Booking Deposit Paid - What Next?

smurfette2212

Hi there,

I hope this hasn't been asked before, but I think I did a pretty good search.

We've just paid a booking deposit on a new build, and I'm wondering what the next steps are. We've applied for HTB, though I understand there is a bit of a delay.

But, is it too early at this stage to engage a solicitor or took look at the mortgage insurance? Do new build homes require a survey done for the bank? What can be done now, and what should really wait until the 'proper' 10% deposit is paid?

The estate agent's email said we have been successful in the purchase, but realistically, what could go wrong at this stage still? (I was prepared for things going wrong with 'sale agreed' older properties, and so am a little unsure here)

I hope this doesn't seem daft to open a new thread on this, but I'm really not sure where we need to go next!

Thanks

DirkVoodoo

Yes, engage a solicitor. The estate agent would normally ask for their details when you place the deposit. Apply for HTB straight away, you need to know what the shortfall will be in your 10%.

Solicitor can guide you through the process, but the next step is generally to notify the bank and they will request a valuation be carried out (~150 euro) by their nominated valuer.

In the meantime, your solicitor will receive the contracts from the other side. They will review and feedback any concerns to you. The main thing is to make sure that the contracts detail what exactly is being supplied (don't assume you will get the showhouse finish unless explicitly stated, assume the builder will do the bare minimum to meet the contract, even if that means supplying you with a cardboard box!)

When you and your solicitor are happy with what is being built, the freehold agreement, any guarantees, etc. then you can sign the contracts and your mortgage agreement.

You need to upload these to revenue to get the HTB moving onto the next step.

I'm sure I'm missing steps, we've been doing this for months and just started snagging...

Estate agents and solicitors are quite helpful, really best to ask as many questions as possible. They will act like you are an imbecile for asking, but this is their day to day whereas it's a new experience for all of us!

Have everything spelled out for you. I didn't and we made a few mistakes early on. Nothing major, but they can delay things by a day or two, and they really start to add up!

smurfette2212

DirkVoodoo wrote: »

Yes, engage a solicitor. The estate agent would normally ask for their details when you place the deposit. Apply for HTB straight away, you need to know what the shortfall will be in your 10%.

Solicitor can guide you through the process, but the next step is generally to notify the bank and they will request a valuation be carried out (~150 euro) by their nominated valuer.

In the meantime, your solicitor will receive the contracts from the other side. They will review and feedback any concerns to you. The main thing is to make sure that the contracts detail what exactly is being supplied (don't assume you will get the showhouse finish unless explicitly stated, assume the builder will do the bare minimum to meet the contract, even if that means supplying you with a cardboard box!)

When you and your solicitor are happy with what is being built, the freehold agreement, any guarantees, etc. then you can sign the contracts and your mortgage agreement.

You need to upload these to revenue to get the HTB moving onto the next step.

I'm sure I'm missing steps, we've been doing this for months and just started snagging...

Estate agents and solicitors are quite helpful, really best to ask as many questions as possible. They will act like you are an imbecile for asking, but this is their day to day whereas it's a new experience for all of us!

Have everything spelled out for you. I didn't and we made a few mistakes early on. Nothing major, but they can delay things by a day or two, and they really start to add up!

Thanks so much, that is all so helpful! Yeah, I had planned on asking them as many questions as possible but didn’t want to seem so clueless. But then, I suppose everyone does this for the first time once!