You have been successful in receiving your mortgage in principal and are now ready to start looking for your new home: The following steps will aid you through the process to getting your keys to your new home.
- Get your life cover in order. Mortgage protection is compulsory and medical evidence can take time to underwrite. Have the plan in place or you won’t be allowed to draw down funds. This is one of the most unnecessary causes of delay in getting a mortgage.
- While you are looking for a property, you should also organize a solicitors to do the ‘conveyancing’ – this is the legal work to transfer ownership of the property from the developer to you. When reserving a new home the estate agent will ask for your solicitor’s.
- To secure the home you will be required to pay a Deposit (can vary from €3,000 -€15,000) show proof of finance/ mortgage in principal and issue your solicitors details when reserving your intended home.
- The agent will issue the terms of the sale to the developer solicitors and contracts will be issued to your solicitor. You can normally expect your solicitor to be in receipt of contracts with 5-10 working days from when you’ve issued solicitor details.
- Inform your bank that you have reserved a house. You can now arrange for a valuation. Your lender will want a professional valuation completed on a home before they formally agree to lend you the money to buy it. You may need to hire a professional valuer yourself, or your lender may have a valuer they use. The valuer will send their valuation to your lender who will base their formal loan offer on this valuation.
- Your bank will send a copy of your formal letter of offer to your solicitor, along with other legal paperwork, so you should meet with your solicitor as soon as possible after getting your letter of offer.
- Typically, the developer will request that contracts are returned signed within 21 days from the date of issue.
- Assuming your solicitor is happy with the contracts you will sign two copies.
- You will pay a deposit – usually up to 10% of the purchase price less any booking deposit you have paid. Your solicitor will return both copies to the developer’s solicitor with the deposit. At this point you have legally agreed to buy the property.
Snagging the Property
- When your house is complete your solicitor will receive a “completion notice??? from the developer. As soon as you receive this, it is important you arrange to have a ‘snag list’ drawn up. This is a list of minor incomplete jobs or things that you want put right.
- The customer service team at Bridgedale will communicate with you the relevant contact details to arrange your snag on site.
- You can make a snag list yourself, but it is recommended that you hire an architect, engineer or chartered surveyor who will have experience in this area and knows what to look for when snagging new homes. Once the snag list is complete, you give a copy to the builder. The builder will then work on fixing all the snags.
- You will do a final inspection of the property to make sure that all the snags have been fixed. You can do this on your own, or with the person you hired to do up the snag list.
Closing The Sale
- Once you have signed off your snag list, both solicitors will arrange for a final “closing date???, the remainder of the money must be paid, which means all the paperwork and approval for your loan must be completed and returned to your lender by your solicitor.
Getting Your Keys
- Once the developer’s solicitor confirms the sale has officially closed and are in receipt of all monies, our customer service representative will notify you that the keys can be collected.
- The property is officially yours. It is also now your responsibility to make sure that the property is safe and secure, so even if you are not moving in immediately you should still visit the property. You should also make sure you have insurance in place.
- Meter readings will be taken on the day the sale closes and the Developer will arrange to take the bills out of his name and put into your name.