Step 2: Engagement
This page contains a detailed description of Step 2 of the 12-step property sale process
You have now successfully engaged your solicitor. Your solicitor will now open a case file for you and start the conveyancing process.
There are many reasons why it's important to get legal advice from a practising solicitor and member of the Law Society. From employment law to family law, from making a will to buying a home and much more, when you talk to a solicitor you avail of a range of benefits and protections unique to the solicitors’ profession.
The benefits are many and include:
Excellent education and training
Life-long professional development and training
High professional and ethical standards
Insurance and Compensation
Legal professional privilege
You now need to inform the estate agent of your solicitors contact details. Furthermore, please ensure that all your ID documents including proof of address and your DaftAssist authority email are sent to your solicitor so they can be added to your file together with the quote.
Before you start bidding on properties, try to get ‘approval in principle’ for a mortgage first so you know how much you can borrow. This way you know the price range of properties you should be looking at and how much you can afford to pay for your new home.
Contacting lenders and advisers
You can apply for a mortgage in two ways:
Directly to the lender (banks, building societies, certain credit unions and retail credit firms who are not banks or building societies) – you deal directly with the lender.
Through a financial adviser or broker – they deal with the lender on your behalf.
Before you start you may want to get financial advice so that you know you are making the right choice. If you want to use a broker, you can get a list from the Central Bank’s registers website – but make sure you know what type of adviser you are using, how many lenders they represent and what they will charge you.
What documents do you need to apply?
Photo ID: such as a valid passport or driving licence.
Proof of your current address: such as a household bill in your name.
Proof of your income: your latest P60 and at least three recent salary slips.
Evidence of how you manage your money: bring current account and loan account statements for the previous 12 months.
You can also use other documents to prove your identity and address. It’s a good idea to keep photocopies of any documents you give to your lender or broker.
Tips when applying
Don’t panic and take the first mortgage you are offered. Apply to a number of lenders and if you are offered more than one mortgage, compare the rates carefully. Keep your eyes open for better offers from other lenders. Use our mortgages shopping around checklist to help you. Don’t be seduced by ‘freebies’, like free legal expenses or discounted insurance without looking at the mortgage as a whole. Introductory and first-time buyer packages can save you money in the short term but remember to consider the long-term costs when the ‘introductory rate’ runs out.
Your solicitor will now exchange details with the solicitor from the other side and contracts and a copy of the Title Deeds will be sent for review. The Title Deeds for the property are usually kept at the bank which holds the current mortgage over the property. Once these have been received by the seller's solicitor, they then draft the contract.
Reviewing the Title Deeds generally involves carrying out an investigation to ensure no other party has any interest in the property other than the Seller. This is one of the most important aspects of the transaction and both sets of solicitors will take great care to ensure this is done to the highest possible standard.
Both your solicitor and the seller's solicitor will exchange details and once contracts have been exchanged you will be updated.