Our Complete Guide to
Buying a Property

Sherry FitzGerald
Supporting you every step of the way
Buying a new home is an exciting and rewarding time but the amount of new information you
need to take on board can feel a bit overwhelming. To help you find your way through the homebuying process and find the right property you’ll need an expert by your side - guiding you. That’s
where we come in.
For almost 40 years we have been helping buyers just like you all over Ireland. We have moreexperience in this field than any other agent in the country, so we are confident that with ourSales team and Mortgages team by your side, you will benefit from that experience and local
knowledge.
We understand that there are different categories of buyer and that each stage of the buying
process will be a personal journey. Knowing this we have tailored our Buyers Guide to meetyour needs in one step-by-step handbook. From mortgage preparation to moving in, you’ll findeverything you need to know in one handy guide.

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Step 1. Starting the journey
You may have already started to ‘look around’ and thisis an important first step as you get ready to start yourjourney. Now would be a good time to register your needs
with us and outline what’s important to you, this way you
gain access to an experienced specialist with an in-depth
knowledge of the location you’re considering. It’s also agreat way of keeping up-to-date on any new properties ofinterest as they become available.

Four types of buyer – which one are you?
•First-Time Buyer – a person who is making their firstpurchase of a property. Our guide on the Help-to-Buy(HTB) incentive outlines how they could qualify for a
tax refund of up to €20,000 on a new home•

Investor – a person who buys a property as aninvestment with the intention of earning a return
either through rental income, the future resale of theproperty or both. An investment property can be along-term or short-term investment•

Overseas – typically a buyer who is looking to either
invest in property in Ireland or has decided to relocate
here or return home•

Upsizing / Downsizing – buyers looking for a larger orsmaller property as their needs change and they findthey need either more or less space than before. Our
free Market Appraisal service will guide them on thevalue of their property

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How we can help
You can begin your search by contacting any of our offices, or visit
sherryfitz.ie to register for our exclusive buyer portal mySherryFitz where
you will have access to a range of features such as booking viewings online,
keeping track of activities on your favourite properties and much more.
At any time using our online platform, you can amend and adjust yourrequirements. Whether you’re a first-time buyer, an investor, upsizing or
downsizing, we will work hard to find the right property for you and will keep
in touch on a regular basis.

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5In Ireland there are three main ways that properties are sold1.

For Sale by Private Treaty is where the sale of a property is agreed at a price negotiated directly
between the agent and the purchaser

2.

For Sale by Public Auction can suit very distinctive or rare-to-market properties where competitive
bidding is probable. It can also help to speed up the purchase when time is a factor and is often used forbusiness-to-business customers. Unconditional contracts are signed and a 10% non-refundable deposit ispaid on the day.

3.

For Sale by Discreet Selling is a private approach whereby an agent will contact pre-qualified buyers toview a property which isn’t publicly going to the market

The cost of buying a home
Perhaps the hardest part of the buying process is in figuring out how you will be able to finance your purchase.
Aside from the actual purchase price you will need to consider the other costs involved so that you are fully
prepared and won’t face any hiccups further on in the buying process. These will include such things as legal
fees, structural survey costs if necessary, moving costs and the cost of furnishing your new home. But first you
need to establish which way you intend to finance your purchase and there are typically three ways to do this.
1.

Cash Buyer – you do not need a mortgage to make a purchase, however you will be asked by the estateagent to provide proof of funds in the form of a letter from your bank, accountant or solicitor

2.

Subject to Finance – like the majority of us you will probably need to take out a mortgage to buy aproperty. You will need to demonstrate mortgage approval from your bank, broker or accountant, dated
within the past 6 or 12 months depending on your provider. (See Step 2. Getting mortgage ready)3.

Subject to Sale – you have a property to sell and will be using the funds from the sale to buy anotherproperty. Where appropriate, ensure you advise the estate agent on the status of your own sale as it may
influence your future purchase6

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Other costs to consider
Initial Booking Deposit – normally between 2 - 5% of the purchase price, this will be payable to your agent
once your offer is formally accepted. This is fully refundable up until the point where contracts are signed
Deposit Balance – the balance of 10% of the purchase price, less your initial deposit is payable once you
have signed the contracts, at which time it becomes non-refundable
Stamp Duty – this is a charge that the Government applies to the purchase of residential property. For
properties up to €1,000,000 it is 1% of the purchase price. For properties over €1,000,000 it is 1% up to the first€1,000,000 plus 2% on the figure in excess of that amount. Stamp Duty is paid to the solicitor at the closing
stage of the sale and it is important to note that this figure is not covered within your mortgage amount
Structural Survey – estimated costs €300
Bank Valuation – estimated costs €150
Annual Service Charges – (typically on apartments and some housing schemes). Where there are sharedamenities and communal areas it is normal for a management company to be in place to maintain thecomplex. The charge for this service is covered by your annual management fee
Solicitors Fees – this can be a flat fee or a percentage of the purchase price. This is a cost that you may beable to negotiate when you appoint your solicitor
These costings can all add up to a considerable amount so it’s important before beginning your property
search that you get an idea of all the costs associated with buying your dream home

