Gone sale agreed paid my deposit now what

mkdon

what are next steps

how long does process generally take and any advice whatsoever is appreciated

randomname2005

mkdon wrote: »

what are next steps

how long does process generally take and any advice whatsoever is appreciated

First, congratulations!
Your solicitor should be able to give you an idea of dates, when the seller will be out etc. Perhaps negotiate the price of the furniture and other bits if not already done or if you would consider buying it.

Samuel T. Cogley

Keep looking! The sale may fall through, you don't want to be starting from zero.

It can take anything from a few weeks (unlikely) to over a year but probably closer to 3-6 months to close. The DAFT report has the figures if you want the actual stats.

Geuze

mkdon wrote: »

what are next steps

how long does process generally take and any advice whatsoever is appreciated

Appoint sol.

Get MPP.

Get survey.

Make sure you have AIP, move towards Loan Offer.

mkdon

Geuze wrote: »

Appoint sol.

Get MPP.

Get survey.

Make sure you have AIP, move towards Loan Offer.

what's mpp and AIP?
why would this fall through - what are typical reasons ?

wirelessdude01

mkdon wrote:

why would this fall through - what are typical reasons ?

Surveyors report, not having mortgage approval for the amount needed, change of circumstances for the seller. Lots of different reasons.

Ammonite

The first things to do are
- Get a solicitor ASAP
- Organise the surveyor
- Tell your mortgage provider

Also keep an eye on the market in case the sale falls through.

Don't give your notice yet if you are renting. It is too early.

Geuze

mkdon wrote: »

what's mpp and AIP?
why would this fall through - what are typical reasons ?

Mortgage protection policy

Approval in Principle

Geuze

mkdon wrote: »

what's mpp and AIP?
why would this fall through - what are typical reasons ?

MPP can be refused for medical reasons / family history, etc.

Do not buy MPP from the lender, too dear.


Many things can go wrong between AIP and Loan Offer.

Credit checks, salary certs, proof of funds, etc., etc.



Also get house ins.

Spook_ie

Geuze wrote: »

MPP can be refused for medical reasons / family history, etc.

Do not buy MPP from the lender, too dear.


Many things can go wrong between AIP and Loan Offer.

Credit checks, salary certs, proof of funds, etc., etc.



Also get house ins.

Too early for house ins. You don't need that until day contracts signed and you become legally responsible for property.

L1011

Spook_ie wrote: »

Too early for house ins. You don't need that until day contracts signed and you become legally responsible for property.

Although it worth making sure you can get a quote at all and aren't left with an uninsurable house with refuses draw-down by the bank

JustMe,K

Congrats

The process can take anything from a couple of months upwards, depends on the situation of the vendor.

As has been said, get your life policy sorted because thats known to cause delays as people seem to leave it until the end. It might be easier to go with the insurance linked to the bank you are borrowing from, but that works out more expensive so shop around (or take the lenders product which they are likely to try sell you anyway, and switch to something more affordable later on).

Get yourself a good solicitor who specialises in property transactions and it will make the process a lot easier.

The vendors solicitors are responsible for drawing up the contracts, so they will eventually send them to your solicitor and it should have an indicative closing date on the contracts. If the vendor hasnt gotten their deeds back that can delay issuing contracts, and then if the searches throw up anything adverse it can cause more delays.

But as has also been said - keep looking at other things that are around or coming onto the market. You have likely paid a booking deposit but either party can pull out at any stage until contracts are signed and that deposit is refundable.

Thoie

Spook_ie wrote: »

Too early for house ins. You don't need that until day contracts signed and you become legally responsible for property.

L1011 wrote: »

Although it worth making sure you can get a quote at all and aren't left with an uninsurable house with refuses draw-down by the bank

I started looking for house insurance quotes a long time before I was ready to start a policy (at the time just working out my budget). Turned out to be a good thing I started early, as I couldn't get any online quotes for the address. It turned out most of Cork is on a "subsidence/flood risk" list with most of the major insurers. Ended up going through a broker who had some way of getting the insurance company to look at the specific area/address, rather than lumping it all into "Cork".

Based on that, there's no harm in starting with a few online quotes now, so that you're ready to start the policy when the time comes.

OP, when I sold my last place to move here, we went sale agreed mid January, and the new owners got the keys at the end of June/start of July. There was nothing particularly weird about the property I was selling (no ancient rights of way or structural issues) - some of the delay was things like waiting for the council to confirm that my property tax was up to date, and I wasn't liable for non-PPR tax during a particular period.