First Time Buyer Question

sillysmiles

Once you have agreed a price - what's the next steps

Booking deposit
Solicitor

When do you get the surveying done?

Thanks

morrigan2014

Hi sillysmiles,

In the process of this myself.

Once your offer has been accepted, you then pay the booking deposit and then you can arrange a survery. The bank will require this and I'm pretty sure you have to use an approved surveryor.

We have put an offer on a house which is yet to be accepted but we've met with a solicitor to discuss our intentions. We rang a few solicitors and they didn't really want to meet us until we had a firm offer but our chosen solicitor was very nice and helpful.

Good luck! So far it's been an eye-opener!

bovril

I'd argue against getting the survey done this early in the process. You will need to get a valuation done on the house as per the bank's request soon. I don't want to make you nervous but until the contract is signed either party can walk away from the deal. You will of course get your booking deposit back at this stage. If you pay for a survey this early on and the deal falls through you're survey money out of pocket. I would wait until near signing the contract to get the survey done. Work with your solicitor and when he/she has all the paperwork they need organise to get the survey done.

gmisk

bovril wrote: »

I'd argue against getting the survey done this early in the process. You will need to get a valuation done on the house as per the bank's request soon. I don't want to make you nervous but until the contract is signed either party can walk away from the deal. You will of course get your booking deposit back at this stage. If you pay for a survey this early on and the deal falls through you're survey money out of pocket. I would wait until near signing the contract to get the survey done. Work with your solicitor and when he/she has all the paperwork they need organise to get the survey done.

Top advice

Marchbride

bovril wrote: »

I'd argue against getting the survey done this early in the process. You will need to get a valuation done on the house as per the bank's request soon. I don't want to make you nervous but until the contract is signed either party can walk away from the deal. You will of course get your booking deposit back at this stage. If you pay for a survey this early on and the deal falls through you're survey money out of pocket. I would wait until near signing the contract to get the survey done. Work with your solicitor and when he/she has all the paperwork they need organise to get the survey done.

This is the best foot forward.
1. Once accepted, booking deposit.
2. Valuation as per the banks instructions in drawing down mortgage.
3. Engage with solicitor to get the ball going.
4. Surveyor (it would be a good idea to leave this as close to signing contracts of possible so you don't lose your fee if the deal falls flat on its face, which has happened to me).
5. Patience!!!!!!!!!

colm_c

Just on the survey, I would be of the opposite view.

You need to get the survey done ASAP, because if there are issues with the property you need to know as soon as possible as you may need to renegotiate or pull out.

This happened to me recently, a lot of major undisclosed issues, so ended up pulling out of the sale.

The cost of the survey is negligible compared to the solicitors fees you'll incur the more work the solicitor does.

pwurple

I've always done the survey very early, in case issues are highlighted and price needs to be renegotiated. I've even dine them before bidding sometimes. Depends on the proprty maybe. If it's a newish build then you wouldn't be in as much of a rush.

OREGATO

We did it as soon as we went sale agreed and paid the booking deposit.

Like colm_c and pwurple have said, there is no point in holding out months only to find that there are serious underlying issues.

Depending on the issues found as well, it may give you some negotiation room with the vendor.

gmisk

OREGATO wrote: »

We did it as soon as we went sale agreed and paid the booking deposit.

Like colm_c and pwurple have said, there is no point in holding out months only to find that there are serious underlying issues.

Depending on the issues found as well, it may give you some negotiation room with the vendor.

On the flipside of this...I have paid for 3 structural surveys and havent bought a house yet.....so a lot of money wasted

Ciaran_B

How does the booking deposit part work? You write a cheque for the agreed amount payable to the vendor that you give to the estate agent? Who gives you a receipt?

OREGATO

Ciaran_B wrote: »

How does the booking deposit part work? You write a cheque for the agreed amount payable to the vendor that you give to the estate agent? Who gives you a receipt?

Booking deposit paid to the EA after going sale agreed, normally made out to the estate agent themselves. This will in turn allow them to take it off the market and provide sales instruction letters to both sides' solicitors.

We did a bank transfer in the end as it was easier. We didn't get a receipt as such but did have email streams and bank transactions showing the payment to the EA.

Just a note that the booking deposit is fully refundable by law up until both sides have signed the contracts. Also, the booking deposit makes up part of your 10% deposit on the house.

So if you bought a house for €200,000 and paid €5,000 booking deposit, the 10% deposit you give to the bank will be 10% of €200,000 minus €5,000 (€15,000)