Buyers Guide | back

1. Apply as soon as possible for your mortgage. It is highly recommended that you obtain approval in principle before you start looking for your home as this will give you a clear indication of how much you can afford to spend.
   
   
2. It is normally a condition of your loan approval that you obtain life insurance up to the amount of the loan you intend to borrow. Building insurance covers you against most forms of damage to your property. This should be discussed in detail with your insurance company to clarify exactly what is covered under your chosen policy.
   
   
3. When purchasing a property it is important to decide on a solicitor to act on your behalf during the course of the conveyance. This must be decided on prior to paying the booking deposit. If you have not yet retained the services of a solicitor, Thomas Reid Auctioneers will be delighted to recommended solicitors to choose from. These solicitors are totally independent and will have you, the client’s best interests to hand.
   
   
4. When you decide on the home you wish to purchase and have agreed on a figure with the vendor and auctioneer, the first step toward securing the property, you are required to pay a booking deposit. The booking deposit is paid subject to contract and is fully refundable (unless otherwise stated) up to the point that the contracts are signed. (By both you and the vendor of the property).
   
   
5. A fully bonded architect or engineer should be commissioned to carry out a full and in depth survey of the property on behalf of the purchaser. A structural survey is a detailed and comprehensive report instructed to be carried out on behalf of the purchaser on the proposed property.
   
   
6. Once the booking deposit is paid we will write to the vendor’s solicitor requesting them to prepare contracts and forward same along with title documents to your solicitor. The contract will normally request that you sign within 7 – 14 days of receipt of same by your solicitor however it may take longer in some situations. Formal written loan approval is always sent directly to your solicitor. The normal procedure is that you would sign both of these at the same time.
   
   At this point the non – refundable 10% of the purchase price is paid (to include booking deposit). When the vendors solicitor is satisfied that the contracts are unconditional, the vendor will then be instructed to countersign. They will then return one contract to your solicitor and retain a copy for your records. This is the point in which the property is deemed to be sold. You will be issued a completion date at this point.
   
   
7. This is the most important and exciting process of the transaction. Once the sale is ready to close and all parties are satisfied the final monies will be transferred and the sale will then close. Finally you will receive the keys of your new home.
   
   
   

First Time Buyers Guide | back



1. Before you begin you need to make sure that you qualify as a First-time Buyer. A First-time Buyer is someone who hasn't previously bought or built a house in Ireland or abroad and where the property is lived in by the purchaser as his/her main residence. As a First-time Buyer you are exempt from stamp duty.
   
   
2. The amount you can borrow can vary from one financial institution to another. However, there are some general guidelines which will give you an idea of the amount you can potentially borrow. The maximum you can borrow is usually 90-92% of the value of the property, which means that you must come up with the rest of the cash irrespective of your income. In addition you will need to cover the costs of solicitors, surveyors and stamp duty.
   
   
3. It is recommended that you obtain Approval in Principle even before you start looking at properties as this will give you a clear indication of how much you can afford to spend. This avoids wasting time looking at properties you can’t afford. It could also be the case that you could be offered a loan for more than you had originally anticipated and could therefore consider properties in a higher price range.
   
   
4. Now that you have an idea of how much you can afford you can begin house hunting. The best way to find a property that suits you is to make a list of your requirements in terms of location, property type, price range, number of bedrooms etc.
   
   
5. When you find a property that matches your search and the offer you place is accepted, you will need to place a booking deposit on the property to secure your offer. The booking deposit is usually a couple of thousand Euros. You are then given a period of time to get mortgage approval. If you carry out a survey on the property at this stage and you decide not to go ahead with the sale, you can get your booking deposit refunded. It is advisable to instruct a Surveyor to survey the property to ensure that it is structurally sound and that there are no hidden problems.
   
   
6. As soon as you place a booking deposit on a property, you will need to employ a solicitor. You should inform your solicitor about any transactions that have taken place, along with the address of the property and the agents you are dealing with.
   
   
7. At this stage your lender will arrange a valuation on the property and a “letter of offer” will be issued by the financial institution. The valuation contains information about the property in terms of condition and size. Once a loan has been offered by a financial institution it remains valid for 3 to 9 months from the date it was issued.
   
   
8. Once you have signed contracts, you are committed to the purchase of the property. This is usually done when the letter of offer has been issued and the survey is complete. At the signing of contracts you will need to pay the balance of the deposit which is usually about 10% of the asking price (this 10% includes your initial booking deposit).
   
   
9. When the cheques have been received, the estate agent should be able to give you a completion date and the deal will be closed. At this stage you should arrange the house and mortgage protection insurance. Once the Estate Agent is ready to close the deal the financial institution should send the final cheque to the estate agent and the deal will be done and keys can be released.