Offer Accepted-Next Step? Booking Deposit? Survey? Solicitor?
- Thread starter kopkidda
- Start date
Re: Offer Accepted-Next Step?
Estate Agent probably collapsed at shock of someone buying
Get prices (not quotes ) from solicitors for conveyancing.
Dont just have survey for valuation done.
If its new build might be worth employing someone to snag it for you, unless you feel you can do it.
Estate Agent probably collapsed at shock of someone buying
Get prices (not quotes
) from solicitors for conveyancing.Dont just have survey for valuation done.
If its new build might be worth employing someone to snag it for you, unless you feel you can do it.
Re: Offer Accepted-Next Step?
You get a structural survey done, costs around 400-500 euro plus VAT. They check basic structure, dampness, age of house, that water tank is in the right place, no holes in roof etc. Basically that the house conforms to building regulations. They don't check plumbing or that the heating works, nor do they lift manholes or advise on planning permission issues. You'd have to employ someone separately to do that. The booking deposit you give to estate agent is refundable. The solicitor may charge a flat fee (plus outlay which are standard charges associated with a house sale), or they may charge a percentage of the price of the house, plus outlay. They vary a great deal so ring a few. Presumably you have a mortgage application already started.
You get a structural survey done, costs around 400-500 euro plus VAT. They check basic structure, dampness, age of house, that water tank is in the right place, no holes in roof etc. Basically that the house conforms to building regulations. They don't check plumbing or that the heating works, nor do they lift manholes or advise on planning permission issues. You'd have to employ someone separately to do that. The booking deposit you give to estate agent is refundable. The solicitor may charge a flat fee (plus outlay which are standard charges associated with a house sale), or they may charge a percentage of the price of the house, plus outlay. They vary a great deal so ring a few. Presumably you have a mortgage application already started.
prince2008
Registered User
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- 29
Re: Offer Accepted-Next Step?
kopkidda,
like you, I am in the middle of buying a house and am completely sick of the negative comments. I've spent the last no of years listening to people telling me I am mad to rent and should buy. As soon as I decide to buy, everyone tells me I am mad!
Truth is, if you've found the house that is right for you, then go ahead and buy - don't listen to other people. The house you want might not be for sale next year, you might not get a mortgage next year. I for one am sick of renting - I don't want to rent for another couple of years until the average house costs approx €20!!!! There is no stability in renting - having to move every 6 months cos the landlord wants to sell - the cost of servicing a mortage to have my own place is worth the stability of putting down roots and having a place of my own.
Basicically, once you pay your deposit to the estate agent, you need to get a solicior - the vendors contracts will be sent to them. You need to arrange a survey and if you got your mortage thru a broker, you need to get them to get the loan offer issued to you and your solicitor. Then you need to have house insurance and life insurance / mortage protection in place before the mortage co will issue your cheque - this may take a while to organise. Then you will be called into the solicitors to sign the contracts..........not sure after that!
Good luck with buying the house - and follow your own instinct. If its right for you now then be happy with your decision.
kopkidda,
like you, I am in the middle of buying a house and am completely sick of the negative comments. I've spent the last no of years listening to people telling me I am mad to rent and should buy. As soon as I decide to buy, everyone tells me I am mad!
Truth is, if you've found the house that is right for you, then go ahead and buy - don't listen to other people. The house you want might not be for sale next year, you might not get a mortgage next year. I for one am sick of renting - I don't want to rent for another couple of years until the average house costs approx €20!!!! There is no stability in renting - having to move every 6 months cos the landlord wants to sell - the cost of servicing a mortage to have my own place is worth the stability of putting down roots and having a place of my own.
Basicically, once you pay your deposit to the estate agent, you need to get a solicior - the vendors contracts will be sent to them. You need to arrange a survey and if you got your mortage thru a broker, you need to get them to get the loan offer issued to you and your solicitor. Then you need to have house insurance and life insurance / mortage protection in place before the mortage co will issue your cheque - this may take a while to organise. Then you will be called into the solicitors to sign the contracts..........not sure after that!
Good luck with buying the house - and follow your own instinct. If its right for you now then be happy with your decision.
Re: Offer Accepted-Next Step?
Step 1 is generally a full refundable booking deposit, around 1% of the value of the transaction. It's offset against the final amount payable - I presume the estate agent pockets it as commission
Step 2 You should organise your own survey as well as the bank survey. I'd recommend turning up to the house when the surveyor is there to get full info
Step 3 Plenty of solicitors doing this type of business, if you've gone through a mortgage broker they may recommend one - don't use the sellers one!
Step 4 Reconfirm your mortgage approval and start organising your funds.
Step 1 is generally a full refundable booking deposit, around 1% of the value of the transaction. It's offset against the final amount payable - I presume the estate agent pockets it as commission
Step 2 You should organise your own survey as well as the bank survey. I'd recommend turning up to the house when the surveyor is there to get full info
Step 3 Plenty of solicitors doing this type of business, if you've gone through a mortgage broker they may recommend one - don't use the sellers one!
Step 4 Reconfirm your mortgage approval and start organising your funds.
Hi KopKidda,
As regards surveyor ,, just a word of warning ,,, we got ours to check the attic for woodworm and he came back and said there was a little bit of localised woodworm and easily treatable... grand ...so now we have the house and just checked the attic yesterday and every piece of timber has woodworm in it ...
Wife rang surveyor and told him off, he said he meant that 'localised' only means he checked in one 'local' area.. what a lazy ponce...
