Buying a New Property
EIGHT STEPS TOWARDS BUYING A NEW HOME
If you have already chosen your new home, below is a brief guide to how it all happens. For further information, please feel free to telephone us on 01-8272888.
1. Booking Deposit*
Once you have paid your booking deposit [see info panel below] you will need to give your solicitor’s name to the auctioneer in order that they may instruct the solicitors for the builder to forward us building agreements / contracts for sale and vouching documentation.
2. Loan Approval
In the meantime you should be attending to the matter of Loan Approval and you will need to instruct your Mortgage Broker / Lender of the full purchase price, the property address and your Solicitor details in order that they issue the complete letter of offer of loan approval (i.e. not loan approval in principle).
3. Planning Enquiries
We would also advise at this time that it is important that you make enquiries as to the planning in the area and the likely future development of the locality. The best way to find out this information is to enquire personally with the Planning Department of the Local Authority offices to inspect the planning file and ascertain the development plan, the zoning of the area and any planning application in the local area which may affect the property.
At the relevant Planning Department, you can inspect and ascertain the following:
- The Planning File
- The Development Plan
- The zoning of the area
- Road development
- Planning Applications in the local area
You should attend to any planning queries you may have before execution of Contracts. Once you execute Contracts you will be bound to purchase the property and as you are intending on making the locality your home for many years to come it is important that you are satisfied with any proposed development for the locality.
In April 2012 the Department of the Environment, Community and Local Heritage launched a website myplan.ie providing free access to zoning in some developments and local area plans.
You may wish also to check out this online service to view what information is available there regarding matters such as flooding, census and other information which may be of assistance if it covers the area where you intend to purchase.
4. Contracts for Sale
Once we receive Contracts, we will contact you and when your written loan approval is to hand, we will make an appointment for you to attend at this office for the purpose of executing Contracts for Sale and payment of the balance deposit.
5. Estimate of Completion Date
When the contracts and balance deposit are returned to the builder’s solicitors the agreement to purchase is binding and it is a matter of waiting until the house is completed.
Standard contracts for new houses do not specify completion dates and provide for the house to be completed within 18 months of signing and thus any indication of completion given is an estimate only.
6. Obtaining a Completion Notice
Once the house has been completed, the builder will issue us with a Completion Notice and we will immediately contact you to advise you of the same. We would advise you to obtain the services of an architect/surveyor to draw up a snag list which should be sent to the builder for completion prior to the closing of the sale.
7. Getting your loan cheque
You must also attend directly with your bank/building Society to all items necessary to have your loan cheque issued in time for closing such as your direct debit mandate, house insurance etc.
8. Get your keys!
We will then arrange to draw down your loan cheque and make an appointment to attend at the offices of the builders’ solicitors for the purpose of completion of this transaction at which time our fees will be payable and you will get the keys to your new home!
*BOOKING DEPOSIT ADVISORY
As a general rule, there is no binding contract for the sale/purchase of a property until a contract has been signed by both the vendor and the purchaser.
Before meeting your solicitor care must taken to ensure that you do not unintentionally find yourself in a contractual situation and you should take early legal advice to protect your position when looking to buy or sell a property.
You should not give the vendor or the auctioneer, any documents signed by you, otherwise you may unintentionally find that you have, committed yourself to legally binding agreement without intending to do so.
For this reason, Carmody Moran Solicitors strongly recommend that any booking deposit is paid through your Solicitors.
Your Expert Team
At Carmody Moran Solicitors our experienced family law lawyers are on hand to advise and skilled in handling all nature of divorce.
The two partners of Carmody Moran solicitors have a combined total of in excess of twenty five years professional legal experience. Together with their associates they aim to make the Court process as straight forward and navigable as possible while being on hand to alleviate their clients concerns and worries about going through the Court process.
He has significant experience in personal injury cases and general litigation having handled literally thousands of cases on behalf of clients based in Ireland and abroad.
Niamh manages the family law, conveyancing and probate divisions of the practice. Niamh’s practice of law is extremely varied and she is regularly sought out for her expertise by clients and colleagues alike.