Buying new home - logistic / timing questions

Paul Tergat

I am wondering on the logistics of how things works when buying a house (new build). Let’s say dates are below….

Deposit has been paid and loan contract with us and solicitor.

House complete – 15th Nov
Snag – 15th Nov
Fix issues – 22nd Nov
Contracts signed – 23rd Nov


Q – when does mortgage drawdown happen? I presume it’s after fixed issues and before contracts are signed (or same day)? Logistically, the loan payment goes to our solicitor first or do we pay builders solicitor account directly?

Q – when do you get your mortgage protection and home insurance. Obviously this needs to be in place with and assigned to the mortgage provider before being able to draw the mortgage. In my dates above, when does it happen? Presumably you have to take out the policies before you actually sign contracts then? There are lead times in getting them assigned to bank so how do people factor these in?

Q – at what point does the bank do the updated valuation? Do we contact them for this or does solicitor do it for us?

Q – what is the norm re: mortgage repayments starting? I would need to get people in to get flooring in and get certain key things (bed, sofa, appliances etc) before being able to move in – assume everyone ends up having a dual period of paying rent plus starting mortgage repayments? From peoples experience, how long is a norm to expect here?

Q – how do people go about getting in broadband / TV. Again, with the uncertainty of a final move in date how do people normally tee these up?

Q – does anyone have an idea on how easy it is to get someone in to do flooring? What are the norms for lead times and when do people normally tee these up?

Q – similarly, when having to order furniture which have lead times, how do people work around this, not knowing the date that they are to move in as the houses are still being built?

Q – how does it work with say electricity / gas / bins – how do people tee them up?

Any advice and help would be appreciated.

averagejoe123

Paul Tergat wrote: »

I am wondering on the logistics of how things works when buying a house (new build). Let’s say dates are below….

Deposit has been paid and loan contract with us and solicitor.

House complete – 15th Nov
Snag – 15th Nov
Fix issues – 22nd Nov
Contracts signed – 23rd Nov


Q – when does mortgage drawdown happen? I presume it’s after fixed issues and before contracts are signed (or same day)? Logistically, the loan payment goes to our solicitor first or do we pay builders solicitor account directly?

You will give the bank a closing date and the drawdown will happen a day or two before that provided your solicitor is happy. Your solicitor then transfers the purchase price to the builders solicitors.
We had to pay the 10% non refundable deposit in advance of snagging and the full amount before we got the keys.

Q – when do you get your mortgage protection and home insurance. Obviously this needs to be in place with and assigned to the mortgage provider before being able to draw the mortgage. In my dates above, when does it happen? Presumably you have to take out the policies before you actually sign contracts then? There are lead times in getting them assigned to bank so how do people factor these in?

We just used a date a few days before the completion of contracts. Banks won't release funds without these in place. Ask your mortgage protection provider advice on the best way to do this as it is a very common request.

Q – at what point does the bank do the updated valuation? Do we contact them for this or does solicitor do it for us?

We were only required to do one valuation before drawdown. Ask your mortgage manager what is required here

Q – what is the norm re: mortgage repayments starting? I would need to get people in to get flooring in and get certain key things (bed, sofa, appliances etc) before being able to move in – assume everyone ends up having a dual period of paying rent plus starting mortgage repayments? From peoples experience, how long is a norm to expect here?

What bank are you using? We used BOI and they ask what date you want payments to be made on. We said the 1st of every month. We signed mid April and the 1st payment came out 1st June. Again ask the mortgage bank.

Q – how do people go about getting in broadband / TV. Again, with the uncertainty of a final move in date how do people normally tee these up?

You will have a waiting period here. Contact whatever supplier you intend on using and give them a rough idea of when you hope to be in. You will then be on their system and can reschedule appointments if necessary.

Q – does anyone have an idea on how easy it is to get someone in to do flooring? What are the norms for lead times and when do people normally tee these up?

You will need to get on this ASAP as a lot of these guys are very busy and will have a waiting period. We had floor go in the day we got keys. Ask new neighbours who they used.

Q – similarly, when having to order furniture which have lead times, how do people work around this, not knowing the date that they are to move in as the houses are still being built?

Most suppliers will hang on to furniture for a grace period if closing date gets pushed out
Q – how does it work with say electricity / gas / bins – how do people tee them up?

ESB and Gas is as simple as calling up with the MPRN and GPRN numbers and current readings. For bins, we just went with the provider that was used by most of our neighbours. There is no harm in getting this set up in advance because some can be slow to drop out your bins.


Any advice and help would be appreciated.

Joe