just went sale agreed, quick questions...

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morpheus

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Anyone know offhand who the cheapest companies are for Life and Home insurance? Our broker insists he will shop around for us, I paid booking deposit and we just went sale agreed on our First ever property this morning, its not in the bag yet, but hopefully in a couple of weeks its all sorted.

I need to get life and house insurance sorted out. Local solicitor says he'll charge 999 euro plus vat plus outlays which include, stamp duty and land valuation or something like that? i figure thats really going to cost about 2K in total. folks are helping with stamp duty in the meantime.

Also, my gf is checking out one last property tonight which is coming in under the stamp duty. is it a big deal having paid a booking deposit to cancel and go with a different property??? might seem a bit cheeky to EA, but hey, its our money. we really really like the property we went sale agreed on, but are ready to wait and take a smaller property with no stamp duty if it saving us a little.
 
It is impossible to say who the cheapest company for life assurance are - it really depends on your age, health, cover required, term etc so the best thing you can do is let your broker come back to you with the best quote and then see if you can do any better by making a couple of phonecalls. The same goes for house insurance.

Also, re: pulling out of a sale after paying a booking deposit - obviously the auctioneer and vendor wont be too happy but there is nothing to stop you from doing this. Until contract are signed both the vendor and purchaser can pull out of the sale.
 
Try www.irishmortgage.ie - Irish Mortgage Corporation, they have consultants who can get you quotes with a number of Assurance/Insurance companies, I've used them in the past and they take pretty good care of their customers.
 
morpheus said:
Anyone know offhand who the cheapest companies are for Life and Home insurance? Our broker insists he will shop around for us, I paid booking deposit and we just went sale agreed on our First ever property this morning, its not in the bag yet, but hopefully in a couple of weeks its all sorted.
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For life assurance, try www.monitum.com and www.labrokers.ie

For home insurance, it depends on whether it is contents only or buildings as well.

For contents on their own, FBD are one of the cheapest, if not the cheapest. For comprehensive cover, worked out the cheapest for me recently.

As always, shop around, and do not choose on the basis of price alone, i.e. make sure the cover meets your needs.
 
I phoned FBD last week re contents only insurance and they would not give me a quote as I did not have any other business with them!
 
I just got an FBD quote online at for contents-only for owner-occupier. For non-owner-occupier, no online quotes (they didn't say they refused to quote, they just don't provide quotes online. Direct contact required).
 
No many (any?) insurers provide contents insurance for non-owner-occupiers.

P.S. I don't have any connection with FBD.
 
originally posted by Morpheus
Local solicitor says he'll charge 999 euro plus vat plus outlays which include, stamp duty and land valuation or something like that?
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Am I missing sonething? - Didn't think you paid stamp duty if you were a FTB?

Outlay includes search fees, land reg fees (changing the land out of previous owners name into yours), drawing down of chq from lender, deed of mortgage etc.

I'd say €2k was about right although, your brief should know how much the majority of these charges will be (from past experience) and should be able to give you a more realistic final figure. At present all you know is that he's charging €999 plus vat for his time.
 
ACA said:
Am I missing sonething? - Didn't think you paid stamp duty if you were a FTB?
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You are still liable for stamp duty on the mortgage deed, if it is over €254k, regardless of your status.
 
CCOVICH said:
You are still liable for stamp duty on the mortgage deed, if it is over €254k, regardless of your status.
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There is also this provision, although the property would have to be pretty substantial to attract SD. ie quarter of total value or site value would have to exceed €317500 for FTB.

From [broken link removed]

Over Floor Area of 125 sq. m
New houses or apartments which are purchased by an owner occupier (including a first time buyer) where the total floor area exceeds 125 square metres are charged with duty, at the appropriate residential property rate as per the table above, on the site value (excluding VAT) or one quarter of the total value of the house including the site (excluding VAT), whichever is the greater, subject to clawback. The size of the floor area must be certified by a qualified architect, engineer or surveyor
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house is 325K so were paying stamp duty even though we are FTB's.

Total solicitor estimate came to 2400 euro including outlays. My dad who phoned him got his profressional fee wrong, he's charging 1100 euro. al others we contacted in our area charged 1200 or more.

Total stamp duty plus solicitor fees will be 12171.

Any other fees i may have to pay that i could be unaware of?

I think my mortgage company sends out their own valuer? EBS? do i need to get someone to snag it, its second hand 3years built.
 
morpheus said:
Any other fees i may have to pay that i could be unaware of?

I think my mortgage company sends out their own valuer? EBS? do i need to get someone to snag it, its second hand 3years built.
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You'll have to pay your lender for their valuation survey, crazy I know, usually in the region of €130.

I would pay the €300-€400 to get a full survey done by a building surveyor - even though the house is only three years old and you wouldn't expect many issues, you never know what a survey might throw up. You can't rely on the bank's survey - it is usually just a valuation, they don't check anything structural etc.
 
Just in contact with the broker again.

he told me how much we would be charged, 1440 with tracker at 4%
fixed 1 yr is 4.65% and 2yr 4.95%, obviously the cheapest is enticing, but what should we do?

Mortgage providers valuer is visiting house on monday or tuesday.forgot to ask broker do i pay for this, will phone him tomorrow.

He also mentioned something weird... although its a 100% mortgage, we may be expected to present 10% prior to signing.

Now thats like 30 odd thousand. not money we have available at all...

he said that if we have to do this then the provider can organise a second loan from GE to cover this for us, however he stressed that you can request that your solicitor asks that the lender simplys hands over the entire balance on signing of the contract pointing out how promptly we paid the booking deposit etc...

What exactly is this 10% crap?

do i get it refunded immediately on the handing of the cheque to me?

does this mean i effectively have a 30K mortgage for a couple weeks or
whatever?
confusion rains in buckets.... :confused:
 
10% is usually payable on signing of the contract. This includes your booking deposit. You won't be paying at mortgage rates for a few weeks, but at a personal loan rate AFAIK.

Not sure what happens when you get the loan cheque but I presume your solicitor pays off the personal loan and the rest to the vendors.
 
try Labrokers.ie for life assurance, the best i could find by a long way,they refunded half of first years commision aswell which was €220
 
Monitum.com are probably cheaper than LA Brokers for life assurance.

10% deposit is normal-try negotiating less if you are stuck for cash.
 
will check out these guys, anyone with more suggestions, please post them here.

New question... a friend mentioned we may be able to ask for a time period such as 3 months wait, before we begin to repay the mortgage? is this a facility provided by most lenders?
 
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