Four Professionals Involved When Purchasing a Property
by Julie Delany – Senior Lending Manager | Walsh Group
The mortgage application process and the purchasing of a home or property can often be quite daunting, especially for first time buyers. With most house purchases, there are four primary professionals that you will require. Here is our simple guide to outlining who those professionals are and their roles in the process.
- Mortgage Broker
- Property Valuer
- Property Surveyor
Prior to you starting your property search, it is advisable to have your Mortgage AIP (Approval in Principle). Your mortgage broker is essentially the middle man between you and the lender. They will set out all options available to you from the suitable lenders, and assist you with your mortgage application, which will lead to the mortgage AIP.
You will need a solicitor to carry out all the legal aspects of the property purchase. This process is called conveyancing. It is your choice which solicitor you choose to act on your behalf. A recommendation can certainly be made, if you need it.
The mortgage lender will require a valuation to be carried out on your chosen property. The valuation report will state the value of the property, the condition of the property, and the reinstatement value, which is the amount it should be insured for.
A surveyor looks at the structure of the property, and any issues such as dampness, cracks, plumbing, electrics, etc. It is generally recommended that a surveyor’s report is completed, not only for your own peace of mind, but it may also be requested by the lender. The most common reason would be if the property is more than 100 years old.
The house purchasing process can take some time, and it is important to use professionals, preferably that you trust. It is advisable to get recommendations, we can provide them to you, or ask your friends and family who they used, if they have bought a property previously.
If you are looking to discuss your mortgage options, please contact us on 021 425 5822 to arrange a meeting, or send me an email directly at email@example.com and I would be happy to advise you accordingly.