If we had known it was that bad we could have got the vendors to hire exterminators or knock at least a grand off the price....
whatever the surveyor says, double check yourself if you can (it's worth the hassle of getting the keys of the estate agent a few times for peace of mind)..
As regards surveyor ,, just a word of warning ,,, we got ours to check the attic for woodworm and he came back and said there was a little bit of localised woodworm and easily treatable... grand ...so now we have the house and just checked the attic yesterday and every piece of timber has woodworm in it ...
Wife rang surveyor and told him off, he said he meant that 'localised' only means he checked in one 'local' area.. what a lazy ponce...
If we had known it was that bad we could have got the vendors to hire exterminators or knock at least a grand off the price....
whatever the surveyor says, double check yourself if you can (it's worth the hassle of getting the keys of the estate agent a few times for peace of mind)..
rustbucket
Registered User
- Messages
- 753
Hi Kopkidda
In the same situation myself and this is the way we have gone about it
1. Sale Agreed (always subject to survey)
2. Booking Deposit
3. Survey Next (as above shop around, I got one for 350, did a house for me before, was very thorough and even came up with suggestions for improvements on different types of budget). In general they only check for basic stuff as above- Roof etc.
4. Solicitor- Most solicitors do conveyancing. Its not particularly hard but at the same time you want to make sure someone is thorough. I got one who is doing it for a fixed fee of €1500 + VAT (any land registry costs etc will be exrta).
5. If you are using a broker they can suggest both a Solicitor and a surveyor but inmy opinion its better to get your own.
6. Pass on all the details of all above to each other and they do the rest.
7. If you are happy with the surveryors report and the bank have valued your property with their own surveyor roughly in line with the sale agreed price or above you are good to go
8. Broker or Bank sends the loan offer for mortgage to the Solicitor
9. Estate Agent send the contract to the solicitor- You sign
10 Solicitor draws down mortgage & pays Estate Agent.
Make sure the Solicitor does not draw down the mortgage until you have signed the contract and an agreed handover date has been confirmed. Have heard a few cases of people having their mortgages drawn down early!
In the same situation myself and this is the way we have gone about it
1. Sale Agreed (always subject to survey)
2. Booking Deposit
3. Survey Next (as above shop around, I got one for 350, did a house for me before, was very thorough and even came up with suggestions for improvements on different types of budget). In general they only check for basic stuff as above- Roof etc.
4. Solicitor- Most solicitors do conveyancing. Its not particularly hard but at the same time you want to make sure someone is thorough. I got one who is doing it for a fixed fee of €1500 + VAT (any land registry costs etc will be exrta).
5. If you are using a broker they can suggest both a Solicitor and a surveyor but inmy opinion its better to get your own.
6. Pass on all the details of all above to each other and they do the rest.
7. If you are happy with the surveryors report and the bank have valued your property with their own surveyor roughly in line with the sale agreed price or above you are good to go
8. Broker or Bank sends the loan offer for mortgage to the Solicitor
9. Estate Agent send the contract to the solicitor- You sign
10 Solicitor draws down mortgage & pays Estate Agent.
Make sure the Solicitor does not draw down the mortgage until you have signed the contract and an agreed handover date has been confirmed. Have heard a few cases of people having their mortgages drawn down early!
Hi rustbucket
Just a few amendments to your list:
4. Conveyancing is not hard - I love that!
8. Broker or Bank sends the loan offer for mortgage to the Solicitor - you are borrowing from the Bank - its the Bank who your solicitor deals with.
9. Estate Agent send the contract to the solicitor- You sign
No - Vendor's solicitor sends the Contract
10. Solicitor draws down mortgage & pays Estate Agent.
No - purchaser's Solicitor now deals only with vendor's solicitor.
"Make sure the Solicitor does not draw down the mortgage until you have signed the contract and an agreed handover date has been confirmed. Have heard a few cases of people having their mortgages drawn down early! "
The Solicitor will never draw down the Mortgage before the contract is signed - that is way too early in the process. The Solicitor draws down the mortgage in advance of closing/completion - and it is hugely important that the funds are in place in advance of that time. It is way too stressful trying to wrestle loan cheques from banks as people skid to the closing date. I agree that the mortgage cheque does not need to be available months in advance but sometimes ( if a closing is delayed) it makes more sense to hold on to the cheque than to return it and go through the aggravation of trying to wrestle it back from the lender.
mf
Just a few amendments to your list:
4. Conveyancing is not hard - I love that!
8. Broker or Bank sends the loan offer for mortgage to the Solicitor - you are borrowing from the Bank - its the Bank who your solicitor deals with.
9. Estate Agent send the contract to the solicitor- You sign
No - Vendor's solicitor sends the Contract
10. Solicitor draws down mortgage & pays Estate Agent.
No - purchaser's Solicitor now deals only with vendor's solicitor.
"Make sure the Solicitor does not draw down the mortgage until you have signed the contract and an agreed handover date has been confirmed. Have heard a few cases of people having their mortgages drawn down early! "
The Solicitor will never draw down the Mortgage before the contract is signed - that is way too early in the process. The Solicitor draws down the mortgage in advance of closing/completion - and it is hugely important that the funds are in place in advance of that time. It is way too stressful trying to wrestle loan cheques from banks as people skid to the closing date. I agree that the mortgage cheque does not need to be available months in advance but sometimes ( if a closing is delayed) it makes more sense to hold on to the cheque than to return it and go through the aggravation of trying to wrestle it back from the lender.
mf
rustbucket
Registered User
- Messages
- 753
My bad!
Good clarification. Cheers
Good clarification. Cheers