Before signing the contracts for buying a house, you should deal with the following matters. If you are purchasing at an Auction, then these matters need to be sorted prior to attending the auction.
1. Arrange appropriate finance to take account of all possible expenditure
This will include:
• Full purchase price (to include booking deposit, 10% contract deposit and final balance)
• Legal fees and outlay
• Stamp Duty
For General Residential Stamp Duty rates, Click Here
• Building survey
• House/Building insurance (from date of contract)
• Mortgage and associated outlay costs
• Life Assurance/Mortgage Protection
• Costs of improvements/extension/completion of house (if applicable)
2. Be in receipt of Final (unconditional) Loan Offer
• Finance arranged for Booking Deposit (if applicable)
• Finance arranged for contract deposit (10%)
• Bridging Finance, where necessary
• Stage Payments, where necessary
3. Be aware of the Description and condition of the Property
• Have a surveyor or engineer confirm that the property on the map corresponds with what you understand to be included in the purchase. It is important that the boundaries of the site are agreed and confirmed prior to formal contracts being signed.
• Have an Engineer carry out a full structural survey and report of the House (this is essential when purchasing a second hand property).
• Obtain the relevant BER certificate and report.
What is a BER Certificate? Click here
• What contents if any, should be included in the contract.
• Confirm that the property is serviced by the Local Authority (or otherwise) and what are the responsibilities/ liabilities which attach to the services.
• Is the contract subject to certain planning permission requirements?
• Is the property or area subject to development/planning restrictions, Compulsory Purchase Orders (CPO's) or road widening schemes? Check with the relevant Local Authority planning department.
• Confirm that all easements or rights of way are agreed