How to Buy Property in Ireland - Typical Time Line.

[@shaneflemingre]

How long have you been house hunting?

[@kittyhui9639]

Ur channel should have more subscribers. Great content . A lot of helpful tips and information! I will start my search after Q3 I think. Not a great time to go hunting now! Just not much out there at the moment.

[@shaneflemingre]

Thank you so much. I would be more than delighted if you shared my channel with friends if you want to help me get more subs :) Yea right now is adding months to the process, I hope you find something soon.

[@dipper1984]

Could you make a video on building your own house on an empty site?

[@edmonpedong4279]

Thanks for all the factual informations. Great video!

[@shaneflemingre]

Happy you found it useful

[@adigo91]

Hi Shane, have been following your videos for a while now. Great breakdown and timeline on buying property in Ireland. Could you do a video on buying commercial real estate as well? Cheers, Adi

[@shaneflemingre]

Hi Aditya thanks for the feedback. Yea I will add it to the list for the next few months. With commercial generally more due diligence is done in advance so once dale agreed it can move faster

[@seanjmurray]

Got my AIP around late September. Went sale agreed shortly after on a property in a nice part of Dublin 22. The vendors are trying to do a simultaneous buy and sell, so there's been no movement since. Kind of glad to be honest, living in the Ringsend/Irishtown area now renting, love the area. Hope to snap something up here soon. There are so many bottlenecks in the market currently, hopefully things pick up in the summer. Thanks for the video Shane.

[@shaneflemingre]

I mentioned it in a video before sometimes the deals you miss out on are godsent. Yea I really like that part of D4, good value that close to town as well.

[@frontleftfender]

Irishtown/ringsend is best locations in Dublin, great amenities and friendly locals, you can't go wrong!

[@orlamccahey1504]

Viewed house in January and got the keys in March.

[@hamster_96]

Thanks for this comment- a ray of hope

[@geoffroyhatty2567]

Great video , thank you

[@plameng117]

Struggling to understand why you have only 2.5k subscribers. You deserve more, try to expand to the US market perhaps?

[@shaneflemingre]

Ha ha I have been thinking the same. Seem like the Irish don’t sub it like that often.

[@GemmaMiss]

@@shaneflemingre Is this why you’ve tagged the video as New York?

[@shaneflemingre]

@@GemmaMiss no

[@frontleftfender]

Thanks for your video Shane. Put house on market September 2019 and sold December 2020. Still looking at houses, the very few that come up! 😀

[@shaneflemingre]

Hopefully there will be more on the market in September

[@guylocal6423]

Buy property in Ireland the probably most stupid in world.To be a property owner in Finland you need only 3 days,to be a property owner in Lithuania you need only 4 days.To be a property owner in Ireland you need up to 12 months.The most interesting thing that even if you have money to buy property in Ireland in most cases you will still have pay 10 months rent.Yes,even if I have money to buy property in Ireland I have a pay rent rent before I will have ownership of the property.

[@gerardstuart3542]

Hi Shane! Can you confirm what searches are conducted on closing day?

[@shaneflemingre]

Hi Gerard they search to make sure no new mortgage or orders were put on the title

[@AaronTohill]

Great video and content on your channel, just subscribed. Thanks :D We went sale agreed in January 2021, our solicitor is still awaiting contracts currently so that obviously means they can't start the due diligence etc which is expected to take about 2-3 months right? Building Survey, can it be done in parallel while we wait on contracts? Any recommendations for a good surveyor?

[@shaneflemingre]

Thanks for the support. You can get the building survey done now while waiting on legals. In terms of recommendations, it depends on where. But would suggest local. The estate agent would be able to recommend a few

[@jaeruskris]

Hi, thank you for your content, its very helpful. Can you shed some light on the shared equity scheme please, I have some questions about it, like can you buy somewhere that isn't in a housing estate? Can it be a house on its own in the country side? What are the criteria needed to avail of that scheme? Like how much of a deposit, your age, your income? Thanks

[@shaneflemingre]

The likelyhood is that it will have to be in a new housing development, one off houses are likely to make the cut. You can look in to the rebuild Ireland scheme. But one off housing is not sustainable and therefore very hard to get planning for.

[@leonienolan511]

Living in a house 17years a extended cottageneeds some updates and possible extension , but I'm so torn as I don't know if I should put money into it or sell and buy something that needs no work , impossible to find anything in the market that matches space I have around present property

[@shaneflemingre]

If the location current works then think around that first.

[@derekdempsey8506]

Trickey but maybe stay,home is where the heart is,and you don't know what you've got till it's gone.House hunting is extremely difficult at the moment

[@fayainz]

Thank you Shane this has been invaluable for me! I’m about to get AIP in the next few weeks fingers crossed 🤞🏻 we have a new development in mind. Any tips on how to secure a booking/viewing and getting my booking deposit down? Do I need to queue from 5am 🤣 it seems like it’s just a mad scramble and there’s not much advice around the actual process. I went to a previous phase launch and it was sold out in the first few hours

[@shaneflemingre]

Hi Derek would make sure you are on the agents email list and they have all your info including funding as it is more likely you will get an email about next phases before they market the open viewing date and time.

