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A step by step guide to purchasing your secondhand home by Private Treaty Sale.
1) Choosing Your New Home
When you have decided on the home you wish to purchase and have agreed on a price, inclusions and an agreeable completion date (the day you will take possession), you will be required to pay and an agreed booking deposit. This will be given to the DNG O’Sullivan Hurley representative and you will receive a receipt in return. All deposits must be paid by either cheque or bank draft, as for security purposes cash will not be accepted. Unless otherwise stated this deposit is refundable at any time until contracts are signed by you and the seller of the property, with the balance of the full deposit paid which in virtually all circumstances is 10% of the full purchase price.
2) Choosing your Solicitor
In order to purchase a property it is necessary to retain the legal services of a solicitor. On payment of a booking deposit or immediately thereafter, you will be required to nominate a solicitor to act on your behalf. If you do not have a solicitor retained, DNG O’Sullivan Hurley will be delighted to provide you with a number of recommended firms for you to choose from. These solicitors are completely independent and will always act in your best interests. If you already have your own solicitor, we do not wish to intrude on any relationship you may already have.
3) Applying For Your Mortgage
You may have already received loan approval in advance of your property search. Now that you have actually purchased, it is time to commit to your chosen lender. We would always advice employing a suitably qualified independent mortgage broker who deals with the leading lending institutions to act on your behalf in this important decision. Our sister company GMC Mortgages are Dublin’s largest retail mortgage broker and can offer you a full range of mortgage services and source the best deal in the marketplace. If you are already loan approved through another broker or financial institution let GMC Mortgages prove themselves by trying to beat your current rate. It may cost you a few minutes but could save you thousands.
When you have chosen the financial institution that will finance your purchase you will have to complete a mortgage application form. This form will require your personal and financial details and information on the property you wish to buy. When submitting your application you will also be asked to provide various enclosures which will normally include, salary certificate (completed by your employer/s), Recent P60s or completed accountant’s report if self employed, 3 recent payslips, 6 months current account statements, statement of existing borrowings, statement of personal savings, valuation fee (if necessary) and photo id (copy of driving licence or passport) along with other information that may be required for your particular case.
After receiving all your information the financial institution will approve you in principal and then send out a valuer to inspect your chosen property. The valuation report is sent to the institution and once they are satisfied they will issue written loan approval.
4) Life assurance
It is normally a condition of your loan approval that you obtain life assurance up to the amount of the loan you intend to borrow. This is also a prudent measure as if you pass away the loan you have obtained will be paid off in full by the life assurance company leaving it unencumbered for your beneficiaries. We would advise that you speak to your own lender, life assurance broker or a member of our team at GMC Life & Pensions for further details.
5) Building Insurance
It will also be a compulsory condition of your mortgage that you hold an adequate level of building insurance prior to taking out your mortgage. This is an important form of protection, which will cover you against most forms of damage to your property. Contents insurance is also available with this style of insurance policy. We would advice that you speak to your own lender, life assurance broker or a member of our team at GMC Life & Pensions for further details.
6) Signing Contracts
DNG O’Sullivan Hurley will then write to our client’s solicitor and request them to forward formal contracts together with copy title documents to your nominated solicitor. The contracts will normally request that you sign within 7-14 days of receipt by your solicitor. It is extremely important to sign and pay the required additional deposit, which in virtually all cases is the balance of 10% of the purchase price, prior to the 7-14 days (or other specified time period) deadline elapsing, as whilst the seller always retains the right to sell the property to another party, the chances of this will be diminished should you sign within the specified time. Formal written loan approval is also issued directly to your solicitor. It is usual that you would sign this at the same time as signing contracts. However, in some cases sellers will accept signed contracts subject to receiving loan approval within a specified number of days. Once the seller’s solicitor is happy that the contracts are unconditional with the full deposit paid they will get the seller to countersign the contracts and will then return one contract to your solicitor and retain one copy. The property would then be deemed to be sold.
7) Building survey
It is always recommended that you obtain an independent survey of the property you wish to purchase by either a qualified architect, civil engineer or building surveyor. It is always recommended that you have the survey carried out prior to purchasing for your chosen property at auction.
8) Getting the keys
Now that you are ready to move in to your new home there is little for you to actually do apart from waiting for the completion date to arrive. Your solicitor will be working away in the background ensuring that everything is going smoothly. Your solicitor will request the loan cheque from your financial institution in good time for the closing of the sale and will arrange for a specific appointment with the seller’s solicitor to pay over the balance of the monies and receive keys of your new home on your behalf.
DNG O’Sullivan Hurley will do whatever is possible to ensure the purchase of your home is as simple and straightforward as it should be. Our staff are available to you at every stage of the purchase process and will endeavour to help and assist in any query that may arise. We hope that the above guide is of assistance to you at this very important time.
Please be aware that this guide is for second hand properties only purchased by private treaty sale from DNG O’Sullivan Hurley. As other agents offer different services one cannot assume that their systems are similar to those represented in this guide.