Completing at the contract signing stage?

[Bubbly Scot]

Well, we're in the final negotiations stage, quibbling over that last few grand which will hopefully mean we don't have to go back to the bank to increase our mortgage. (Incidently, that would be easily fixed with a fresh application, see previous post)

We got a 100% mortgage from BOI, they advertised "deposit upfront" but when I asked about the procedure for getting the deposit I was told they don't do deposit upfront and I need to find that myself!!!! (although he did then say he could "sort something") so this brings me to a new dilema.

Is it possible to sign contracts and complete at the same time? Neither party is in a chain and both want a quick sale, it's been established that we all want to move as quickly as the "legals" will allow. Is this possible?

I'm so sorry for all the questions, I'm newish to Ireland and never bought before and I don't have much cash to throw at anything.

 

[Vanilla]

Usually you can either take out a personal loan for the 10% and repay it from the loan proceeds ( BOI will probably give you one at a good rate) or you can negotiate a lower deposit with the vendors -for eg the booking deposit only. You could complete on the same day as contract exchange but that is very unusual and you will not have a binding contract then until the closing date leaving both parties open to the deal falling through at the last minute. You would probably also have to pay extra legal fees for the extra work involved.

 

[NorfBank]

BOI will give you a personal loan for the 10% which will be immediately cleared when the 100% mortgage is drawdown.

 

[Bubbly Scot]

Thanks for that. I guess the options are to try an secure a contract on the strength of just the booking deposit, or do a short term loan. We're going to be moving very quickly on this if/when we agree the price....which will hopefully be today.