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7Step 2. Getting mortgage readyIf like most people you require a mortgage to purchase your home, an experienced broker can offer you somuch at this stage. Getting that all-important mortgage can be a difficult and sometimes lengthy process so
you will need the help of an informed advisor who will make you aware of any potential pitfalls and obstacles.
You will be faced with many choices and questions during this stage. Should you choose a fixed or variableinterest rate mortgage? How much can you borrow? How long will it take you to pay off the loan? Your
independent broker is there to advise you on each of these issues. So now is a good idea to start getting
mortgage ready and putting yourself in prime position to secure that loan. Read our guide on Getting
Mortgage Ready.

Questions to consider early in the mortgage process•

Are you in permanent/regular employment with a steady income? To get a mortgage you must havecompleted any probationary employment period and you should be at least 6 months (but preferably
12 months) in continuous employment•

Can you demonstrate your ability to repay? For example, by showing a strong savings history and strong
payment history on a monthly basis•

Can you show your lenders some evidence of savings which demonstrates solid financial planning on
your part and an ability to manage money?

•

Have you started gathering key documentation? This includes 3 months’ / weeks’ payslips, 6 months’
current account statements, 6 months’ saving bank account statements/Credit Union statements,
12 months’ loan account statements for all existing loans including existing mortgages and a recent P60
for all parties involved

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How we can help
At Sherry FitzGerald Mortgages, we understand that securing your mortgage is one of the biggest financial decisions
you will make and that it is a challenging, complex process. To get the best deal possible, you need an expert byyour side who you can count on every step of the way.
Get in touch with us today on 1850 3000 30 or email financialservices@sherryfitz.ie and give yourself the best
possible chance of getting the right mortgage for you.
Also on sherryfitz.ie you can use our online mortgage calculator and access our guide to Getting Mortgage Ready.

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9Step 3. Location is key
With your finances in place and your search criteria registered with us, it’s time to consider your search.
By now, you probably know how many bedrooms you are looking for and the general area you’d like to live
in. In the property world, it’s often said that your new home is the right combination of what you want, what
you can afford and what is on the market.
Whether you are looking for a detached house with a garden or a city apartment, try to imagine living there.
Is there a possibility your family needs will change in the coming years? Location is also a major factor andwill be your primary consideration.

Key location issues to consider•

Get to know your neighbourhood – try and visit your chosen area at different times of the day and night.
It’s also a good idea to visit at weekends when people are out and about•

Schools, hospitals, sports clubs and public amenities – make a note of how well-serviced your new area is•

Other local amenities – what are the shops, supermarkets, restaurants, parks and pubs in the area like?

•Transport and infrastructure – find out if the area is well-serviced by public transport and take note of thefrequency and quality of services•

Distance to and from work and family – how much time are you prepared to spend travelling to and fromwork every day or to visit loved ones?

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How we can help
Any of our branches will be happy to provide
you with information about the local area. To
find a branch, visit our website sherryfitz.ie.
We’re also on hand to answer any queries you
might have at any of our offices nationwide.
Please call in to discuss your needs, we’re here
to help.

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Step 4. The shortlist
It’s time to put together your shortlist and narrow down your options to those properties that tick as manyboxes as possible, it’s not always the case that you will find an exact fit, so decide which elements you could
live without.
While the photos and floor plans you view on digital platforms will give you a good idea of a property, seeing
the house for yourself is essential. It’s not only the criteria that needs to fit, it’s also the feel you get when you
walk into a property that is every bit as important.

Viewing checklist
1.

Lighting and natural light in particular is very important, so if you arrive and the lights are on during thedaytime, turn them off to see how much natural light is available

2.

The configuration of the property might not be to your liking but before dismissing it, it’s worth asking
the opinion of an architect to see if it could be changed and what approximate costs would be involved

3.

Garden / balcony orientation is important if you like the sun on your outdoor space so check with us at
the viewing

4.

