1. Obtain Mortgage Approval
Firstly, contact your bank and arrange a consultation with them in the branch or through their online website in order that they can assess you for a mortgage to see how much you can borrow. The bank will require a significant number of documents from you to include bank statements, salary certificates, summary of earnings. It can take a number of weeks for those documents to be processed so it’s advisable to start working with the bank as soon as possible. Once the bank has processed your application and approved you for a mortgage, they will advise you then of the amount you have been “approved in principle “for. You will then know how much the bank is prepared to give you and it will give you a guideline as to how much you can buy your house for.
2. Contacting Auctioneers/Estate Agents and Finding the Right House
Once you have your mortgage approval in place you are in a position to bid and agree a property price. When your bid is accepted by an auctioneer /estate agent you then need to pay a booking deposit which is normally 5% of the value of the property to the estate agent and that will secure your property deal. That booking deposit is fully refundable if you don’t ultimately proceed with the purchase of the property.
3. Dealing with your Solicitor and Closing the Deal.
Your solicitor will receive a sales advice note from the estate agent which gives them details of the property you are purchasing. Once your solicitor receives contracts and title deeds which includes maps and planning documents for your property the solicitor will then read all of those documents and at that stage your solicitor will advise you to obtain a structural survey on your property. It may take a number of weeks for the solicitor selling and the solicitor buying to finalise matters and ensure that all the documents are in order. When your solicitor is happy that everything is in order you will then sign contracts and at that stage you pay 10% of the value of the property less any booking deposit which you have paid already to the estate agent. Once your solicitor knows the date that you are going to be able to move into the property, they will then request the money from your mortgage company. It is very important that you then complete all your mortgage company requirements which are normally as follows:
• Sign the direct debit mandate for the bank.
• Ensure that the bank has carried out the valuation on your property.
• Put your life insurance in place.
• Put your home insurance in place.
4. Collecting the keys for your new home.
Once your solicitor gets the mortgage money you then lodge any balance outstanding money to your solicitor’s client account. Your solicitor then forwards those monies to the solicitor selling the property and in turn that solicitor gives all of the documents to your solicitor to ensure the close of the sale. This happens normally within a 24-hour period/ You normally get the keys to your home on the day money and documents are exchanged between both solicitors. You normally pick up your keys from the estate agent.
If you have any questions our specialized Conveyancing/ Buying and Selling Property team is here to help.
You can contact Mc Cormack Solicitors on
Phone: 071 9621846
The contents of these pages are provided as an information guide only. While every effort is made in preparing material for publication no responsibility is accepted by or on behalf of McCormack Solicitors for any errors, omissions or misleading statements on these pages or any site to which these pages connect.