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TimeFrame to Purchase Site

  • 04-10-2006 5:05pm
    #1
    Someday
    Registered Users, Registered Users 2 Posts: 379 ✭✭


    Hi Guys

    Farmer has yes to me at a certain Price. I have the Ok from the Bank and i need to speak to my Legal Guy. He has to make one small change to his map and it is 3/4 acre i am buying.

    What timeframe to have the contracts signed and sealed. I know it is subject to planning.

    I don't want to hear the usual " How long is a piece of string" !!

    Thanks


Comments

  • #2
    sakigrant
    Registered Users, Registered Users 2 Posts: 72 ✭✭sakigrant


    We had an initial 6 month contract which we had to extend for a further 6 months as our planning was turned down first time.


  • #3
    Someday
    Registered Users, Registered Users 2 Posts: 379 ✭✭Someday


    So that can be signed up very quickly i presume ?


  • #4
    squire1
    Registered Users, Registered Users 2 Posts: 730 ✭✭✭squire1


    Someday, speak to your solicitor as they have probably done it a thousand times.

    In my case the contract was for 6 months (to allow for planning approval) but had to be extended by a couple of months. Your solicitor will probably draw up a contract but my advice would be for you to agree everything with the landowner first and then get it put in writing. The landowners solicitor will probably look for 10% deposit upon signing contract and the balance upon completion. You will also have to pay stamp duty to your solicitor upon completion. (4% I think).


  • #5
    sakigrant
    Registered Users, Registered Users 2 Posts: 72 ✭✭sakigrant


    yep was signed up within a couple of weeks. Same as squire1 - get your solicitor to draw up the contract, he'll be talking to the landowners solicitor anyway and is his 'bread and butter' work. We also had to pay a 10% deposit until full planning came through. Good luck.


  • #6
    Someday
    Registered Users, Registered Users 2 Posts: 379 ✭✭Someday


    Agreed on the Price yesterday - Just Delighted. My Legal Lady said a few weeks, then when planning comes through Draw down from the Bank. Thanks Guys


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  • #7
    squire1
    Registered Users, Registered Users 2 Posts: 730 ✭✭✭squire1


    Trust me. That was the easy bit. ;)

    You have an exciting year ahead of you. Best of luck with it.


  • #8
    paulocon
    Closed Accounts Posts: 1,171 ✭✭✭paulocon


    Someday,

    Like squire says, although the haggling over a price can be quite stressful and time-consuming, it's probably the easiest part...

    The legal side of things should go through reasonably quickly but there can be hold-ups with Land Registry etc. A lot of the time, these are because the solicitor hasn't chased up on info so I'd advise you to keep on their case as much as you can. Like Squire says, you'll probably have to make a down-payment in the region of 10% with the balance on approval of planning.

    As regards planning, it can be a case of 'how long is a piece of string'. You've probably heard the horror stories but for every one of these, there are numerous instances where planning has gone through without any problems.


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