You should review your budget to find out how much you can afford in monthly mortgage repayments. You should ensure that you have enough to cover all of the costs involved in buying a home including mortgage costs, legal fees, insurance and stamp duty. The amount of money you can get as a mortgage and the deposit required are governed by Central Bank lending limits.
You can get mortgage approval in principle before you start to look for a property. This lets you know how much you have to spend. However, when you find a property you like, you must get formal mortgage approval before you sign the contract for sale. If you sign a contract for sale and then don’t get mortgage approval, you will lose your deposit and there may be other penalties.
Get a solicitor:
While you are looking for a property, you should hire a solicitor to do the conveyancing which is the legal work involved in buying or selling property. Your solicitor will ensure title, compliance etc. are in order.
Find a property:
Property websites and estate agents are the main source to find available homes. Ensure you view as many as you like – remember “it costs nothing to look”.
When you decide on the right property for you it’s time to make an offer and possibly negotiate on the price. Generally, once the offer is accepted the purchaser will then pay a booking deposit ((refundable until contracts are signed) to the agent.
Once your offer has been accepted and your loan/mortgage has been approved you will need to appoint an engineer or chartered surveyor to inspect the property for you. The Society of Chartered Surveyors Ireland (SCSI) is the professional body for chartered surveyors.
Sign the contract for sale:
The contract for sale binds the parties to the completion of the sale. If you withdraw from the sale after this contract has been signed, you may lose your deposit.
Closing the Sale:
After signing the contract and before the completion date of the sale, your solicitor raises some general queries about the property with the seller’s solicitor – this is called Requisitions on Title. When your solicitor gets a satisfactory reply to Requisitions on Title, they will draft a Deed of Conveyance which is then approved by the seller’s solicitor.
Once the Deed of Conveyance is approved by the seller's solicitor, your solicitor will contact your mortgage provider to request the approved loan cheque. This is the remaining balance of the purchase price. It is paid to the seller’s solicitor and all documentation, and keys to the premises are handed over to your solicitor.