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Thinking of buying a site- am I forgetting anything here?

  • 18-03-2017 8:55am
    #1
    Claires2017
    Registered Users, Registered Users 2 Posts: 7 ✭


    Hi all,

    I'm a complete newbie to this forum but was hoping to get objective opinions on this issue!

    My partner and I have always planned to buy a site and build in our local area - we are renting at the moment. We have small amount of savings but nothing huge as our plan has always been to start this process in about 3 or 4 years time.

    However, a site has just come to the market in the perfect area for us and sites like this don't come round very often here. It is just minutes from family, stunning views etc. It's also quite a large site which we would LOVE.

    Problem is this is totally out of the blue for us.... but I'm really swaying towards buying the site and then waiting a few years to build.

    I think we would satisfy the local needs planning requirements in the area. So we would need to get the site checked by professionals and have an architect draw up plans- then get planning permission... the site is being sold on the premise that we get full planning permission.

    I'm of the understanding we then have 5 years to get the house built then?

    Am I missing anything here? Apologies again I need to reiterate this is all so new to me!

    We are thinking of trying to get as much money together as possible and then beg/borrow from parents- and then maybe approach credit union/bank for loan- would it be possible to get a loan for approx €50000 without it being marked as a mortgage? We just want enough to buy the site and then we could go for the mortgage in a couple of years when we are ready!

    Am I missing anything here though? Would we still be counted as first time buyers when it comes to the mortgage and build? Or would we be doing ourselves out of money (grants or tax reliefs etc) by doing this in two stages??

    Thanks v much for any advice!


Comments

  • #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,357 Mod ✭✭✭✭Gumbo


    Don't get mortgage now for site as then you loose your first time buyer status when you want to build.

    Credit union, loan or family to buy the site. Pay that off then the site can be used as your deposit for the mortgage process.

    A lot of homework beforehand to make sure you satisfy local needs.

    What county is it?


  • #3
    Claires2017
    Registered Users, Registered Users 2 Posts: 7 ✭Claires2017


    kceire wrote: »
    Don't get mortgage now for site as then you loose your first time buyer status when you want to build.

    Credit union, loan or family to buy the site. Pay that off then the site can be used as your deposit for the mortgage process.

    A lot of homework beforehand to make sure you satisfy local needs.

    What county is it?

    Thanks so much for the quick reply! It's in county Wexford - I'm the process of trying to find info renthe local needs but can't find much specific info online


  • #4
    Calahonda52
    Registered Users, Registered Users 2 Posts: 12,888 ✭✭✭✭Calahonda52


    RE: the site is being sold on the premise that we get full planning permission

    Are you saying that your purchase of the site is 100% conditional on you getting planning?

    I ask because what protection have you got if you spend several 1,000's on getting a PP application tee'd up, including reports on site drainage for sewage etc and in the meantime the seller sells it to someone who will take the risk of not getting planning, especially if they see your one going through with no material objections.
    This can all be achieved with the right legal paperwork but make sure you understand what is being offered in the sales contract..
    Keep well and good luck

    “I can’t pay my staff or mortgage with instagram likes”.



  • #5
    Claires2017
    Registered Users, Registered Users 2 Posts: 7 ✭Claires2017


    Calahonda52 wrote: »
    RE: the site is being sold on the premise that we get full planning permission

    Are you saying that your purchase of the site is 100% conditional on you getting planning?

    I ask because what protection have you got if you spend several 1,000's on getting a PP application tee'd up, including reports on site drainage for sewage etc and in the meantime the seller sells it to someone who will take the risk of not getting planning, especially if they see your one going through with no material objections.
    This can all be achieved with the right legal paperwork but make sure you understand what is being offered in the sales contract..
    Keep well and good luck


    Thanks for the heads up- that's a really valid good point so will definitely get onto that now.


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