LATEST PROPERTY NEWS AND QUESTIONS 15-May-2024
BANKS & HOUSE REPOSSESSIONS: MAYO
15th May 2024
Purchasing a repossessed house in Ireland involves navigating certain legalities that are unique to such transactions. Here are some key legal aspects to consider:
Clear Title:
Ensure that the property has a clear title. This means verifying that there are no outstanding liens, mortgages, or legal issues that could affect ownership. A thorough title search is typically conducted during the due diligence process.
Auction Legalities:
If the repossessed house is being sold at auction, familiarize yourself with the auction process. Be aware of any specific terms and conditions set by the auctioneer or the financial institution facilitating the sale.
Legal Representation:
Consider hiring a solicitor or conveyancer with experience in property transactions to guide you through the legal process. They can review legal documents, ensure compliance with regulations, and provide legal advice.
Due Diligence:
Conduct extensive due diligence on the property. This includes property inspections, reviewing planning permissions, and checking for any potential legal issues or disputes.
Property Registration:
Ensure that the property is registered with the Property Registration Authority (PRA) in Ireland. Registration provides legal recognition of your ownership rights.
Mortgage and Financing:
If you require financing, work closely with your lender and legal professionals to secure a mortgage. Ensure that all mortgage-related documents are thoroughly reviewed and understood.
Contracts and Agreements:
Review all contracts and agreements carefully. Ensure that you understand the terms and conditions of the sale, including any special conditions that may apply to repossessed properties.
Title Deeds:
Obtain and review the title deeds for the property. These documents provide important information about the property's ownership history and boundaries.
Compliance with Building Regulations:
Verify that the property complies with building regulations and planning permissions. Non-compliance could result in legal issues and may affect the property's value.
Occupancy Status:
Clarify the occupancy status of the property. If it is occupied, understand the rights and responsibilities associated with dealing with tenants or former owners.
Stamp Duty:
Be aware of stamp duty requirements. Stamp duty is a tax on documents related to property transactions, and it's important to factor this cost into your budget.
Registration of the Sale:
Ensure that the sale is properly registered with the PRA after completion. This is a crucial step to officially transfer ownership.
Completion Process:
Understand the completion process, including the timeline for finalizing the sale and transferring ownership. This often involves the exchange of contracts and the payment of the purchase price.
Local Authority Compliance:
Check for compliance with local authority regulations. This includes zoning laws, environmental regulations, and any other local requirements.
Insurance:
Arrange for home insurance to protect your investment. Some insurers may have specific requirements for repossessed properties.
It's crucial to seek legal advice throughout the entire process to ensure that you are fully informed about the legal implications of purchasing a repossessed house in Ireland. A qualified solicitor can guide you through the complexities of property law, assist with document reviews, and help ensure a smooth and legally sound transaction.
15th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
Open a separate savings account specifically for your home purchase. This can help you keep track of your progress and prevent you from dipping into the funds for other purposes.
|
Before making an offer on a property, you'll need to obtain formal Approval in Principle (AIP) from a lender. AIP confirms that you are pre-approved for a mortgage, which is a crucial step in the homebuying process. Your AIP typically remains valid for 6 to 12 months.
|
Manage Your Finances Well: Avoid late payments and manage your accounts wisely, as your credit history is essential.
|
What is the standard variable rate?
A standard variable rate is the lender’s variable rate that you’ll switch over to when your fixed rate period ends. It’s usually very expensive, so shop around and switch to a cheaper deal.
|
Mortgage arrears arise for a number of reasons, from redundancy or from major illness or from bad planning of your personal finances.
Obviously in today's recession, mortgage lenders are fully aware that increasing numbers of people are facing problems repaying their mortgages and it is better that you contact them first to let them know that you will be missing a repayment.
Above all else, do not ignore the issue because the mortgage lenders definitely won't.
|
If you don't feel you can explain or deal with the mortgage lenders yourself, try and get someone that can help you, talk you through the options available and write letters on your behalf .
|
Compare interest rates from different lenders. Even a small difference in interest rates can have a significant impact on the total cost of your mortgage over time.
|
Do you need a mortgage broker?
No, you don’t have to use a mortgage broker (mortgage credit intermediary) but a broker can be really helpful when you are starting out on your mortgage journey.
In circumstances where it’s harder to get a mortgage, for example, if you have poor credit a broker can find specialist mortgage lenders that are more willing to lend.
|
Copyright © 2007-2024 Irishhouses.ie All Rights Reserved
IrishHouses: Mortgage Debt, Arrears and House Repossession
Disclaimer: Although we will do our best to provide you with correct details, information provided is subject to errors or omissions. IrishHouses.ie is a private blog on the subjects of mortgage debt, arrears and house repossession in Ireland.
We are not affliated with any organisation or private company and all advice and information provided on our website should be checked with the individual companies or organisations involved.
Recent Articles:
Copyright © 2007-2024 Irishhouses.ie All Rights Reserved