What’s included in the sale? Check if kitchen appliances, carpets and curtains are included in the asking
price or are they negotiable? The answer may have an impact on what you’re prepared to offer

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How we can help
While we have supplied you with some guidelines on what tolook out for during a property viewing, we also have dedicatedresources online to equip you with the knowledge to get themost from your viewing.
Visit sherryfitz.ie and get our complete Viewing Guide.

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Step 5. Choosing a solicitor
Most importantly, you need to choose a solicitor with knowledge and experience who understands yourneeds. By and large, the conveyancing process (transfer of legal title from one person to another), is standard
throughout the country but what can make all the difference is the help and expertise of a proactive, engaged
and experienced solicitor.
Keep in mind that if you are buying a property at the same time as selling your existing property, it makes
sense to appoint the same solicitor for both transactions. This should result in a smoother, faster process.
Very soon, you will need to be able to supply your solicitor’s details, so choosing one is something you should
prioritise. A starting point may be to seek recommendations from friends and family and search online forproperty specialists in your area. Try and narrow down a shortlist to three and then get in touch with each
one individually. When choosing your solicitor, there are three key questions you need to ask.
1.

Has the firm got a dedicated conveyancing department and if not, what level of experience do they have?
A firm with a dedicated unit will likely ensure a smoother process on one hand. But on the other hand,a good personal connection with a solicitor you trust is paramount2.

How is your fee calculated? Some solicitors charge a flat fee and others require a percentage of the saleprice so make sure you confirm this with them in advance3.

What information do I need to provide them with? An experienced solicitor will make you aware of whatpieces of information and documents you need to be gathering together to get the process started

How we can help
If you are having difficulty finding the right solicitor tomeet your needs, we would be happy to provide youwith a list of suitable and independent local solicitorsfrom which to choose one.
Please visit sherryfitz.ie to contact your local office.

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Step 6. Making an offer in a Private Treaty Sale
Once you have found the property that is right for you, you’re hopefully now ready and in a position to makean offer – having secured loan approval if needed.
It’s important to present yourself as a credible buyer throughout the viewing process. By corresponding
efficiently to any queries and having all your documents organised, you will be seen as an engaged andserious buyer which may give you an advantage if multiple offers are being received on your chosen
property. It’s also important to remember that buying a house can be an emotional process so try not to pin
all your hopes on just one property.
Before you make an offer make sure all your queries have been answered. If you haven’t had a second
viewing now is the time to do it and if you’re still not ready to make that offer but you are interested be sure
to contact the agent and let them know of your intentions and buying position.
•

When you’re ready to make an offer, contact the estate agent and they will take your offer verbally but
you may be also asked to confirm it in writing via email or by regular post•

In your offer, confirm if there any conditions attached like a ‘subject to survey’ option or similar•

Be ready to supply all the important documents like mortgage approval or proof of funds•Your offer will then be registered and relayed to the vendor, any other bidders, viewers and third parties•

Await the response with the hope that your offer will be accepted and you can move on to the next stage– ‘sale agreed’

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sherryfitz.ieBuying at Auction
If you are interested in a property that is going for sale by Auction you will have a defined period of time inwhich to have your affairs in place prior to the sale date. Once you have viewed the property and decided
that it’s the one for you, there are a number of steps to follow to ensure that you are fully prepared on the
day of Auction. By buying a home at Auction you are skipping the sale agreed period of a private treaty sale
and will be asked to sign contracts on the day.

What you need to do before auction day
1.

Check the AMV (Advised Market Value) which is a guide figure outlined by the estate agent. On the dayof the Auction, the vendor will set a reserve price – this is the price below which they will not sell theproperty

2.

Survey – to ensure that the property is structurally sound you need to get a surveyor to inspect theproperty for you, so that in the event of a successful bid you know exactly what potential work may need
to be addressed

3.

Contract & Title – you should seek legal advice through your Solicitor on the Title and Conditions of Saleof the property to make sure that you are happy with any small print or detail that may be included aspart of the contract

4.

Mortgage – if you need to arrange a mortgage it is very important that you are mortgage approved andare in a position to present a letter as evidence of a binding offer from your lender on the day of the
Auction5.

Deposit – you will be required to pay a 10% deposit of the purchase price on the day, to a minimum of€5,000, so you should have monies ready to ensure that the purchase will proceed successfully

6.

Pre-register your intention to attend the Auction through an Auction registration form and ensure thatyou have made yourself familiar with any terms and conditions

7.

Keep in touch with the estate agent throughout the sales campaign so that you are kept up to date withany changes that may happen, such as the property being withdrawn or sold prior to the Auction date. It
is also advisable to keep looking at alternative properties to keep your options open

8.

