This week, Denise Cassidy of Denise Cassidy Solicitors discussed the legalities of purchasing a property. Denise and her team offer assistance on a wide range of legal matters.
Congratulations on having your offer to purchase a property accepted! Here’s what comes next:
Booking Deposit
Pay a refundable deposit (5% of the purchase price) to the Auctioneer to go “sale agreed.” Provide your Solicitor’s details to the Auctioneer so we can receive the Sales Advice Note, outlining sale specifics like the parties, price, and property. Once Contracts are signed (10% deposit paid), both parties are fully bound.
Mortgage Approval
Ensure Mortgage Approval is ready. After your offer is accepted, inform your Lender of the property details and Solicitor details to receive the Letter of Offer and loan pack (sent to you and your Solicitor).
Contracts & Queries
Vendors’ Solicitors can take around 3 weeks to send us Contracts and title deeds. We will raise queries about the property once received. Simultaneously, you are advised to have a property survey carried out. Once queries are resolved, you sign the Contracts, transfer documents, and loan pack with us and pay the final 5% deposit. You must activate your Life Policy and secure home insurance before funds are drawn down. A valuation must be dated within 4 months of funds release.
Closing
We will transfer the balance purchase monies and apportioned Local Property Tax (LPT) to Vendors’ Solicitors and the Vendors’ Solicitors send us the closing documents. Once all title deeds and transfer documents are received, and searches explained, the sale closes—collect the keys from the Auctioneer and celebrate!
Post-completion
Your Solicitor handles the Stamp Duty (1% residential; 7.5% non-residential), registers your ownership with the Land Registry, and sends Title Deeds to your Lender. We would also advise you to consider making a Will within 6 months of the application finalising with the Land Registry (free for clients).
Additional Schemes
The Help to Buy (HTB) Scheme: This is an incentive for first-time property purchasers. It will help you with the deposit you need to purchase or self-build a new house or apartment. You must purchase or self-build the property to live in as your home.
The First Home Scheme (FHS): This is a shared equity scheme where the government and participating lenders pay up to 30% of the cost of the new home in return for an equity share in the property. The scheme is open to first-time buyers as well as those who’ve owned a property before and suffered insolvency or a relationship or family breakdown.
Check out their website at denisecassidy.ie or their Facebook page to see what services they offer in more detail, and you can call their Mullingar office on 044 9362017 to discuss your legal affairs. Denise Cassidy Solicitor will be more than happy to assist you.
