Once you have sale agreed the purchase price of your property you will be asked to pay a booking deposit to the Auctioneer selling the property. At this point you should engage a Building Surveyor in order to carry out a survey of the property.
Before entering into any contract to purchase a house or before thinking about purchasing a property at auction you should ensure that you have sufficient funds to finance the purchase of the property to include legal fees, outlay and stamp duty. We will provide you with a written breakdown of all legal fees, outlay and stamp duty due on the purchase.
If you are obtaining a loan to purchase a property it will be a condition of your loan offer that a valuation report is obtained. Your Bank will appoint a valuer to value the property.
Your Solicitor will fully investigate the title to your property and raise pre-contract enquiries that will identify any issues that might arise. Once your Solicitor has satisfactory replies to pre-contract enquiries and you have the necessary funds in place your Solicitor will invite you to sign Contracts. You will be expected to pay a non-refundable deposit upon signing of Contract representing the balance of 10% of the purchase price of the Contract ( less any amount already paid to the Auctioneer). The deposit cheque will be forwarded with the Contract to the vendors Solicitor who will hold the deposit pending completion.
It will be a condition of your loan approval that you take out Buildings Insurance in respect of the property and it may be a condition that you take out Life Assurance in respect of the loan. Regardless of whether you are obtaining finance your Solicitor will advise you to take out Buildings Insurance on the property.