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House Purchase Steps

  • 19-02-2019 8:49am
    #1
    baileyborough
    Registered Users Posts: 40 ✭


    Hi guys,

    My house purchase is progressing well enough (touch wood), but I'm having some difficulty understanding what gets paid when in the tail end of the process.

    At the moment, I'm being asked by the bank to get a gift letter signed to cover legal costs, so they can do the formal offer letter. I should have the funds without needing help, but they still want this to expedite the process.

    So can someone explain, once I have my formal letter, and assuming the engineer report is green, what Happens, and what kind of timelines are we talking?


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    Your solicitor is best placed to answer this.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Your mortgage advisor in the bank should explain the process, once you submit the gift letter and a formal letter of loan offer is issued, a copy is sent to your Solicitor with a legal pack. At this stage your Solicitor should have received the contracts and raised any queries so when he/she is happy you will call to your Solicitor and sign contracts and Acceptance of Loan Offer. In order to draw down the funds you will need to put Mortgage Protection policy in place, home insurance with your Lenders interest noted, direct debit and comply with any other conditions on the loan offer.

    Your Solicitor will agree a closing date that is acceptable to you and the Vendor and funds should then issue in time for the closing and you move into your new home.


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