Buying a property involves a number of stages and we have outlined below a brief summary of what is involved.

Arranging a mortgage

Whether you are a first time buyer or moving to a new home you will probably need a mortgage. The first step is to select a mortgage provider and receive approval in principle for the required amount.
When you locate your ideal property the lending institution will arrange for a valuer to view the property and if necessary commission a surveyors report. Provided these reports are in order you are now in a position to make an offer. This offer can be made personally to the Estate Agent or through your solicitor and will be subject to contract. If you have not yet carried out a survey or valuation the offer will be conditional on these reports being satisfactory.

If you are a first time buyer and the property fits the criteria for a New House Grant you will need to check with your mortgage provider whether they will pay the amount as part of the loan cheque or if you need to claim yourself. Link here to Housing Grants area.

Choosing a solicitor

While most solicitors can act on your behalf when purchasing a property it is worth ensuring that the solicitor you choose employs a conveyancing specialist. It is important that documents are examined thoroughly so that when you go to resell in the future all deeds and title issues are in order. Solicitors fees tend to be in the region of 1.5% although this may vary and may or may not include costs.


Types of Sale

Private Treaty

A house being sold by private treaty will have an asking price and the prospective purchaser will make an offer based on their valuation of the property. At this point the estate agent will be accepting offers and the next step will depend on the number of other parties interested and the level of bids being received. Should your bid be accepted this contract is not binding until formal contracts have been issued, signed and exchanged by both the buyer and seller and a deposit has been paid.

Auction

The majority of residential property within easy distance of Dublin city centre tends to be sold through auction. It is important to remember that a lot of groundwork must be done prior to the auction bearing in mind that you may not be successful in buying the house on the day. Costs incurred will include solicitors and surveyors fees and you need to ensure that loan approval is already in place. Should you be successful a deposit (normally 10%) will be required on the day with the balance on completion. If for any reason you cannot complete the sale this deposit is at risk.


Insurance

Lending institutions will insist on both Property insurance and life cover. The lender will require proof that the property has adequate cover and also that the borrower or borrowers have life assurance normally in the form of a mortgage protection policy.