Buying or selling a property is a significant financial transaction and you want to make sure you get the best advice. At Dundon Callanan we have many years of experience in dealing with property transactions and we will guide you through the process.
We can assist you with property sales, property purchases, re-mortgaging or switching lenders, long possession applications and applications for first registration in the Land Registry.
Your first step is to secure approval in principle from your lender. This gives you your budget for house hunting as it lets you know how much the lender is willing to lend you based on your circumstances. Once you have this in place you can begin looking for your new home.
When you find a property and your bid is accepted you will pay a booking deposit to the auctioneer. This booking deposit is fully refundable if you change your mind up until the point where you have signed your contracts.
You can now apply to your lender for a loan offer specific to the property you have chosen.
Once you have paid your booking deposit and we have received your Contracts from the solicitor for the seller, we recommend that you go ahead and have the property surveyed by a qualified surveyor to be sure that there are no structural issues affecting the property. You buy the property in the condition it is in and the principle of caveat emptor or buyer beware applies so be sure that you are completely happy with the condition of the property and all boundaries prior to signing contracts.
Once we have received satisfactory replies to all of our pre-contract enquiries from the solicitor for the seller, and once you are happy with the results of your survey, you may execute your contracts. Once the contracts are signed you will be required to bring the booking deposit already paid up to 10% of the purchase price and the deposit becomes non-refundable at this point.
You will need to make sure that everything is in place with your lender to draw down on your mortgage and complete the purchase. This usually includes items such as life assurance, house insurance, valuation by the bank and signing all payment mandates etc. The bank will not release the funds to us to complete the purchase until all theses items have been attended to.
Once we get your loan funds from the bank we will go ahead and complete the purchase. We will generally meet with the solicitor for the seller and we give them the funds and they give us all of the title documents. We carry out closing searches, file a stamp duty return and lodge your application to have you registered as owner of the property. We will then send all of your title deeds to your bank until you have paid off your mortgage.
Enjoy your new home!
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