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Time between contract and draw down

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  • 08-08-2018 11:13am
    #1
    uck51js9zml2yt
    Closed Accounts Posts: 18,268 ✭✭✭✭


    How long is it usually between signing contract and the buyer drawing down the money ?


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    #2
    raja_s
    Closed Accounts Posts: 31 ✭raja_s


    It depends on the builder, As soon as the builder issues the completion statement to your solicitor, He would then request your bank to issue the funds.


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    #3
    TheIronyMaiden
    Registered Users Posts: 188 ✭✭TheIronyMaiden


    How long is a piece of string? Depends on the situation and solicitors being used. We just moved into our place and there was about 3 or 4 weeks between signing and drawdown.


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    #4
    z0oT
    Registered Users Posts: 740 ✭✭✭z0oT


    I actually posted a thread with a similar question recently.

    New builds would have a bigger gap, particularly if you're waiting for construction to complete or you bought off the plans. It could be a number of months, because you wouldn't typically draw down the funds until the place is complete.

    Our mortgage advisor has been telling me if there's a gap between signing the contracts/paying the deposit and draw down, and you can increase your savings in that gap, then issuing another letter of offer and decreasing the drawdown amount when it's time to draw down is easily done.

    Existing builds, the best advice seems to be prepare for there to be no gap between.


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    #5
    uck51js9zml2yt
    Closed Accounts Posts: 18,268 ✭✭✭✭uck51js9zml2yt


    It's not s new build. Sorry should have said. It's pre existing houses.


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