pm

Help to buy scheme will do nothing but add to the price of housing. These are a few examples of new builds that went up in price overnight @labour #housing https://t.co/vPEVG18bye

Big_Dan_Campbell · July 27, 2020, 12:47pm

Anyone care to walk me through the process/lead times of buying a new build house? Is the below a fair synopsis or am i missing anything?

Mortgage approval granted
Refundable deposit put down with Estate agent/Vendor
Vendor starts to draw up contracts`
Buyer goes back to mortgage provider/broker with the details of the house/price etc
Mortgage provider does its due diligence and requests more docs if necessary and then decides to grant mortgage or not.
Buyer then gets solicitor to act on its behalf with Vendor and Mortgage provider
Contracts signed (10% Deposit/1% Stamp duty/Solicitors fees all need to be in place at by Buyer at this point) and mortgage gets drawn down/money given to Vendor

Am i missing anything?

Fagan_ODowd · July 27, 2020, 1:10pm

You are missing a couple of steps

7 should just read

Contracts signed (10% Deposit)

Then house completed and snagged.
Complete purchase and sign mortgage. Mortgage drawn down.
Pay stamp duty and solicitor fees.

cluaindiuic · July 27, 2020, 1:29pm

One thing to watch out for regarding stamp duty.

As it’s a new build you only pay stamp duty on the pre-VAT price of the house to avoid you paying double tax.

More info here.

If you paid VAT on your house, you only have to pay stamp duty on the base price of the house – before the VAT was added. So, for example, if you paid €454,000 (including VAT) for your new house, this is made up of the base price of €400,000 plus 13.5% VAT (€54,000) and you only pay stamp duty on the base price of €400,000. Read more in our document on Value Added Tax.

https://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/stamp_duty.html

cluaindiuic · July 27, 2020, 1:33pm

You will have valuations happening in the process too on behalf of your bank. They’re a bit of a joke. They’ll mysteriously value your house at exactly what you paid for it. Amazingly coincidental.

Julio_Geordio · July 27, 2020, 1:34pm

You missed the steps where you spend two months chasing the bank, the solicitor and the real estate agent trying to get them to do what they are supposed to, even though they are being ridiculously overpaid to do so.

Julio_Geordio · July 27, 2020, 1:35pm

First question from the valuer is usually, what value do you want it to be?

cluaindiuic · July 27, 2020, 1:36pm

You forgot the broker too. Collective simpletons.

balbec · July 27, 2020, 1:38pm

Buy lawnmower with Biggs & Stratton engine.

tallback · July 27, 2020, 1:43pm

You’ll sometimes pay the stamp duty and solicitor fees along with the balance of the deposit at or prior to the mortgage being drawn down. That way the solicitor makes sure they get paid!

Bod95 · July 27, 2020, 1:45pm

Big_Dan_Campbell:

Anyone care to walk me through the process/lead times of buying a new build house? Is the below a fair synopsis or am i missing anything?

Mortgage approval granted (normally granted for 6 months maybe gone to 9 months now)

Refundable deposit put down with Estate agent/Vendor (correct)

Vendor starts to draw up contracts` (Vendors solicitor)

Buyer goes back to mortgage provider/broker with the details of the house/price etc (Correct)

Mortgage provider does its due diligence and requests more docs if necessary and then decides to grant mortgage or not. (From what I can remember in our recent case we had to provide more payslips back statements etc before they gave their letter of offer)

Buyer then gets solicitor to act on its behalf with Vendor and Mortgage provider Correct)

Contracts signed (10% Deposit/1% Stamp duty/Solicitors fees all need to be in place at by Buyer at this point) and mortgage gets drawn down/money given to Vendor (Stamp duty is paid by your solicitor and only paid on settlement of his bill, 10% deposit paid and contracts signed normally around 6-8 weeks before completion, bank will look for more bank statements, payslips, proof of life assurance, house insurance, independent valuation report etc before they release funds to your solicitor)

A few comments above

Thomas_Brady · July 27, 2020, 1:52pm

You cant have your house until you get house insurance.

You cant get house insurance until you have your house.

Good luck.