Be prepared, and before the Auction set yourself a realistic financial limit beyond which you are notprepared to bid as it can be easy to get carried away in the bidding process, especially when you areemotionally invested in a property

For further tips and advice on buying at Auction please see our comprehensive guidewww.sherryfitz.ie/buying-at-auctions

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Step 7. Going ‘Sale Agreed’
If your offer is successful the estate agent will be in touch to say that your offer has been accepted by thevendor and following this conversation you will receive a sales advice letter from them, usually both by postand email.
This is also sent to your solicitor, the vendor and the vendor’s solicitor. In this document, the agreed purchaseprice, any conditions of sale, any items included in the sale, the estimated signing and closing dates andcontact details of all parties, will be outlined.
Keep in mind that the closing date on the sales advice note is an ideal date that all parties are working
towards but it can be subject to change.

What you need to do now•

Booking Deposit – this is normally between 2 - 5% of the purchase price, you should make the booking
deposit payable to the estate agent by cheque, bank transfer, bank draft or postal order. It is fully
refundable up until the point at which you sign a contract•

Structural Survey – organise a structural survey on the property within a few days of going sale agreed.
You will need to cover the cost of the survey and your solicitor or bank may request to see this report•

Bank Valuation – you will need to have an independent bank valuation completed. The bank or lender
will provide you or your broker with a list of their panel of valuers and you will need to cover the cost•

Solicitor – provide your agent with your solicitor’s details upon acceptance of an offer. It is important you
keep in regular contact with your solicitor, and the estate agent will keep in contact with the vendor andtheir solicitor to ensure the sale is kept on track18

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Step 8. Signing and exchanging contracts
While you are very close to securing your new home, there is still some administration that needs to becompleted. It is important to keep in contact with your solicitor on a regular basis to get updates on contracts
and have any queries answered. Keep in mind that while all parties will aim for a certain date at the start ofthe sale agreed process, there may be delays which are simply unavoidable. Our experience shows that themore communication between you and your solicitor there is, the more efficient the process will be.

Contract signing and exchange – step-by-step•

The vendor’s solicitor will forward contracts to your solicitor upon receipt of title•

Your solicitor will review the contracts and may respond to the vendor’s solicitor with some questions(pre-contract queries)•

If you are taking out a mortgage on the property you will need to secure a ‘Letter of Loan’ offer from yourlending institution or bank before contracts are signed and the balance of the 10% deposit is paid•

The balance of the purchase price is due on the day the sale closes. Again, if you are taking out amortgage before any funds can be drawn down you will need to have house insurance and life
assurance in place with an experienced Financial Services provider•

It is a good idea to try and arrange transfer of funds to the vendor’s solicitor 3 - 5 days in advance of theclosing date to avoid any delays

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How we can help
For more than 15 years, Sherry FitzGerald Mortgages
has been providing independent mortgage andfinancial advice to property buyers and sellers and arerecognised as one of Ireland’s leading brokers.
We can work with you to find the best deals on houseinsurance and life assurance to ensure this stepgoes smoothly and that all conditions of the loanoffer are met so that there are no delays in funds
being issued. Contact us on 1850 3000 30 or email
financialservices@sherryfitz.ie

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Step 9. Closing the deal
Almost there - before transferring funds to the vendor’s solicitor
it is likely that your solicitor will advise you to carry out a ‘preclosing’ inspection - this normally takes place on the day of, or
before closing. This will make sure the house has been cleared by
the vendor and is in an acceptable condition for closing – this isarranged through your estate agent.
One final thing you need to do is to collect details on the utilities
and this information is usually passed between the solicitors.
To prevent services being disconnected, open your new utilities
accounts within 10 days of taking ownership.

Remember to collect the following utilities
information...
• MPRN: (Electricity Meter Point Reference Number)• GPRN: (Gas Point Reference Number)• WPRN: (Water Meter Point Reference Number)

When your agent receives confirmation from the solicitor thatthe inspection has been completed and all is in order the sale will
officially close. You can then arrange to collect your keys from theestate agent.
That’s it, you’re all done. Congratulations! Now you can lookforward to enjoying your new property and remember we’realways here to answer any questions or deal with any concerns
you may have.

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Warning: If you do not keep up your repayments you may lose your home.

Warning: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on.

Mortgage Insight DAC t/a Sherry FitzGerald Financial Services, Sherry FitzGerald Mortgages is regulated by the Central Bank of Ireland.

PSRA No. 002183