Purchasing Your New Home:

1) Your New Home:

Many houses or apartment that are for sale by public auction or by private treaty can be viewed in the property supplements of the national newspapers. The www.myhome.ie site and our www.savills.ie site are excellent places to find most auction properties.

2) Your Mortgage

You may already have received loan approval in advance of your property search. Alternatively, you can choose the financial institution that will finance your purchase and you will have to complete a mortgage application form. With your application you will also be asked to provide a number of items including:

• A salary certificate (completed by your employer/s).
• Recent P60/s or completed accountant’s report, if self employed.
• Three recent payslips.
• Six months of current account statements.
• A statement of existing borrowings.
• A statement of personal savings.
• The valuation fee (if necessary).
• Photo id (copy of driving licence or passport).

The financial institution will then send out a valuer to inspect your chosen property. If you are attending an auction the financial institution will normally fast track this process. It is imperative that you have full loan approval before attending the auction.

3) Life Assurance

Normally life assurance is a condition of your loan approval. If you pass away your life assurance company will pay off your loan in full, leaving the property mortgage free.

4) Building Insurance

Building insurance is also a condition of a mortgage.

5) The Solicitor

When buying at auction the sellers solicitor prepares a "Conditions of Sale". This is a legal document which sets out terms of sale including the closing date, contents if any, etc. Before attending an auction it is important that you retain the services of a solicitor.

6) Building Survey

Savills always recommended obtaining an independent survey of the property you wish to purchase by a qualified architect, a civil engineer or a building surveyor. The survey should be carried out prior to purchasing your chosen property.

7) Auction Day

Once the property has been surveyed, you have loan approval and your solicitor has satisfied himself regarding the title of the property then it's time to attend the auction. Confirm the address and time of the auction. Many prospective bidders bring their solicitor or auctioneer to represent them at the auction. If a property is withdrawn and there are after auction negotiations, it is often easier to have an independent representative negotiating for you.

At the auction if you are the highest bidder and the property is sold to you, contracts are signed which will be then countersigned by the vendor and the property is deemed sold. The normal deposit payable by the purchasers is 10% (unless otherwise stated). If the property does not obtain a price, which is acceptable to the owners, the property is then withdrawn to the highest bidder. If Savills cannot reach agreement with the highest bidder, then we the agent, have the right to deal with any other parties.

8) Getting The Keys

Your solicitor will requisition the loan cheque from your financial institution and will arrange for an appointment with the seller’s solicitor to pay over the balance of money and receive keys of your new home. Then you’re ready to move in. If we sell your home, your Savills contact will work with you closely throughout the entire process.

Savills hope that the above guide is of help to you at this important time.