Glenveagh Marina Village
Felton Mc Knight are delighted to welcome the Glenveagh Marina Village development to Greystones.
This is an exciting development for Greystones adding new families and vibrancy to our village.
We know how wonderful it is to live here and look forward to welcoming new residents to our existing culture and mix of nationalities.
If you are prospective purchaser here are a few tips on how to procure a mortgage and become a first time buyer
There are 9 things you need to know about purchasing property in Ireland.
1. Shop around for your mortgage prior to placing any offers on a property. Know exactly what the bank will offer to you and what deposit you should have saved/made available in respect of the balance and don’t forget your legal bill also. Since the introduction of the new Central Bank lending criteria your power to borrow may be somewhat diluted:
The New Rules: Loan to Value (LTV) for principal dwelling houses (PDH)
There are different limits for different categories of buyers:
PDH mortgages for non-first time buyers are subject to a limit of 80 per cent LTV. This means that you must have 20% of the purchase price as a deposit upfront.
For first time buyers of properties valued up to €220,000, a maximum LTV of 90 per cent will apply. For first time buyers of properties over €220,000 a 90 per cent limit will apply on the first €220,000 value of a property and an 80 per cent limit will apply on any excess value over this amount. This means if you purchase a property for less than €220,000 you only need a 10% deposit up front and can borrow 90%. However if the purchase price is over €220,000 you must have 20% deposit of the balance e.g. purchase price €250,000 – you must have 10% of the first €220,000 i.e. €22,000 and 20% on the balance of €30,000 which is €6,000 which in total is a deposit of €28,000 on a property priced at €250,000
You will note that this does not take account of your legal bill in respect of the purchase which will include Professional Fee, VAT, Outlays such as stamp duty (1% of purchase price up to €1,000,000), registration fees, searches etc. You will need to have this in addition to the deposit outlined above.
Your bank/broker will be happy to assist with you with this when you approach them. There are different offers available from different banks at present e.g. 2% cash back on your mortgage amount etc. so make sure you approach as many lenders as possible and allow time to do so.
2. I wonder when I need to appoint a solicitor for the transaction and how do I know I have chosen the right person for the job?
The reason to get advice at an early stage is that you have someone who is on your side from the beginning. You will deal with auctioneers whose job is to sell the property to you. Remember they are acting for the Seller and not the Purchaser and their aim is to secure the purchase for the Vendor.
Your solicitor will have experience from other sales and purchases and can be relied on to give you independent advice. If you are a total beginner experience can count. For example, if you intend to purchase in a particular area your Solicitor may have knowledge from a previous sale or purchase in that area which may be useful.
3. Are there issues about that area that you might not be aware of?
Your Solicitor will stress to get the property surveyed.
Your solicitor will always check the title to make sure all is in order. In particular planning issues: Were there any extensions/alterations made to the property since it was built? Was planning permission obtained to carry out the work and was it sufficiently certified by a qu