Booking Deposit

TENHNY

How long will booking deposit hold property for while organising finance?

brownej

If you have gone sale agreed and paid a booking deposit the next step will be solicitors and contracts.
As part of that a closing date for the sale will be agreed between you and the vendor.
If you don't have finance in place you may not be able to complete the sale within the agreed time.

Normally an estate agent will ask for proof of funds prior to accepting bids and going sale agreed as they don't want to run the risk of the buyer not being able to complete and wasting everyones time.

Mortgage approval in principal should really be sought prior to bidding as you really need to know what your budget is.
In my experience (with AIB and BOI) approval in principal takes 1 to 2 weeks, if you have all your documentation in order(which you should). As you appear to have gone sale agreed you will be skipping the approval in principal stage and going straight for approval for a specific house and a formal morgage offer.

If you have approval in principal and are now going for final approval and the bank has all your documnetation then you shouldn't have any issues. My bank was able to issue the formal offer letter even before contracts have arrived at my solicitor.

TENHNY

Thanks for your detailed responds, Have AIP for more than I require mortgage for, and its just expired, But circumstance havent changed , only less debt and more savings if anything since first granted, so hopefully there wont be issue, sale agreed stage took longer to get to than we expected as other party was in chain waiting on other sale to be agreed.

brownej

TENHNY wrote: »

Thanks for your detailed responds, Have AIP for more than I require mortgage for, and its just expired, But circumstance havent changed , only less debt and more savings if anything since first granted, so hopefully there wont be issue, sale agreed stage took longer to get to than we expected as other party was in chain waiting on other sale to be agreed.

You can get the morgage approval striaght away so. you will need to provide updated statements, payslips and salary cert but they should be able to provide approval within a week or so.
I am in the middle of buying at the moment and the bank was able to issue the formal offer letter within a week. If you are sale agreed then just get your side done. The solicitors are going to be slower anyway.

TENHNY

Ya handed all update info to the bank this week, so hopefully it will move fast, what stage are out at yourself? when are expecting keys I am estimating late January