C
ct_roy
Guest
Hi all,
First off, this forum has been a real eye opener and educational experience for all that goes with buying property on our wonderful little island.
While some of the stickies and key posts have been very useful for general background info and cost details etc, I have yet to see a definitive checklist of events that need to take place to close a property.
I think this would be really useful for us FTB's.
Personally, I'm about to place a booking deposit on an apartment tomorrow and have yet to get full mortgage approval OR appoint a solicitor (found a great apartment and just HAVE to go for it asap)
I'm concerned that I'll miss something or won't have time to do all the necessaries in the window to avail of freebies the developer is offering for 14 day turnaround of signed contracts (freebies are free fridge/freezer, washing machine/dryer, cooker.) And I have to balance that against snag lists, valuations, getting mortgage approval. etc! (deep breath!)
so, i'm making an initial stab at an ordered todo list for an FTB to use as their template for buying a home. Please, please, please point out my mistakes and use your years of experience to correct my glaring mistakes.
also, as time is always a factor with these things, what will be the most time consuming tasks, what risks are there. (i.e. if my snaglist is not completed, will i lose my freebies because i refuse to sign within window provided by developer? etc.)
here goes:
1.) get finances in order (booking deposit, main balance deposit 8-10%, salary certificates, p60, bank statements - 3months)
2.) know your mortgage limit (discuss with broker or apply for approval in principle directly to mortgage provider)
3.) find your ideal property
4.) negotiate/agree intention to buy with estate agent
4.5) place booking deposit (3-5k normally)
5.) you inform mortgage broker of intention to purchase
5.5) - you decide on mortgage repayment preference (e.g. fixed, variable, tracker, current account etc.)
6.) appoint your solicitor
7.) inform estate agent of solicitors details
8.) estate agent forwards contract/paperwork to your solicitor
9.) solicitor informs you of receipt of contract
10.) you appoint surveyor for snaglist (or DIY!)
11.) you get formal approval letter from mortgage provider for loan amount
12.) your lender will conduct an independent valuation of your property
13.) your snaglist report will be presented to the developer
14.) your developer resolves all items on snaglist (hopefully)
15.) you sign contracts with your solicitor
16.) solicitor sends off signed contracts with proposed close date
17.) you pay balance of deposit (10 or 8% minus initial booking deposit)
18.) remaining conveyancing tasks are complete - NOTE: I'm in a grey area here - please help! - i dont know if all these should happen before step 16/27
19.) at completion date, loan is drawn for outstanding balance from your mortgage provider.
20.) You get your keys and close!
First off, this forum has been a real eye opener and educational experience for all that goes with buying property on our wonderful little island.
While some of the stickies and key posts have been very useful for general background info and cost details etc, I have yet to see a definitive checklist of events that need to take place to close a property.
I think this would be really useful for us FTB's.
Personally, I'm about to place a booking deposit on an apartment tomorrow and have yet to get full mortgage approval OR appoint a solicitor (found a great apartment and just HAVE to go for it asap)
I'm concerned that I'll miss something or won't have time to do all the necessaries in the window to avail of freebies the developer is offering for 14 day turnaround of signed contracts (freebies are free fridge/freezer, washing machine/dryer, cooker.) And I have to balance that against snag lists, valuations, getting mortgage approval. etc! (deep breath!)
so, i'm making an initial stab at an ordered todo list for an FTB to use as their template for buying a home. Please, please, please point out my mistakes and use your years of experience to correct my glaring mistakes.
also, as time is always a factor with these things, what will be the most time consuming tasks, what risks are there. (i.e. if my snaglist is not completed, will i lose my freebies because i refuse to sign within window provided by developer? etc.)
here goes:
1.) get finances in order (booking deposit, main balance deposit 8-10%, salary certificates, p60, bank statements - 3months)
2.) know your mortgage limit (discuss with broker or apply for approval in principle directly to mortgage provider)
3.) find your ideal property
4.) negotiate/agree intention to buy with estate agent
4.5) place booking deposit (3-5k normally)
5.) you inform mortgage broker of intention to purchase
5.5) - you decide on mortgage repayment preference (e.g. fixed, variable, tracker, current account etc.)
6.) appoint your solicitor
7.) inform estate agent of solicitors details
8.) estate agent forwards contract/paperwork to your solicitor
9.) solicitor informs you of receipt of contract
10.) you appoint surveyor for snaglist (or DIY!)
11.) you get formal approval letter from mortgage provider for loan amount
12.) your lender will conduct an independent valuation of your property
13.) your snaglist report will be presented to the developer
14.) your developer resolves all items on snaglist (hopefully)
15.) you sign contracts with your solicitor
16.) solicitor sends off signed contracts with proposed close date
17.) you pay balance of deposit (10 or 8% minus initial booking deposit)
18.) remaining conveyancing tasks are complete - NOTE: I'm in a grey area here - please help! - i dont know if all these should happen before step 16/27
19.) at completion date, loan is drawn for outstanding balance from your mortgage provider.
20.) You get your keys and close!