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Buying a house

  • 03-07-2009 7:51am
    #1
    Fannymcslap
    Registered Users, Registered Users 2 Posts: 184 ✭✭


    Hi guys, hope someone here can help.

    Basically with house prices the way they are I've decided it's the right time to buy my first home. Being very new to this I need a lot of help! Just some quick questions I hope you can help with.

    1. At what stage should I involve the solicitor?
    2. When should the deposit be put down? (My offer was verbally accepted)
    3.Once the deposit is paid do I get the valuation done?
    4.Should I try to get the valuation done for more than I'm paying for the house in order to have some cash to furnish or not? (Really not sure about this one!)
    5.Once I have the valuation what do I do!?

    Basically I'm all over the place and hope someone can help!

    Cheers


Comments

  • #2
    TwoShedsJackson
    Closed Accounts Posts: 9,438 ✭✭✭TwoShedsJackson


    Assuming you have mortgage approval for the amount of the sale:

    1. Contact a solicitor now, once you have an offer accepted they need to start working on getting the deeds, examining title etc. etc.

    2. The sellers EA will probably want you to put down a 5 grand (or whatever) deposit in the next week or so, to supposedly secure the house for you. I say supposedly as this deposit is not binding on you or the sellers. If you decide to pull out before contract signing, you can, and you will get this money back. Likewise though, the seller can pull out, accept a higher offer from someone else etc. etc. and pull out of the sale, returning your money.

    2A. You will need to have the balance of the 8-10% deposit available when you sign contracts, that's when it becomes legally binding.

    3. After the initial deposit, as well as contacting your solicitor, contact the bank and tell them you have agreed a sale on a house, give them the address details, they will send their valuer up to check it out.

    4. The bank will almost certainly not do this, with the current state of the economy and banking sector. Even if they would, it's a bad idea as a mortgage is a very long term loan and you will be basically paying twice over for the stuff you might buy. If you need furnishings etc., get a personal loan over four/five years, much better value long term. Need I add, don't get any the loan until after you have the keys to the house :) It is tempting, but if something happens and the sale falls through (which can easily happen), it will be useless.

    5. At that stage it will be in the hands of your solicitors and your bank, they will get it done and come to you as when necessary. The whole process will likely take at least six weeks and probably longer so settle in.

    Good luck :)


  • #3
    Fannymcslap
    Registered Users, Registered Users 2 Posts: 184 ✭✭Fannymcslap


    TwoShedsJackson wrote: »
    Assuming you have mortgage approval for the amount of the sale:

    1. Contact a solicitor now, once you have an offer accepted they need to start working on getting the deeds, examining title etc. etc.

    2. The sellers EA will probably want you to put down a 5 grand (or whatever) deposit in the next week or so, to supposedly secure the house for you. I say supposedly as this deposit is not binding on you or the sellers. If you decide to pull out before contract signing, you can, and you will get this money back. Likewise though, the seller can pull out, accept a higher offer from someone else etc. etc. and pull out of the sale, returning your money.

    2A. You will need to have the balance of the 8-10% deposit available when you sign contracts, that's when it becomes legally binding.

    3. After the initial deposit, as well as contacting your solicitor, contact the bank and tell them you have agreed a sale on a house, give them the address details, they will send their valuer up to check it out.

    4. The bank will almost certainly not do this, with the current state of the economy and banking sector. Even if they would, it's a bad idea as a mortgage is a very long term loan and you will be basically paying twice over for the stuff you might buy. If you need furnishings etc., get a personal loan over four/five years, much better value long term. Need I add, don't get any the loan until after you have the keys to the house :) It is tempting, but if something happens and the sale falls through (which can easily happen), it will be useless.

    5. At that stage it will be in the hands of your solicitors and your bank, they will get it done and come to you as when necessary. The whole process will likely take at least six weeks and probably longer so settle in.

    Good luck :)

    Perfect response, thank you very much!


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