It is important to be well prepared when purchasing a property, as this should ensure that the conveyancing process runs smoothly. It should also save crucial time, and help ensure that no unnecessary delays arise. The following are some useful top tips:-
- Seek Loan Approval in Principal at an early stage, so you are ready to proceed once you are sale agreed on a property
- Check your finances, as there are costs associated with a purchase which should be factored in when deciding on a loan amount
- Pay your booking deposit to a sales agent – this is refundable in the event you do not proceed to sign contracts
- Arrange a survey of the property at an early stage
- Investigate with your surveyor as to whether there are any alterations or extensions to the property since original construction
- A 10% deposit is required, comprising the booking deposit and balance of the 10% to be paid at the time of signing of a Contract for Sale
- Agree a closing date for insertion in a Contract for Sale
- Put in place home insurance and life cover in a timely fashion, and also address any non-legal requirements of your lender as these can often delay issuing of loan funds
- Liaise with your solicitor, who will guide you through the process and ultimate completion of the purchase
For more information on this topic, please contact Godfrey Hogan on godfrey@gibneyhogan.ie
The content of this article is provided for information purposes only and does not constitute legal or other advice.
