Buying and financing

At some point you may wish to buy a home. Before you decide to buy find out what you can afford. It is important to evaluate all costs involved in buying a home, for example, mortgage costs, legal fees, registration of deeds and stamp duty. The amount of money that you can get as a mortgage loan is governed by central bank lending limits. If you have calculated that you can afford to buy a property, taking all of these factors into account, then you are ready to buy. Conveyance is the legal work involved in buying or selling property. Charges can vary between solicitors, so it is worth contacting several solicitors to compare prices in area. Property websites, auctioneers and estate agents are the main ways of finding property for sale. Sometimes individual sellers advertise their property themselves Newspapers may also have property supplements or publish advertisements for properties for sale.
A seller is under no obligation to disclose defects in a property. You should get a survey of the property to find out if there are any defects before finalising the purchase. Few people can buy a home without getting a mortgage. A mortgage is a long-term loan secured against the property you buy. This means if you don’t repay your mortgage you may lose your home. There are different types of mortgages and different mortgage providers. Contact a number of different mortgage providers to find out who can offer you the best deal. You can get mortgage approval in principle before you start to look for a property; this will let you know how much you have to spend. However, when you find a property you like, you must get formal mortgage approval before you sign the contract for sale. If you sign a contract for sale and subsequently don’t get mortgage approval, you will lose your deposit and there may be other penalties. A private treaty sale is where the property is not put into an auction.
You can contact the seller or the seller’s agent, usually an estate agent, to agree a purchase price. If there is an estate agent involved, once you have agreed to buy the property you may be required to pay a booking deposit to the estate agent. The legal process to buy the property may only start when the estate agent receives your booking deposit. This deposit is refundable up to the signing of the contract for sale. Mortgage provider will give you formal mortgage approval and issue you with a loan pack. You will need to think about mortgage protection insurance and home insurance. You can organise these with your mortgage provider but it is advisable to look around. When your solicitor has checked the contract for sale, you will sign it and pay a deposit less any booking fee. It is important to remember that the estate agent or auctioneer is acting on behalf of the seller and is acting in the seller’s interest.
The contract for sale binds the parties to the completion of the sale. If you withdraw from the sale after this contract has been signed, you may lose your deposit. In the case of new developments this contract for sale usually includes planning agreements as most properties these days are sold and developed by the same company. In almost all residential sales, a contract is simply known as a contract for sale. The completion date will be set out in the contract and the balance of the agreed purchase price will be due on that date. After signing the contract and before the completion date of the sale, your solicitor raises some general queries about the property with the seller's solicitor. Your solicitor makes arrangements for searches to be made against the seller to ensure that there are no judgements lying against the seller, for example, bankruptcy or police searches.
Your solicitor should also conduct a search where the title to the property is held in the land registry to ensure that there is nothing adverse attaching to the property, for example, an outstanding mortgage. Once a sale is completed, your deeds, showing the new ownership details and mortgage details, if relevant, must be registered with the land registry. Your solicitor will continue to assist you with finalising the deeds to your house. There are many things to do when moving house, for example, redirecting your post and changing your details on the electoral register. Each time the ownership of a property changes, a new deed of title is drawn up to record the change. Costs of buying a home as well as mortgage payments, the other costs involved in buying a home can be significant.
Pick your suitable options from many commercial online resources and contact the agents or owners directly, usually by telephone. Housing market in Bratislava is very busy and affordable and good quality offers not last long
Residential property prices vary significantly in time by type of flats and houses and by regions. Bratislava area is the most expensive in Slovakia. A monitoring is available but note that is only showing average value. Individual offers depend on many details of a specific property
Housing loan may be a good solution for you but learn about the current market conditions and regulations first
Chamber of notaries offers more detailed explanation of property law in Slovakia as well as contact details for its members,housingandfamily.aspx