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How to buy land

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  • 20-06-2008 6:49pm
    #1
    'Chelle
    Closed Accounts Posts: 1 ✭


    Hi there,

    Can anybody tell me what the procedure is in buying land if you are already a home owner. What will the banks require / expect?

    Thanks


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,278 Mod ✭✭✭✭The_Conductor


    Sorry- perhaps you would like to explain?

    Normally you make a bid on a particular parcel of land, your offer is accepted by the vendor, and you instruct your solicitor to complete the transaction. Sometime thereafter title deeds will be lodged with your solicitor (though this can take up to 2-3 years depending on lots of different factors.

    Regarding the financing- its exactly as you would finance any other purchase. Talk to your financial advisor, figure out what your budget is, and make sure you don't go over your budget....... Whether you own a house or indeed any other assets, is immaterial- depending on your income the financial institution may ask that you use your house or some other asset as collatoral on the loan. The nature of the loan depends entirely on what you organise with your financial institution- it could be a 5 year loan, a longer term loan, or even a mortgage. Depends.....

    Hope this helps.


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