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Deposit Paid, Valuation done. What's Next?

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  • 10-10-2012 7:37pm
    #1
    airman737
    Registered Users Posts: 187 ✭✭


    Just looking for a little info!

    Got my mortgage approved with BOI, All paperwork done. Deposit paid on the house. Valuation report sent in today. I was told by the auctioneer that the contracts are complete. So Whats next? Is it a simple case of the bank sending money to my solicitor or have I other things to consider before this stage?

    Any feedback would be greatly appreciated


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    #2
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Have you had a survey done on the place?


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    #3
    airman737
    Registered Users Posts: 187 ✭✭airman737


    ABajaninCork wrote: »
    Have you had a survey done on the place?

    Yes all that is done :-)


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    #4
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Sit back and wait then! :D


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    #5
    airman737
    Registered Users Posts: 187 ✭✭airman737


    ABajaninCork wrote: »
    Sit back and wait then! :D

    :DCHEERS ABajanin. Any idea on a timeline? The auctioneer said that because they have the contracts already ready to go, it shouldn't take too long?


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    #6
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    airman737 wrote: »
    :DCHEERS ABajanin. Any idea on a timeline? The auctioneer said that because they have the contracts already ready to go, it shouldn't take too long?

    Hey well done on your approval, glad you got over the line! I presume you've activated your life cover, home ins, signed a DD mandate, given solicitor balance of funds etc.. Your solicitor should be able to confirm a closing date with the vendors solicitor


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    #7
    efb
    Closed Accounts Posts: 35,514 ✭✭✭✭efb


    Give this thread a whirl:

    http://www.boards.ie/vbulletin/showthread.php?t=2056570988


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    #8
    airman737
    Registered Users Posts: 187 ✭✭airman737


    killers1 wrote: »
    Hey well done on your approval, glad you got over the line! I presume you've activated your life cover, home ins, signed a DD mandate, given solicitor balance of funds etc.. Your solicitor should be able to confirm a closing date with the vendors solicitor

    Thanks a million Killers1. Life cover activated, home ins, DD mandate signed. The only thing i've paid so far is the Deposit of €2500. When Do I give the solicitor the balance of funds?


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    #9
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    airman737 wrote: »
    Thanks a million Killers1. Life cover activated, home ins, DD mandate signed. The only thing i've paid so far is the Deposit of €2500. When Do I give the solicitor the balance of funds?

    Ah ok, so you haven't signed contracts yet? Once your solicitor receives the contracts from the vendors solicitor and is happy with them they will get you in to sign the contracts and pay the balance of your contract deposit (10% of purchase price less booking deposit paid). Your solicitor returns the signed contracts to the vendors solicitor with the contract deposit monies and then the vendor will sign the contracts and a closing date will be agreed. Your solicitor will drawdown the mortgage monies from BOI the day before the closing date and on the day the monies are exchanged for vacant possession of the property and you'll get your keys. Sounds like you have everything in place so once the above happens you'll be done & dusted...


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    #10
    airman737
    Registered Users Posts: 187 ✭✭airman737


    killers1 wrote: »
    Ah ok, so you haven't signed contracts yet? Once your solicitor receives the contracts from the vendors solicitor and is happy with them they will get you in to sign the contracts and pay the balance of your contract deposit (10% of purchase price less booking deposit paid). Your solicitor returns the signed contracts to the vendors solicitor with the contract deposit monies and then the vendor will sign the contracts and a closing date will be agreed. Your solicitor will drawdown the mortgage monies from BOI the day before the closing date and on the day the monies are exchanged for vacant possession of the property and you'll get your keys. Sounds like you have everything in place so once the above happens you'll be done & dusted...

    Excellent information as always Killers. Thanks again.


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    #11
    PaddyCar
    Registered Users Posts: 696 ✭✭✭PaddyCar


    In the very same position as you airman. Waiting for the solicitors to exchange contracts. Best of luck with the purchase. Exciting time. I'll race ya to the closing date!!


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    #12
    Victor
    Registered Users Posts: 78,404 ✭✭✭✭Victor


    Read the contract.


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    #13
    ted1
    Registered Users Posts: 23,524 ✭✭✭✭ted1


    killers1 wrote: »
    airman737 wrote: »
    :DCHEERS ABajanin. Any idea on a timeline? The auctioneer said that because they have the contracts already ready to go, it shouldn't take too long?

    Hey well done on your approval, glad you got over the line! I presume you've activated your life cover, home ins, signed a DD mandate, given solicitor balance of funds etc.. Your solicitor should be able to confirm a closing date with the vendors solicitor
    +1, don't forget the trip to IKEA, B&Q etc. All part if the martial process.


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    #14
    airman737
    Registered Users Posts: 187 ✭✭airman737


    PaddyCar wrote: »
    In the very same position as you airman. Waiting for the solicitors to exchange contracts. Best of luck with the purchase. Exciting time. I'll race ya to the closing date!!
    Well paddy did you beat me to the finish line? :)


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    #15
    airman737
    Registered Users Posts: 187 ✭✭airman737


    ted1 wrote: »
    +1, don't forget the trip to IKEA, B&Q etc. All part if the martial process.
    The other half would love in IKEA if she had a chance:)


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    #16
    Mrs OBumble
    Registered Users Posts: 25,945 ✭✭✭✭Mrs OBumble


    airman737 wrote: »
    The other half would love in IKEA if she had a chance:)


    Well they sell beds. Are you able to put on a good show? Ikea could advertise you as free entertainment ....




    :D


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    #17
    airman737
    Registered Users Posts: 187 ✭✭airman737


    Mrs OBumble wrote: »
    Well they sell beds. Are you able to put on a good show? Ikea could advertise you as free entertainment ....




    :D
    :D Ha Ha. It was ment to be "Live" :-) I reckon i'd put on a good enough show, don't think it would be good enough to get free furniture though:-)


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