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Solicitor average time checking the Loan Offer?

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  • 30-05-2019 9:53am
    #1
    rodolfoagomes
    Registered Users Posts: 4 ✭


    Hi Guys,

    I am buying new development house using the help to buy incentive.

    The bank sent to the solicitor the Loan Offer 5 days ago, and the estate agents sent their contracts as well, now I don't know the next step.

    Couple of friends told me the solicitor is gonna review the loan offer and the sellers contract and call us (buyers) to sign off, but I have no update from my solicitor since he got the Loan offer, usually how long takes for the solicitors check everything and ask for the sign off of the contracts?

    because it is the first time buying something in Ireland I really don't know the whole process and there is nobody to explain, I have the feeling solicitors are too busy to answer or they don't care a lot.

    I would appreciate if somebody could help me with some advises for the next steps and how it is from here on forward.


    Regards and thanks.
    Tagged:


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    #2
    MSVforever
    Registered Users Posts: 590 ✭✭✭MSVforever


    rodolfoagomes wrote: »
    Hi Guys,

    I am buying new development house using the help to buy incentive.

    The bank sent to the solicitor the Loan Offer 5 days ago, and the estate agents sent their contracts as well, now I don't know the next step.

    Couple of friends told me the solicitor is gonna review the loan offer and the sellers contract and call us (buyers) to sign off, but I have no update from my solicitor since he got the Loan offer, usually how long takes for the solicitors check everything and ask for the sign off of the contracts?

    because it is the first time buying something in Ireland I really don't know the whole process and there is nobody to explain, I have the feeling solicitors are too busy to answer or they don't care a lot.

    I would appreciate if somebody could help me with some advises for the next steps and how it is from here on forward.


    Regards and thanks.

    The loan offer will be reviewed along with the contract and is straight forward.
    It depends on how many queries the solicitor has regarding the contract. Ours was going back and forth. Afaik we signed the contract after 4 or 6 weeks so that the white goods would still be included (can't quite remember the exact time ).

    If there's a deadline for white goods to sign make sure to chase your solicitor as you don't want to loose out.
    Furthermore I would advise you that your solicitor includes a mortgage clause in the contract so you won’t loose your deposit if your circumstances change (i.e. you won't get the loan due to unforeseen circumstances ).


  • Options
    #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,667 Mod ✭✭✭✭Henry Ford III


    Why not ring the solicitor?


  • Options
    #4
    rodolfoagomes
    Registered Users Posts: 4 ✭rodolfoagomes


    Henry Ford III wrote: »
    Why not ring the solicitor?

    I tried but he is always too busy, I am gonna give him more 4 or 5 days then I will call him.

    To be honest is very hard to get any update from solicitors.


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    #5
    rodolfoagomes
    Registered Users Posts: 4 ✭rodolfoagomes


    MSVforever wrote: »
    The loan offer will be reviewed along with the contract and is straight forward.
    It depends on how many queries the solicitor has regarding the contract. Ours was going back and forth. Afaik we signed the contract after 4 or 6 weeks so that the white goods would still be included (can't quite remember the exact time ).

    If there's a deadline for white goods to sign make sure to chase your solicitor as you don't want to loose out.
    Furthermore I would advise you that your solicitor includes a mortgage clause in the contract so you won’t loose your deposit if your circumstances change (i.e. you won't get the loan due to unforeseen circumstances ).

    Thank you for the help, I just emailed my solicitor asking to add that clause. I hope he is going to reply or even read.

    I don't understand why it is so "black box" the path should be clear and the buyer should get more updates from all the parties, anyway, thank you so much for that.


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    #6
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    rodolfoagomes wrote: »
    I tried but he is always too busy, I am gonna give him more 4 or 5 days then I will call him.

    To be honest is very hard to get any update from solicitors.


    Usually no issue with loan offer unless your bank has some awkward clause it. We were looking a new build and Ulster Bank looked for additional documents if the builder didn’t cover the house with home bond or premier guarantee. Our builder had used global home warranties so that delayed us by 2-3 weeks for builder to give us extra documents bank required.

    The delay tends to be legal paperwork. A lot more work is involved in a new builder compared to a second hand house. Auctioneer and builder can put pressure to sign but not know the builders’ solicitor had not responded to our solicitor’s query.

    You should have received a copy of contracts and the relevant documentation together with the queries your solicitor raised. If not, email solicitor and ask them you need to see what their waiting on before you can sign contracts.


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