Signing contracts on Affordable property - what to expect?

[FTB1975]

Hi Folks,
I'm meeting with my solicitor to go through and sign the contracts on an apartment I'm buying from DCC. I've arranged the mortgage myself so not buying via Shared Ownership.

So for any of you who've been through this recently......I'm just wondering what happens at signing contracts stage, further deposit paid? Management fees to be paid? At what stage do I draw-down the mortgage etc etc. Also anything I should keep an eye out for? Finally, how long on average between signing contracts and getting the keys?

Thanks a mil,
FTB1975

 

[gazza1]

Hey FTB. Congrats on getting a place. Where are you buying do you mind me asking. I'll be in a similar situation to yourself in a few weeks with contracts etc as i'm trying to buy a place in Mellowes Quay, and would really appreciate any info / advice youd have from your experiences.

 

[FTB1975]

Hey,
I thought it was me looking for advice!
I'm buying in Richmond Hall....from talking to my solicitor it would appear that he's not that well up on the AH process...so first bit of advice get a solicitor who's been through the AH purchse before...although I know this advice might be too late.

My broker gace me the gist of it so far is...I sign, unlikley I have to pay a further deposit at time of signing as it's AH, mortgage gets drawn down by solicitor when I get the keys. There's probably more to it than that from the legal side but I just wasn't sure about deposit on signing and how the mortgage bit happens.

Also, one thing I picked up on in Robert Grogan's book.....make sure you get a copy of the lease which is pretty obvious anyway but also make sure any mgmt fees arrears are paid up on the apt...not sure if this applies with AH but if you're development isn't fully occupied I'd definitely be finding out how many units are occupied and how the mgmt fees are apportioned out. As far as I know DCC bought some of these apartments ages ago so I'd imagine they should've been paying the Mgmt fees on them up to the point of sale to us. Can't see it being an issue but then again the process has been so well explained to me by DCC ......