Lurganboy, Drum, Co. Monaghan

Larmer Property are delighted to bring to the market this rural property with potential, located at Lurganboy, Drum P.O., Co. Monaghan.

Extending to approximately 1.13 acres (0.46 hectares) contained in Folio MN19075, the property comprises a compact, triangular plot of land featuring a highly dilapidated derelict house.

The lands are contained within one single lot, benefiting from extensive road frontage and dual, independent access directly onto two minor public roads.

The existing house on the land is in an advanced state of disrepair, requiring total restoration or replacement (subject to the necessary planning approvals).

Given its derelict status, the property should be eligible for national revitalisation schemes, such as the Vacant Property Refurbishment Grant.

The site is located approximately 4.5Kms Drum Village, 10Kms from Scotshouse Village, 10 Kms from Newbliss Village and 8.5Kms from Clones Town.

Directions
Take the Scotshouse road out of Clones for approximately 5.5Kms turn left onto R212 (Newbliss), continue for approx 1Kms see Larmer Property Sign.

Proof of Funds
Before we can take and offer on a property, we need to have had sight of proof of funds. This is simply, as the term suggests, proof that the buyer has the financial means to complete the transaction at the amount of his/her offer. There are a number of means by which someone can finance the purchase of a transaction and equally a number of methods by which proof of funds can be conveyed to an agent.

Examples of Proof of Funds:
Cash + Mortgage Approval from a Financial Institution (mortgage buyers):
This is the most common proof of funds for those financing a transaction partly with cash and partly with a mortgage. To prove a cash balance, a bank statement or screenshot of same will be acceptable. Alternatively an email from a bank official confirming that a sufficient bank balance is in place is acceptable. To prove that a mortgage is in place, we require a letter of offer or approval in principle from the lending institution. The combined amount of the cash and mortgage approval will need to be at least the amount of your offer on the property.

Cash in Bank (cash buyers)
We require a bank statement(s) in your name with cash balance(s) equal to or in excess of your offer amount. Alternatively a letter from your bank or solicitor confirming a cash balance of at least your offer amount is also acceptable.

Selling an Existing Property
Very often, a buyer will be financing the purchase of a property through the sale of an existing property. From a vendor’s point of view, it is a little bit risky to accept an offer that is subject to the sale of another property - this is referred to as being in a chain and if for any reason the sale of that property falls through, the offer then no longer holds any water. If trying to use the sale of an existing property as proof of funds, an email from the selling estate agent as to the offers currently on that property will give some comfort to a vendor and is probably the best thing to do in this situation.