[@fayainz]

@@shaneflemingre thanks for the advice! I’m on the mailing list and watching my inbox like a hawk.

[@oguzselcuk8955]

The main question is once the buyer holding it's deposit and decided to pick up a house from the current market, how could it take that much longer such a year process. Doesn't have any example as a shorter purchase? Likewise, I have started to search a flat in Dublin for investment purposes only, and there are options available to bid now. Thank you.

[@shaneflemingre]

A cash buyer could spend up the process a lot. But generally it take time because you have two solicitors and sometimes two banks and their solicitors getting involved

[@oguzselcuk8955]

@@shaneflemingre Thank you very much indeed

[@toledobastos]

Good stuff. Also enjoyed the video about going vertical in Dublin (we can still dream). Speaking of which, what the odds are in your opinion of the area between IFSC and Sherif Street getting gentrified in the short term? In our lifetime? How about the Georgian flats around Mountjoy Square? That sure is a waste or real estate.

[@Irish_Tamizhan]

Hi Shane thanks for the wonderful video I am at the final stage of buying with loan offer and mortgage protection but recently noticed that the property is the 40years old timber frame construction, I know there are many Timber frame construction in recent days but what about 40 years old. I am really afraid to take risk as I am putting all my life savings into it. Please help

[@shaneflemingre]

I would suggest that you get a building surveyor to look at it in detail to help you.

[@shaneflemingre]

I wouldn’t be able to assist without looking a the house

[@guylocal6423]

The buy and sell system in Ireland is most stupid in world ! Lets talk about that !

[@acolleenjones]

How can I find an independent mortgage broker in Cork? I'm searching online, but it's hard to know who is independent and whether or not they are any good.

[@anchor2]

Thanks for the videos Shane. I am a Real Estate Broker in the US so the process is very different from what I am use to. Is the signed contract binding to the Seller or can they back out at any time? Is the deposit held by a neutral party or the Seller? In regards to the company that searches the title...do they give insurance that their finding are correct? I will be moving to Ireland in the near future and need to learn the process. Thanks again.

[@shaneflemingre]

Hi John, thanks for reaching out. Generally, a buyer will pay a booking deposit, approx 2 % of value. This is not binding and can be refunded if either party back out. Once your solicitor reviews the contracts, they review the title, there is no title insurance (unless the title is missing and that is not ideal). Your solicitor will look after the title search. Once your solicitor is happy with the contracts and title they will invite you to sign and pay a 10% deposit, this deposit will be held by the solicitors. Once the seller signs both parties are locked in and either party can sue for none completion.

[@anchor2]

@@shaneflemingre Thanks Shane. So I understand this right. There is a "letter of intent" which explains the offer price, close of escrow etc....which is accompanied by the booking deposit? Then inspections. title search, survey etc.. is completed. Once these items are complete a binding purchase contract is written up. The solicitor is what we call a Real Estate Broker or is this the seller? I'm a bit confused that the solicitor reviews the contract -the Seller needs to review and accept? It looks like the Buyer can loose the money for the inspections at any time before the contract is written, correct? We will be paying cash (no loans)..I am assuming this is a advantage and should speed up the process? Loans are fairly easy to get in the US so cash is not always a huge incentive with offers. Sorry for all the questions I am very versed in California real estate transactions but obviously a bit loss with this situation. Thanks again for your patients.

[@shaneflemingre]

@@anchor2 Yes you are correct, once the letter of intent (sale agreed) refundable booking deposit is paid, you can then arrange for survey and for your solicitor to review the contracts and title. A solicitor is the same as an attorney. Real estate transactions are more complex in Ireland. There is no national title insurance so all the legals need to be checked in detail before the contract can be signed. The buyer can lose out on the survey costs (€400 to €900) generally, the solicitor will not charge much if sale falls through because the seller pulls out. Your solicitor's fees are approx 1 to 1.5% of the value. Plus some search fees and reg fees (€500 to €1000). There are generally no buyer agents, so there are no agent fees for the buyer. If you take on a buyer agents fees are approx 1% or approx. €5000. Cash will speed up the process by about 2 months because the banks are not involved.

[@anchor2]

@@shaneflemingre Ok. Thanks again. We are going back to Ireland again in January to take a look as different areas. Obviously when the time comes for the move we are going to rent first. I see you are in Dublin. We may want to hire you for a consultation if you are up for that. Due to my background in Real Estate I am sure I have a lot more questions than your average person.

[@woodyzzz1276]

Thanks Shane, great content. One question. You spoke about how the buyer will be invited to their solicitor to sign contracts and pay a 10% deposit. If it's the case that the seller is using a 50%, as is the case for me, will I be expected to transfer the entirety of my deposit at this point? If not, when will I transfer the remaining 40%? Many thanks, Rory

[@shaneflemingre]

Hi Rory. I am not sure I really understand. Why are you paying 50% on signing

[@woodyzzz1276]

​@@shaneflemingre Hi Shane, I think I may have unnecessarily overly complicated my question. I'll try again. My LTV is is roughly 50%. Is it the case that I will transfer 10% of my deposit when the solicitor invites me in to sign contracts and I will then pay the remainder of my deposit when the time comes to drawdown the loan from the bank? I'm just a little confused as to the timeline of when I pay my full deposit. Thanks again!

