# Timelines & Process between sale agreed and sold?



## grotty (15 Feb 2015)

Hi All,

I'm looking for a little clarity on what happens after you go "sale agreed" on a property please. I know that giving timelines for these steps might be difficult but even if I could get some estimates that would be brilliant. Time really is of the essence for us so any advice on how to speed things up would be much appreciated too.

By way of background; We have approval in principle for the mortgage and the rest of the funds ready to go. As soon as we went sale agreed I gave the Estate Agent our solicitors details,paid the booking deposit etc. I asked our bank to send their valuer and lastly I let our solicitor know.

thanks in advance,
G


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## Bronte (16 Feb 2015)

grotty said:


> . Time really is of the essence for us so any advice on how to speed things up would be much appreciated too.


 
Why is time of the essence for you?  How fast do you want it?  You don't have mortgage arranged, your solicitor hasn't even got contracts, and you never know how long vendors can string things out if they have a mind to.  Might be best not to make time of the essence.


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## jim (16 Feb 2015)

Bronte said:


> Why is time of the essence for you? How fast do you want it? You don't have mortgage arranged, your solicitor hasn't even got contracts, and you never know how long vendors can string things out if they have a mind to. Might be best not to make time of the essence.


 
I dont know Bronte why you are questioning his desire to wrap this up as soon as possible. It makes sense to me that he would want this. I have experience of the vendor dragging the process out and therefore it makes even more sense to me that you would persure the purchase with an element of haste so as to not let the process drag on. Worst case scenario is the vendor pulls out but its bettewr they pull out after a mnth or 2 than afetr 6 mnths of stringing you.



grotty said:


> I'm looking for a little clarity on what happens after you go "sale agreed" on a property please.


 
I ma no expert in this Grotty, but I think once you have done the tasks that you have donme you need to be making sure the bank has the mortgage in place so I would chase this up and also get life assurance and home insurance put in place. your bank should be able to guide you on this.


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## Bronte (16 Feb 2015)

Because in my experience property transactions are one of the most stressful things people will ever complete and putting time constraints will put solicitors, bankers and vendors in bad moods and the purchaser too.

Look at the other poster in the other thread who paid deposit, signed contracts and is out of pocket.  And then there is the poster last week who is in a chain of three, all closing on the same day.

And the OP needs to arrange life and house insurance, you'd be amazed how the little things can scupper the process.  And goodness know what the bank will want from him in their paper requests.  Trawling through personal acccounts and the like.


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## grotty (16 Feb 2015)

Thanks for the responses 

Jim great advice, I'll start looking into Life/Home insurance today.

Bronte - speed is a factor for a number of reasons; but I think Jim nails it on the head too when he talks about trying to avoid this dragging on for longer than it has to.

All- I found a great resource on citizens info site to help answer my question

http://www.citizensinformation.ie/e...ying_a_home/steps_involved_buying_a_home.html


Thanks,
G


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## pele10 (18 Feb 2015)

grotty said:


> Thanks for the responses
> 
> Jim great advice, I'll start looking into Life/Home insurance today.
> 
> ...


Thanks for this link. Came in to ask a lot of questions and most are answered in here.

In terms of a new build, would the draw down of the mortgage, paying stamp duty and closing only happen after the snag list is completed?

In our scenario we have paid a booking deposit of 8k. At what stage in the process would we need to pay the full 10% or so of the purchase price. Is this at contract signing or at the closing?


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## Butter (18 Feb 2015)

Normally you pay 10% (less booking deposit already paid) when you sign contracts.

To the OP - Approval in Principle is a long way off the official loan approval being issued so make sure you get full approval on the property ASAP.

Life assurance can take longer than you think so get working on this.

In my recent experience you have no control over when the vendor issues you with contracts. In our case it took three months after going sale agreed but now they are applying pressure on us to sign.

If it's a new build be very wary of builder's promises for the completion date. We bought new houses twice in the past & what the builder called complete & ready to snag was very far from complete.

I realised today after a chat with my solicitor that I can only do so much to complete the selling & buying process that I am involved in. Once I have done everything that I can do, it's in the hands of solicitors. I would suggest that once you have done everything you can do then accept that you may not be making the final decisions on the time-frame & don't let it stress you.


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## grotty (24 Feb 2015)

Just thought I'd keep people in the loop with how I am progressing....

My solicitor is pushing the vendors solicitors for *deeds*, the vendors solicitor says it typically takes *8-10 days* for this. Good to know.

I had a very strange chat with the lending institution where by they said even though I have AIP until April, they need me to go through the application process again. I can't seem to get a clear answer as to why this is but I have resubmitted my paper work etc. again. 

My surveyor has been an all is well;  my lending institution though still haven't instructed someone to value it despite me sending a cheque 10 days ago. 

Posting this from an information point of view more than anything else, but would be interested to hear if anyone has an opinion on the lending institution requesting another mortgage application even though there is no change in my circumstances


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## Butter (24 Feb 2015)

Approval in Principle is not a formal offer. It sounds like they want extra info before issuing the formal loan offer. Have you had to resubmit all the documentation again or just some specific info?


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## grotty (3 Mar 2015)

Butter said:


> Have you had to resubmit all the documentation again or just some specific info?


 Yes, new form - full set of bank records, CC statements, P60, Salary slips, letter from employer. The only thing they haven't requested again is proof of identity


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