Buying a house in Letterkenny – step by step guideOctober 26, 2016
Buying a house in Letterkenny might look complicated to the uninitiated, but here at Sherry Fitzgerald Rainey we believe in making things as simple as possible. It’s a much less intense journey when you have a clear path – our step by step guide will walk you through each step to owning your own home.
Arrange finance – Preparing your finances is the very first step in buying your home. If you know your budget, the deposit required and the extra fees involved, you’ll be able to take every other step much more easily. Get loan approval in principle as quickly as possible so that when you do find your ideal place, you don’t lose out to someone else who is ready to go.
Look for and find the house that’ll be your home – Finances in place, it’s time to start looking. View as many properties as possible, research and get to know the areas you would like to buy in, view online and in person, and if there’s a house you like find out exactly what is included in the sale. You can register with us to help you narrow your search.
It’s time to make an offer – When you’ve found the home that you love, that ticks all the boxes and is within your price range, it’s time to make an offer. Your agent will put this offer to the Vendor and at this stage there are no legal obligations – you can withdraw the offer if you wish.
Time for the legals – Now it’s time to get your solicitor involved in the process. Processing the sale is known as conveyancing and you’ll need to have budgeted for the legal expert’s fees.
Pay a deposit – Your offer’s been accepted and it’s time to proceed to purchase. At this stage you will need to pay a booking deposit (usually up to 5% of the purchase price). This is refundable if you decide not to go through with the sale (up to the point of signing contracts). At contract-signing stage, the rest of the deposit (up to 10%) is payable.
Agree the Sale – You, your solicitor and the Vendor now receive written confirmation of your intention to buy from the sale agent. Outlined is the agreed purchase price, any conditions of sale, the estimated closing date and contact details of all parties. In the case of new homes/apartments, the builder’s solicitor forwards copies of the contract and the title document to your appointed solicitor when the booking deposit is paid.
Survey – There might seem to be a lot of red tape in the process but this stage makes sure everyone is happy with the sale/purchase. A valuation survey makes sure the bank/lender is happy the property is in good order and worth the money being borrowed. A building / structural survey should also be carried out by a professional advisor to ensure the building is sound.
Finalising the finances – We are almost there . . . just a couple of final financial hurdles to navigate. A ‘Letter of Loan’ must be obtained from the lender and a direct debit mandate completed. This allows the loan to be released.
Signing the contract – Once you put pen to paper there’s no going back. Both solicitors will have examined the contracts and once signed by both you and the vendor it becomes legally binding. A completion date and the handing over of keys will be agreed at this stage.
Completion – The remainder of the purchase price (usually 90%) is now transferred from your solicitor’s account into the Vendor’s solicitor’s account and you are the happy owner of your new home.
We are here to keep you on track and make the process as easy as possible. We’ll ensure everything is handled correctly and as timely as possible.
Give us a call on 074 91 22211, email firstname.lastname@example.org or find us on Facebook @sherryfitzgeraldrainey
Happy House Hunting!