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The purchase and sale of properties continues to be, for most people, the single biggest financial transaction that they will enter into. It is important that clients have the reassurance of a committed team, whose primary aim is to ensure that the client receives independent and practical advice while, at the same time, bringing the transaction to a conclusion in line with the clients' expectations. The vast majority of our property business is either repeat business or referrals from our existing satisfied clients.
Buying a home is likely to be the single biggest purchase made by any individual and in the case of a first purchase the most important. It is vital that the property turns out to be both a suitable home and a wise investment.
Most first time buyers have little idea of the steps involved, the details to be considered or the cost to be incurred in purchasing their first home.Dillon Solicitors hope that this commentary provides most of the answers to the questions that you, as a first time purchaser, are likely to ask.
Our guide follows the main steps involved in buying your first home:
The first step is to decide on the type of house you want, location and, most importantly, the price you can afford to pay. You should check nearby facilities such as shops, transport, schools etc.
You also need to consider the surrounding environment to ascertain road plans, green belts and other developments. This can be gleaned from a visit to the local Planning Office.
Once you start to look at houses it is important to make a list of your particular requirements. The following are some factors which should be considered:
In the vast majority of cases it will be necessary to borrow to buy your house and it is advisable to discuss your requirements as soon as possible. Some financial institutions will give you preliminary approval even before you have decided on a particular house. The following is a short list of details which will need to be addressed at the outset:You will need to supply details of your income and any savings to your lending institution. If the loan application is in joint names you should also furnish details of your partners' salary.
When you are buying a new or second hand house we strongly advise that you have a structural survey carried out. In the case of a new house you should arrange for your surveyor to inspect the house at various stages of construction and finally, for the purposes of compiling a snag list, when it has been completed. We can recommend an architect/surveyor to carry out the inspection if you wish.
You should note that the surveyor which the building society/lending institution appoints will only carry out a valuation of the property and not a structural survey or snag list.
Insurance is designed to protect you against certain risks, which affect your house. There are two main risks:
Death of the borrower
To cater for this risk your lending institution will require you to take out a life policy which will provide sufficient funds to pay off the loan in the event of a death. With an endowment mortgage there is automatic cover on the life of the borrower.
Fire and other perils
You must also take out a policy of insurance against fire and other usual insurable risks with an insurance company of repute. It is important to take out insurance cover on both the buildings and the contents.
Once you have decided on a house you will usually be required to pay a booking deposit. We would advise that this deposit be paid through our office so that we can make it clear to the Auctioneers acting for the builder/vendor that this does not bind you in any way and that you are free to change your mind or withdraw from the purchase if you do not get loan approval.
The builders'/vendors' solicitors will then send contracts and copies of the title documents to us. It is our job to check all title documents carefully to make sure that you will be getting a good title to your property.
We will also carry out planning and other searches to see if there are any charges affecting the property and, if so, we will ensure that the property is released from such charge(s) when you pay the balance of the deposit on signing of contacts. It is normal that at the signing of contracts you will have paid 10% of the total purchase price. If you fail to complete the purchase after signing unconditional contracts you may risk losing the deposit and you may also be liable for any loss suffered by the builder/vendor.
During the period between execution of contracts and completion we will:
We will go to the builders'/vendors' solicitors offices and exchange the balance monies due for the title deeds and keys. You now own your own home!
Once the sale has been completed we still have some work to do! Your mortgage documents have to be stamped and your purchase and mortgage deeds sent for registration. When the registration process has been completed we will then send the title documents to your lending institution which will hold them as security until the loan has been repaid in full.
Nearing completion: the last minute checklist
There are significant costs involved in buying a house, apart from the price, which need to be accounted for when deciding what you can afford. They fall into the following areas:
We can provide an indication of all costs on request. Please e-mail us at info@dillon.ie for an estimate.
As the proud owner of your new home, we strongly recommend that you consider making a will. We will take your instructions and draft a suitable Will for you. If you wish we can arrange to have the will kept safely in our Wills safe.
We hope that you have found this guide to be both helpful and informative. More than anything else, it demonstrates the importance of obtaining expert independent advice before making any decisions relating to your purchase.
If you require advice in relation to any of the services listed above or if you wish to receive copies of our client newsletters and / or our business ezines please contact us on 01-2960666 or at info@dillon.ie.