[@shaneflemingre]

Say property it 200k you are borrowing 100k. Your Deposit on signing will be 20k. The 180k will be due on closing, made up of cash and loan. Would see if your solicitor can reduce your liability if anything happens around not being able to draw down loan.

[@woodyzzz1276]

@@shaneflemingrePerfect, I understand now. Thanks Shane!

[@audreyxiaoyu]

Hi Shane , i am wondering is the process of place a booking is refering to the placing a bid in ireland for a house ? From my understanding it should be equivalent as an offer to purchase at a price that the buyer willing to pay right . But from what i know from my aunt who is buying a property in Ireland they have to bid to place highest offer to buy a house in a competitive way which we dont even know is it true or not . BUT from why i understand from PSR website in the event of bidding for the property they have to keep the record for the latest 6 years including unsuccessful bidding from subsale . And also i saw from PSR website real estate negotiator have to provide an advised market value right ? And because i am a mortgage banker myself i understand how valuation works as well eventhough i not in ireland but i do mortgage in the UK . Normally valuer will based on the land register data on transacted price be so normally the variance will be range from 10 to 15% the maximum for a landed property . And difference from 2 bedroom n 3 bedroom provided the same land area and similar built up area it should be not more than 10-15% price also based on data. Please correct me if i am wrong but it should be the similar process in the UK . Above is the problem i found out why have to place a highest bidding to buy a house and agent have not do the proper due diligence on the market value as well . As far as i concern psr data on the value may not reflect the market value but is a transacted price so the market value should not be like 30% . What i mean is i think it is ok if certain value added feature it is fine to have additional value but it cant possible be 30% above market value and there is a contractor charge n fees book of record among valuers as well to calculate to cost . Probably you could do a video to understand the process better and to guide a buyer that they can actually check the data from the PSR website whether the property they are buying is it over value

[@wesnunes8654]

hi there. I live in Galway city which the house price is absurdly high so I was looking around and notice some places like in Kerry area and Sligo are quite affordable... my question is... can I get a mortgage to buy a house (would be my very soon future home) in a different area from where I live? ps. the plan was to get the house and move in about a year after that

[@shaneflemingre]

Hi Wes, you can get get a mortgage anywhere in Ireland, but if you do not plan to live in the property it may raise questions with the bank and you may require a larger deposit. The best place to start is with a local mortgage broker.

[@wesnunes8654]

@@shaneflemingre hi. thanks for replying to me.... the plan is live in the house not straight away since I will need to look for another job in the same area... I was just after reading a post on facebook and it seems my best chance will get the mortgage as an investor... or move to there first and only then apply for the mortgage

[@shaneflemingre]

It is easer to get a mortgage as a first time buyer

[@pablobaroni3085]

Gracias amigo!

[@Christian-mf1se]

Do you k kw what the curret regulations are re. viewings? Is it still the case, that you can only do in person viewings if you are sale agreed already?

[@shaneflemingre]

Still the case until April now. No In person viewings unless sale agreed

[@Christian-mf1se]

@@shaneflemingre Thank you. Brilliant rule that is 🙄

[@barrygallagher3306]

Very helpful!

[@shaneflemingre]

Happy to help

[@madhuv6484]

i am looking to buy 2 bed room apartment can you tell me is that a good idea to buy apartment ? can you suggest some good areas for apartment i am new buyer and need some inputs are appreciated thankyou already

[@shaneflemingre]

You can book a call here calendly.com/shanefleming/need-a-buyers-agent-or-looking-to-sell

[@tubeyou1216]

Why you dont create telegram group?

[@domINkl]

So if i understood this correctly, the (typically about eur.5000 ish) holding deposit is to stop the agent marketing the property whilst there is legal due diligence and optionially a structural survey. Is there a commitment on the part of the seller to sell to this buyer? ....or does that only happen after the 10% deposit?

[@shaneflemingre]

The booking deposit is to mark the property as sale agreed. But noting is final until contracts are signed. An agent shouldn’t arrange views etc once booking deposit is taken. This allows you to complete your due diligence. Once all is good your solicitor will advise you to sign contract and transfer the 10%. At that point all parties are locked in at the agreed price.

[@joydipmaity3306]

Hi Shane I have a question on claiming HTB. Based on the current loan offer I cant claim HTB as the LTV is less than 70%. However bank is willing to revise the loan offer once I get my annual increment this year. So if I sign a contract now and lets say the house will be delivered around end of the year. So that gives me some time to revise my loan offer to 70% or above. So instead of claiming HTB just after signing contract can I claim it later stage when I will have revised loan offer to cover 70% of purchase price? Please suggest.

[@shaneflemingre]

Interesting question, I am not sure I know the answer. It should be based on your draw down but you will need it in place to ensure you can complete the sale. I would suggest speaking to your broker.

[@es9382]

The socialist Republic of Ireland...!