Tips for Buying a House

01. Choosing your ideal new home:

When you decide on the home you wish to purchase and have agreed on a figure with both vendor and auctioneer, the first step toward securing the property, you are required to pay a booking deposit. This comprises of a bank draft or cheque made payable to Michael Pigott Auctioneer & Valuer who hold this as stakeholders on behalf of the clients subject to contracts being signed by both parties. You will be issued with a receipt in return. The booking deposit is paid subject to contract and is fully refundable (unless otherwise stated) up to the point that the contracts are signed.(by both you and the vendor of the property).

02. Choosing a solicitor:

When purchasing a property it is important to decide on a solicitor to act on your behalf during the course of the conveyance. This must be decided on prior to paying the booking deposit. If you have not yet retained the services of a solicitor, Michael Pigott Auctioneer & Valuer will be delighted to provide you with a list of recommended solicitors to choose from. These solicitors are totally independent and will have you, the clients best interests to hand.

03. Applying for your mortgage

Michael Pigott Auctioneer & Valuer highly recommend that you obtain approval in principle before you start looking for your home as this will give you a clear indication of how much you can afford to spend. Michael Pigott Auctioneer & Valuer would be delighted to Quote for your mortgage free of charge. The following tasks will need to be carried out by you.

1. Complete a mortgage application form.
2. Enclose a salary certificate (completed by your employer)
3. Enclose a recent P60 or completed accounts if self-employed.
4. Enclose 3 recent payslips along with:
   1. A 6 months current account statement
   2. A statement of existing borrowings
   3. A statement of personal savings
   4. Photo identification (Driving licence / passport)
5. Other information which may be required for your particular case.
6. After receiving approval in principle you will be required to employ a valuer to inspect the chosen property. The general price region is €150 – €250.

04. Life insurance and building insurance

It is normally a condition of your loan approval that you obtain life insurance up to the amount of the loan you intend to borrow. Building insurance covers you against most forms of damage to your property. This should be discussed in detail with your insurance company to clarify exactly what is covered under your chosen policy. In the event you have yet not acquired an insurance company Michael Pigott mortgage & financial will be only too delighted to recommend a number from our database.

05. Valuation

A valuation survey carried out by the proposed Mortgage Lending Company panel of valuers on the Mortgage Lending Company list.

06. Building Survey

You can choose to have a building survey on the property you are buying, Michael Pigott Auctioneer & Valuer can recommend a number of competent professionals in this field. A basic building survey can cost approximately €300 to €800.

07. Signing of contracts

Once the booking deposit is paid to Michael Pigott Auctioneer & Valuer we will write to the vendor’s solicitor requesting them to prepare contracts and forward same along with title documents to your solicitor. The contract will normally request that you sign within 14 – 21 days of receipt of same by your solicitor however it may take longer in some situations.

Michael Pigott Auctioneer & Valuer cannot emphasise enough the importance of signing the contract within the specified timeframe as the vendor always retains the right to sell to another party. Formal written loan approval is always sent directly to your solicitor.

At this point the non – refundable 10% of the purchase price is paid (to include booking deposit). When the vendors solicitor is satisfied that the contracts are unconditional, the vendor will then be instructed to countersign. They will then return one contract to your solicitor and retain a copy for your records. This is the point in which the property is deemed to be sold. You will be issued a completion date at this point.

08. Closing the deal & receiving the keys of your new home

This is the most important and exciting process of the transaction. Once the sale is ready to close and all parties are satisfied, the final monies will be transferred and the sale will then close. Finally you will receive the keys of your new home.

Michael Pigott Auctioneer & Valuer wish all our customers a very pleasant experience while purchasers and hope the above guidelines help you on your journey to your new purchase.

Buyer’s Guide And Information

Buying property, whether it’s your first time or not, can be daunting. But trust us, it’s not rocket science. With the right advice and guidance, you might be surprised how easy and fulfilling the process is. We are committed to giving buyers honest, professional advice on their purchase, and we’ll be available throughout the buying process to answer any queries or concerns you might have.

Where do I start?

You’ll need to have an idea how much you can afford. In deciding this you need to have a clear idea of what type of property you need, the location you want to buy in and you can refer to the Property Price Register to help you determine the likely cost of the house you have in mind. Speak to a mortgage broker, bank or building society and see how much you can afford. They will confirm if you qualify for a mortgage, how much, and will give you “Approval In Principle” for the loan. Ask them to give you the “Approval In Principle” in writing.

What happens then?

Well, you now know how much you can afford. Call us, or browse our property listings and see if we have any suitable properties in your price range. If we don’t, don’t worry, let us know what you require, and we’ll work our socks off to find suitable properties for you.

When can I view suitable properties?

We will arrange viewings to suit your schedule. We are happy to show you properties after hours, during lunch-break or at weekends. We nearly always have to give 24 hours notice to vendors, so give us a bit of notice!

How do I make an offer?

If you decide to make an offer on a property, we will guide you on what level of offer might be acceptable to the vendor. Remember, we represent the vendor in the transaction, but he or she is paying us to negotiate a sale with you, so we’ll be working with you to agree a deal. If you agree a sale price, then we regard the property as “Sale Agreed”, and you will be required to pay a small holding deposit as a gesture of goodwill, signifying the genuine nature of your offer.

What happens then?

You will need to apply for a mortgage on the property, and your mortgage advisor will assist you with this and the associated insurance policies that might be required. You will also need to instruct a solicitor, who will take care of the legal issues relating to the contract of sale and drawing down the mortgage. You might also need to have the property surveyed by a professional surveyor or architect. This will re-assure you that the property is in good structural condition.

Is the deal done when we agree a sale?

Unfortunately not. Under the laws of conveyance, the sale of the property is not firm until both the purchaser and the vendor have signed and exchanged contracts of sale. Your solicitor will explain the legal significance of this. Up to this point, both purchaser or vendor can withdraw from the sale. It doesn’t happen often, but you should be aware that it can happen. Up to the exchange of contracts, your holding deposit is fully refundable if the sale does not proceed for any reason.

How long does it take for the sale to close?

All going well, a residential sale usually takes about 8 to 10 weeks to close. If a delay occurs, we will do all we can to resolve the matter, working with your solicitor, mortgage advisor or surveyor as appropriate.

(Please note that the following is intended as a general guide to the buying process, and not a legal interpretation of the process. Buyers should take advice from suitably qualified professionals before entering into a property purchase.)