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So......How do I pay for this house?

  • 04-11-2022 4:46pm
    Registered Users Posts: 11

    Hi Everyone,

    This all might seem a little foolish in terms of the question I have but I'm looking for some wisdom.

    Background context: The partner and I have just went Sale Agreed on a property. Solicitor appointed and we've already paid the Booking Deposit to the Estate Agent. So today our solicitor has begun receiving the standard flow of documents e.g., Sales Advice Note that come with a house purchase (I've now learnt)

    Now my question is about how exactly we are going to pay for this house and the 'logistics' of it if you like.

    The partner and I are going to be handing over a hefty deposit. On my side my savings are tucked away in a BOI Mortage Saver. (For anyone who doesn't know this is not a current account but a separate account).

    So here comes my question, because my money is tucked away in a BOI Mortage Saver how do I go about giving it over to the bank when the time comes? Obviously there will be another diligent check before drawdown and the final stages (fingers crossed we get that far without any hiccups).

    But how do I get my money ready to give to the bank from the BOI Mortage Saver? I cannot transfer from it like a current account. Do I close it now or leave it untouched?

    The only option you have is to withdraw from it and then put it back into your current account. Is it ok to do that before drawdown time or is it a case that the bank will just automate this themselves?



  • Registered Users Posts: 886 ✭✭✭brownej

    Talk to your solicitor.

    The money is to be paid to the seller. Normally this is done through the 2 solicitors involved.

  • Registered Users Posts: 9,955 ✭✭✭the_amazing_raisin

    First of all congratulations on buying a house, if you want to murder everyone involved within the next few months then don't worry, this is perfectly normal 😂

    So you should speak to your solicitor for advice, but essentially they handle the actual purchase of the house, called conveyancing

    There's a whole rake of things which need to happen for this to happen. You're presumably getting a mortgage, I'm guessing you've applied to a bank and gotten approval in principle?

    At this point you'll probably be speaking to a mortgage advisor in the bank, so you'll need to tell them the final amount the mortgage needs to be and they'll turn this into a mortgage offer which is sent to your solicitor

    You'll need to sign the offer with your solicitor and then the next step is to drawdown the mortgage

    Now, this is where things get tricky. There's a checklist of things needed by the bank to complete the drawdown, including surveying the house, getting the house valued and insured and getting mortgage protection insurance (if not going through the bank providing your mortgage)

    There's also a bunch of checks the solicitor has to do including legal searches to ensure there isn't an open court case against you or anything. Those searches only last one day, and are required to drawdown the mortgage

    So you'll need to ensure your deposit is with the solicitor before this. You'll pay it by bank transfer into an account for the solicitor. Confirm the IBAN over the phone with them when they send it on. Given the size of the deposit, you'll need to head into your bank to transfer it. You'll probably have to move the money to your current account before this can be done

    You're probably thinking everyone involved will be working away doing their jobs. Think again

    You'll want to regularly check in with your mortgage provider and solicitor every few days to ensure they have everything they need.

    It can be a pretty frustrating experience, but just keep on top of it and make sure the ball keeps rolling along

  • Registered Users Posts: 23,916 ✭✭✭✭lawred2

    that's got nothing to do with how he accesses his own funds

    that aside... OP you first need to move those savings into your current account. And then transfer upon request to whatever destination account your solicitor instructs you to transfer it to.

  • Registered Users Posts: 886 ✭✭✭brownej

    Well of course it does! His solicitor will be able to advise how and when he wants to receive the funds from the OP, he can then go and figure out with his bank how to go about it. He already knows that when he withdraws his Mortgage saver it goes into his current account.

    So of course talking to his solicitor impacts how he accesses his own funds. You even say it in your follow up point.

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  • Registered Users Posts: 23,916 ✭✭✭✭lawred2

    The query is solely about accessing his own funds.

    Irrelevant to all solicitors how or where your money comes from. Sure I could have it all in equities. Is my solicitor going to tell me how to liquidate my equities?

  • Registered Users Posts: 20,170 ✭✭✭✭ELM327

    Other than the booking deposits, all funds are sent to your solicitor for them to disburse as appropriate.

    Regarding accessing funds in a mortgage saver account, we were able to give 28 days notice and then do an online transfer to a current account, and from there to our solicitor. Note, this was the AIB mortgage saver not BOI but I suspect they are all similar?

  • Registered Users Posts: 886 ✭✭✭brownej

    Did you read the OP. He already knows how to liquidate his mortgage saver account. He says it right there that it withdraws into his current account. It is abundantly clear from the OP that the confusion is how he goes about consolidating funds and actually paying for the house. Talking to his solicitor is the best option.

    As for keeping your money in equities, good for you. I'm sure your solicitor would instruct you in how he would like to receive the funds to complete any purchase. Its up to you to dispose of your equities and pay any relevant taxes due. Be careful about that, you dont want the revenue on your back.

  • Registered Users Posts: 23,916 ✭✭✭✭lawred2

    I don't really know what op you read but it's not the one in this thread

  • Moderators, Category Moderators, Arts Moderators, Entertainment Moderators Posts: 20,576 CMod ✭✭✭✭amdublin

    Talk to your solicitor about when they will need the funds (your deposit) so that they are ready to transfer it to the seller's solicitors.

    Therefore you will need to move it from the mortgage saver into your current account and arrange to get it from there to your solicitor's by the date they require it. Will this be done by bank transfer? or by bank draft? Talk to your solicitor what they would prefer. Talk to your bank about arranging this (and by what date would you need to have it done).

    The solicitor takes your deposit and takes your mortgage money which your mortgage lender gives them, and transfers it to the sellers solicitor. And you get your keys

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  • Registered Users Posts: 11 Abril9

    A massive thank you to everyone for the great feedback, advice, input and wisdom! I'll start making arrangements on Monday when the banks are back open. Thanks again everyone

  • Registered Users Posts: 9,955 ✭✭✭the_amazing_raisin

    No worries at all, best of luck with the house purchase!