We have over ten years experience in buying houses and apartments. We provide transparent costs. We give straight forwards forms, to ensure that the process is as stress free and straight forward as possible. We take care of the drawdown of the mortgage. We offer a range of flexible appointment options. We offer video consultations to discuss your contracts and mortgage documents. These can be booked online at a time that suits you. There is ample free parking outside our office at the Bryanstown Centre, Drogheda.
I take the stress out of the legal process. I provide clear advice and information at the start of the purchase, so you know what to expect.
After the booking deposit is paid, what happens next?
We have 10 years experience in property law and we can answer all your property law questions.
The booking deposit and name of solicitors acting for the purchasers is given to the estate agent. Then the estate agent prepares a sales advice note, detailing the agreement reached. That is then given to all parties, the developer’s solicitor and the buyers and their solicitor. When the developers solicitor receive it, they will send the Contract for Sale to the purchaser’s solicitor.
It usually takes 2-3 weeks for the full loan offer to arrive also. It is not advisable to sign the purchase contracts, before the loan offer arrives. The loan offer needs to be reviewed, to ensure that all conditions can be complied with. The bank will send the full loan legal pack to the solicitor.
What's in the Contract for Sale?
This document is a combination of a contract to buy the site and employ the developer to build the house. All contracts to buy a new build property are structured this way. This is the case, even if the house is completed. This structure gives contractual warranties to the buyer about the condition of the finished house.
The Contract will have all of the details of the agreement, the house plans and specifications, special conditions and general conditions that apply to all transactions. Have a look at our videos below, that give further details about what’s in the contracts.
What's not in the Contract for Sale?
There is no date in the Contract for when the house will be ready or when the buyer will get keys. The completion date of the house is defined in the Contract as when it is agreed the house is ready or the buyer is notified that it is ready. The the closing date (the date keys are given) is 14 days from that notification, under the Contract.
People often ask about what the contracts says about when the house will be ready. Have a look at my video explaining how the Contracts deals with this aspect of buying a new build property.
What happens after Contracts arrive?
The following documents are reviewed and discussed with the purchaser: Contract, map, Folio, Planning documents, plans and specifications for the house, , provisional BER certificate and advisory report, management company documents.
The balance of the 10% deposit is given to the buyer’s solicitor. It will be transferred to the developer’s solicitor and two signed Contracts will be posted also. The developer will sign both Contracts, keep one and return one signed Contract to the buyer’s solicitor. At this point there is a binding Contract in place.
How is the Help to Buy Scheme contribution paid?
Given the access number and claim number to the estate agent as soon as it is available. Give the solicitor the amount you anticipate to received from the HTB. This enables the solicitor to calculate the balance that is due to make up the 10% deposit when signed contracts are sent to the developers’ solicitor. The HTB payment usual comes off the balance of the 10% . When the Contract is returned to the buyers’s solicitor, signed by the developer, then it is emailed to the buyer.
The buyer then uploads the signed Contract to ROS . A new claim number will issue beginning with C. That is given to the estate agent to be given to the developer. The developer then submits that code on ROS. Usually the HTB payment will be made by Revenue to the developer 5 working days later.
What happens before you get keys?
The mortgage funds will be drawn down from the bank a few working days before the completion date. In order for mortgage funds to be released, the life policy/ Mortgage property policy, update to date valuation, direct debit mandate and home insurance must be submitted to the bank.
Buyers will send in a surveyor to the house to do a snag list of the property. The surveyor will prepare a report (snag list) and give this to the developer. When these works are complete the parties agree the house is completed.
What happens after the completion date?
The stamp duty will be paid by the solicitor. The current rate for a new residential property is 1% of the VAT exclusive purchase price. Purchasers have to give their PPS numbers to their solicitor, in order for the stamp duty return to be done through ROS.
Have a look at my video explaining how the stamp duty is calculated for a new build property.
What happens on the completion date?
The buyer’s solicitor transfer 90% of the purchase price to the seller’s solicitor by EFT. The buyer’s solicitor order judgment and property searches. The seller’s solicitor sends the original title documents and closing documents to the buyer’s solicitor. These are reviewed by the buyer’s solicitor.
When the developer’s solicitor receives the funds and the documents and searches are checked by the buyer’s solicitor, both parties confirm they are happy complete the transaction. The developer’s solicitor will call the estate agent or site foreman and confirm the sale has closed. The estate agent or site foreman will then be authorised to release the keys to the buyers. The buyer’s solicitor will confirm to them where the keys are available to be collected from.
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How is the ownership registered?
The change of ownership and mortgage documents are then sent to the Property Registration Authority. This usually takes a few months to complete. This is because the property is being registered and mapped for the first time. Then a new folio (deed) will be available showing the new registered owners of the property. If the buyers got a mortgage, then the bank’s charge will be registered on the deed also. All original title documents are then given to the bank as security for the mortgage.
When the stamp duty return is done through Revenue, this notifies Revenue that the buyers have bought a new property. A Local Property Tax ID number when then be generated by Revenue. There is no Local Property Tax liability due until the 1st November in the calendar year that the ownership was registered in.
Tips about buying a new build property
Make sure you know the stamp duty and Land Registry fees. These fees will be paid to your solicitor in advance of completion.
Check the house is registered with Homebond and has ten year warranty.
Help to Buy Scheme
Upload the signed contract to ROS. Then give the Access number and Claim number to the estate agent and your solicitor.
Carry out a snag list before the balance of the purchase price is paid.
Purchasers sign the purchase deed after completion. Your solicitor will then submit the change of ownership application to the Property Registration Authority.
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