House deposit query

Daniel112

Partner and I are Sale Agreed on a house and the solicitors are currently back and forth about some queries before we sign contracts. We are first time buyers with full mortgage approval and have our deposit ready to go and have already put down a deposit with the Auctioneer.

My question is this, we intend on putting down an overall deposit of more than the required 10% in order to lower the mortgage amount required. We mentioned this to our solicitor as the contracts only mention 10% and she advised against putting down a larger deposit. This has us very confused as to how the process will work going forward. Do we just pay the 10% (minus deposit to auctioneer) and draw down the mortgage (which is less than 90% of the purchase price) and then somehow transfer the balance?

Any advise around the process would be greatly appreciated!

wench

Your solicitor is correct, only give the balance of the 10% at contract signing.

Then when it is time to close you will transfer your remaining cash amount to your solictor, and they will give that to the seller, along with the mortgage funds.

herbalplants

https://www.boards.ie/discussion/2058303632/house-deposit-query

As Wench explained above is correct

Daniel112

Thank you both for your replies! That makes sense 🙂