Buying house ... what are the steps?

anyanka

HI

I have mortgage approval, I know the house I want. Following negotiations with the EA where I get the house for price i'm happy with what happens next?
Do I pay booking deposit there and then?
When do I contact a solicitor?
When do I contact bank ?
When do I pay remainder of deposit?
I will need to get house snagged so presume I dont sign anything until all this done.
Is there an average time between agreeing price and signing contracts and moving in?
Thanks for any help just want to get clear on what to do and when to do it.
Thanks

irlrobins

1) You pay a booking deposit (this is refundable if you decide to pull out of sale)
2) Find a solicitor and ask what their fees are. Ask friends and family to recommend someone. Or contact the law society who can provide a list of firms in your area.
3) You provide EA with your solicitor's details, they will pass this to the vendor's solicitor.
4) Vendor's solicitor will send contracts to your solicitor
5) You contact your bank and let them know you've gone sale agreed. They will also ask for your solicitor's details so they can send formal loan offer.
6) The bank may also request a valuation and/or a survey on the property, so you need to hire a valuer/surveyor (~€150/€500). They will value the property and send report to bank and to you.
7) Once contracts and formal loan offer is received by your solicitor he will contact you to arrange for you to come in and sign.
8) At this stage you will have to provide 10% of the selling price as a deposit (minus the initial payment in step 1). This is non refundable.
9) You sign contracts (assuming no issues with building, etc), they are returned to the vendor's solicitor
10) You can then snag the building and provide the vendor with the list
11) Once the legal mumbo jumbo is complete, your solicitor will let you know when the deal is ready to be closed. He will handle contacting the bank to arrange drawdown. You might have to provide additional funds as well depending on how much you are borrowing. You will have to get life assurance in place as well. IT's best to do this sooner rather than later as you might have to take a medical. So don't leave it until the last week.
12) get keys!

Think that about covers it.

As for timeline, all depends on if the building is ready, is there a chain, have you got all your paperwork in order, any issues with folios/title, etc. I say a min of 1 month from start to finish, but often longer.

D3PO

once you go sale agreed you will have to pay a booking deposit there and then (this is actually refundable but thats a different point altogether)

at that time give the EA your solicitors details if you havent got one get one then pass on the details.

You solicitor will deal with the bank, the vendors solicitor and the EA on everything thats needed.

remainder of the deposit is normally paid when your signing the papers.

You wouldnt actually snag a second hand property but you would get it surveyed. You will have to do this before the bank will allow a drawdown on the mortgage anyway. Your broker or bank can recomend one if you dont have one.

no such thing as an average time depends if your in a chain or not. if no chain 6 weeks is doable. However expect 3-4 months to be more realisitic

D3PO

irlrobins wrote: »

1) You pay a booking deposit (this is refundable if you decide to pull out of sale)
2) Find a solicitor and ask what their fees are. Ask friends and family to recommend someone. Or contact the law society who can provide a list of firms in your area.
3) You provide EA with your solicitor's details, they will pass this to the vendor's solicitor.
4) Vendor's solicitor will send contracts to your solicitor
5) You contact your bank and let them know you've gone sale agreed. They will also ask for your solicitor's details so they can send formal loan offer.
6) The bank may also request a valuation and/or a survey on the property, so you need to hire a valuer/surveyor (~€150/€500). They will value the property and send report to bank and to you.
7) Once contracts and formal loan offer is received by your solicitor he will contact you to arrange for you to come in and sign.
8) At this stage you will have to provide 10% of the selling price as a deposit (minus the initial payment in step 1). This is non refundable.
9) You sign contracts (assuming no issues with building, etc), they are returned to the vendor's solicitor
10) You can then snag the building and provide the vendor with the list
11) Once the legal mumbo jumbo is complete, your solicitor will let you know when the deal is ready to be closed. He will handle contacting the bank to arrange drawdown. You might have to provide additional funds as well depending on how much you are borrowing. You will have to get life assurance in place as well. IT's best to do this sooner rather than later as you might have to take a medical. So don't leave it until the last week.
12) get keys!

Think that about covers it.

As for timeline, all depends on if the building is ready, is there a chain, have you got all your paperwork in order, any issues with folios/title, etc. I say a min of 1 month from start to finish, but often longer.

lol a tad more detailed than my response

irlrobins

Well I'm on stage 12 11 right now myself so it's all quite fresh in the mind.

anyanka

Thank you so much for your replies everyone, thats really helpful