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Contracts, deposit & HTB - new home

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  • 15-01-2020 5:40pm
    #1
    Conrad83
    Registered Users Posts: 155 ✭✭


    Looking for a bit of advice on the above.

    Myself and my partner are hoping to buy our first home this year and looking at 2 new developments in Dunshaughlin.

    I know the booking deposit is €5k and then 28 days after a further 10% of the house price has to be paid. Is that correct? So for example if we are purchasing a home worth €375k we would pay €37k when signing contracts 28 days after deposit is paid.

    My question is how strict is this 28 days? Would you lose your deposit if you didnt pay the €37k in 28 days? I know some developments throw in white goods if you sign within 28 days.

    Can the Help to Buy go towards this 10% or is that paid at the final stage?

    Appreciate any advice. Thanks


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    #2
    red_bairn
    Registered Users Posts: 2,342 ✭✭✭red_bairn


    Who is this for OP? It is the remaining % not 10% thereafter. Do you have AIP?


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    #3
    Conrad83
    Registered Users Posts: 155 ✭✭Conrad83


    red_bairn wrote: »
    Who is this for OP? It is the remaining % not 10% thereafter. Do you have AIP?

    Sorry who is what for? It's for myself and my partner and we are looking at Dun Rioga & The Willows.

    We do not have AIP yet but are hoping to apply around Easter time, either for the mortgage or a house hunter approval.


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    #4
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    It all depends on how they have drafted the contract. As a guide, yes, 5 grand is typically the booking deposit. Make sure you get a receipt. Most good estate agents are bonded (insured) so your money is safe. It goes into a client account. They can't fcuk around with it.

    When it comes to signing the contract you normally pay the balance of 10%, less the HTB. So say the house was 400 grand, you would owe them 40k, paid as follows: 5k when booking, 15k when signing contract, and the Collector General fixes them up with the rest (20 grand).

    Next step is they will issue a completion notice. You then have x amount of days to give them the rest. So your solicitor will request draw down of the funds, sort them out, and then it is yours. The estate agent will give you the keys and show you the workings of the house.

    They key point from all this is do not worry. Just follow your solicitors advice and let them do the work you are paying them for. A good solicitor will guide you through it all. It'll be grand. Best of luck.


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    #5
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    It's 10% less booking deposit.

    Check contracts for final dates for signing and white goods, but you're booking deposit is 100% refundable until contracts are signed.

    The HTB can be used towards deposit, however, not all developers will wait for this, you will need to check with the estate agent.


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    #6
    red_bairn
    Registered Users Posts: 2,342 ✭✭✭red_bairn


    Conrad83 wrote: »
    Sorry who is what for? It's for myself and my partner and we are looking at Dun Rioga & The Willows.

    We do not have AIP yet but are hoping to apply around Easter time, either for the mortgage or a house hunter approval.

    Sorry, I meant which estate agent mentioned this. The wife and I are also interested in the Dun Rioga estate and we may be down there over the weekend but need to check about crèche availability in the area.

    Currently sorting out the last of documentation ourselves and hope to get AIP shortly.

    Good luck on the hunt!


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    #7
    Conrad83
    Registered Users Posts: 155 ✭✭Conrad83


    red_bairn wrote: »
    Sorry, I meant which estate agent mentioned this. The wife and I are also interested in the Dun Rioga estate and we may be down there over the weekend but need to check about crèche availability in the area.

    Currently sorting out the last of documentation ourselves and hope to get AIP shortly.

    Good luck on the hunt!

    I received an email from Sherry Fitz today re next phase of Dun Rioga and it states deposit of 5k with 10%deposit to be paid 28 days after. As far as I'm aware this is the last phase for Dun Rioga so I dont think we will be ready in time!

    Would you mind letting me know what creche info you find out please. Thanks so much and best of luck :)


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