Next Steps...

giddybootz

Hi all, We have just put down a Booking Deposit on our first home (a mid terrace old Dublin cottage) and we are a bit daunted by what needs to happen next so I was wondering if anyone had any advice or could answer a few Qs for us.

So far we have contacted a solicitor and our advisor in the bank is submitting our mortgage (we already have Approval in Principle)

Is it a Quantity Surveyor we get to look at the house or is it a different type of engineer? Does anyone have any good recommendations for this in central Dublin?

What are the insurance/assurance policies we need to get at this stage?

Are there any important steps I am missing?

JoeyJJ

Hi,

Structural Engineer for the cottage to ensure they seen nothing big that needs to be done on the house.

You need to price House Insurance and Life Insurance (Mortgage cover). Don't put off the house insurance if its very high it might show you a reason to be worried.

You'll need to get a list of the approved bank valuers also to ensure its worth what you are paying for it.

riclad

it may take 8 weeks for the sale to complete .
The bank may want to see the survey results.
wait til after you have moved in before you get house insurance.
In theory the bank could refuse to give you a loan on the house if they
think it needs serious repairs or its overvalued.
If the loan is approved in a few weeks you will be asked to sign the contract to buy the house.



http://www.propertyhealthcheck.ie/how-much-does-structural-house-survey-cost/

giddybootz

Thanks for your reply.

JoeyJJ wrote: »

Hi,
You'll need to get a list of the approved bank valuers also to ensure its worth what you are paying for it.

Sorry if it's a stupid question but what does this bit mean?

randomname2005

giddybootz wrote: »

Thanks for your reply.



Sorry if it's a stupid question but what does this bit mean?

The bank want to make sure you are not applying for a loan for much more than the property is worth. If you default they want to know that they will be able to get their money back when sold.
The bank will often arrange this and you pay for it.

JoeyJJ

Don't wait for house insurance until you move it, get it priced before sale to ensure its not overly high, maybe its on a flood plain etc. This is information for nothing. Have it start on day you get keys.

Pepe LeFrits

JoeyJJ wrote: »

You'll need to get a list of the approved bank valuers also to ensure its worth what you are paying for it.

... also the bank will require one for your mortgage (assuming you're not a cash buyer), and if the valuation is less than what you're paying for it, you'll have to make up the difference (so if say, the bank is lending you 90%, and you've agreed a price of 250k and the valuation comes in at 240k, the bank will only give you 90% of the 240, and you have to make up the rest, i.e. the 10k difference plus the deposit of 24k...)

Pepe LeFrits

... and for what it's worth, my experience is that valuers will under-value. The valuation I got when I bought my cottage was 5k under what I paid – which was annoying – but the valuation I had to get earlier this year for a top-up for renovations was ludicrous, easily 35k/40k under at the time and more now. Though maybe I got unlucky with the two valuers I chose.