Stages in closing mortgage?

Travellerinterp

I’m due to move into an apartment in the next few of months.
I’m a first time buyer and all that and I’m curious as to what happens next. How soon before I get keys will I be contacted and told your mortgage will kick in in x number of days?
I’ve been told that in scenarios like this the actual move in date could be anything up to three or four months after Its due to be completed. Do I have to be present when all of this is taking place? Reason I ask is I’m due to go travelling for a number of months, I’ve been approved by bank and it’s all in the hands of the solicitor etc.
Do I still need to be around when its been drawn down or will it suffice to leave the paper work/snagg list business to the solicitor/enthusiastic parents?
Has anyone else done something similar and been as lathair when the thing is being finalised?
Also is there any sort of checklist for people in my shoes?
]This is what I’ve come up with..(Feel free to add to the list).
- Get an alarm
- Tiler for bathroom/kitchen
- Electrician for extra plug sockets
- Life assurance
- Pay maintenance fee to management company?
- Mortgage insurance, been told that this is a bit of a scam, rip-off..any takers?
-Snaglist, again where do I get a list of things that need to be snagged?
-Also when you move into a residential development are the car parking bays always marked with apartment number?
Is this something that a would be resident can insist on?
Should this be in contract?

Victor

Travellerinterp wrote:

How soon before I get keys will I be contacted and told your mortgage will kick in in x number of days?

You won't get the keys until you have signed the contract, paid and the place is 'finished'.

Travellerinterp wrote:

I’ve been told that in scenarios like this the actual move in date could be anything up to three or four months after Its due to be completed.

This is common.

Travellerinterp wrote:

Do I have to be present when all of this is taking place?

Not necessarily, but it is useful.

Travellerinterp wrote:

Reason I ask is I’m due to go travelling for a number of months, I’ve been approved by bank and it’s all in the hands of the solicitor etc.

Do you have approval in principle or approval on this particular place? Does the bank know you will be skiving off for an extended period?

Travellerinterp wrote:

Do I still need to be around when its been drawn down or will it suffice to leave the paper work/snagg list business to the solicitor/enthusiastic parents?

You could give someone (limited) power of attorney (parent, solicitor), but do you really want to do that with this amount of money? Alternatively have contracts couriered to your location at that time and witnessed by a local person.

Travellerinterp wrote:

- Get an alarm

Relatively straightforward, will it be pre-wired?

Travellerinterp wrote:

- Tiler for bathroom/kitchen

Some builers are adding bits like this to encourage sales.

Travellerinterp wrote:

- Electrician for extra plug sockets

Ask the builder to fit them now, if he is agreeable / sensible on price.

Travellerinterp wrote:

- Pay maintenance fee to management company?

Enquire as to whether hte first year's fee is included in the contract.

Travellerinterp wrote:

- Life assurance

Travellerinterp wrote:

- Mortgage insurance, been told that this is a bit of a scam, rip-off..any takers?

These are essentially the same thing and the bank is likely to insist.

Travellerinterp wrote:

-Snaglist, again where do I get a list of things that need to be snagged?

Don't. Pay a professional 300 euro to do it for you.

Travellerinterp wrote:

-Also when you move into a residential development are the car parking bays always marked with apartment number? Is this something that a would be resident can insist on? Should this be in contract?

Often the builder will be laxy on the point. You will be told "yours is fifth down on the second row, or somesuch"

jubi lee

if you are away travelling who will look after your snag list?

Travellerinterp

Victor

Do you have approval in principle or approval on this particular place? Does the bank know you will be skiving off for an extended period?

Yes I’ve been approved, finance in place, ready to roll..Only going for six weeks

You could give someone (limited) power of attorney (parent, solicitor), but do you really want to do that with this amount of money?

Yes trust them

Jubi Lee

if you are away travelling who will look after your snag list?

Again the mammy and the daddy!

antoinolachtnai

Power of attorney? Could be done, but talk to the solicitor about how they want to handle this. Giving a parent a power of attorney is a lot to ask of them in my opinion and better to avoid it if you can.

You need to swear certain things before a commissioner for oaths to do this. Don't worry, the solicitor can sort it, but you have to explain the situation.