Home Buyers Quick Conveyancing Guide
When purchasing a property or selling a property you need to retain a highly competent and professional property law conveyancing solicitor. That is exactly what we offer as your low cost property law conveyancing solicitors. Over the past 12 month the Dublin housing market has changed into an upward price spiral.
According to one Prime International Residential Index Dublin was the fifth fastest growing property market in the world in 2013 with growth in Dublin (17.5 per cent) now surpassing that of London (7.5 per cent); New York (10.4 per cent); and Sydney (9.3 per cent).
While many individuals are still attempting to recover from the cliff that the Celtic Tiger jumped off, for others it is a time of trying to get a foothold onto the property ladder. We have been actively involved in the conveyance end of the legal profession during the boom and bust. We have always been able to advise our clients with regards to their options in dealing with their lending institutions when clients have been in significant financial difficulties. Our principal solicitor, John Neville is also authorised by the Insolvency Service of Ireland to act as a Personal Insolvency Practitioner (isi.gov.ie). We have seen the good the bad and the ugly in respect of the manner in which the lending institutions have dealt with individuals who are in financial difficulties. We have always been able to advise clients as to their options which are not as limited as they may often believe.
Looking to the future it appears there is more likelihood of a lift out of the negative equity for many of our existing clients. For many of our new client's it is a time of excitement and also of concern in trying to secure that coveted sale agreed. As you property law solicitors what you get will be an acknowledgement in retaining this office that any concerns you may have regarding securing the best deal possible will immediately become a shared goal. Allow us to share that goal with you and use our expertise in securing your future property needs is something we see as being mutually beneficial. All of these assurances combined with the added benefit of having a low cost fixed conveyancing solicitors fee creates a win win situation. Our fees may be low but the service we give is one that ensures you will recommend friends and family to us going into the future.
Where the Conveyancing & Property Law Solicitor Fits In
In the drive to get a sale over the line your property law conveyancing solicitor is your point of contact with the auctioneer, the vendor, the vendors solicitors and your lending institution. You need to be absolutely certain you have retained someone who is going to work hard and when necessary fight your corner to ensure you get exactly what you expect and deserve. As your conveyancing solicitors we are the ones who read the often hundreds of pages of legal title documents and carry out the necessary checks on historical planning issues with the property with the assistance of your retained engineer or architect. We do more than just the necessary “t” crossing and “i” dotting. The role of your property law conveyancing solicitor is threefold:
The Home Buyer’s First Steps
Buying a property is a step which has major legal implications. It is very important to contact your solicitor at the outset and to discuss the planned property purchase with your conveyancing solicitor. Once you get sale agreed on your property you notify the auctioneer of your solicitors details and also you notify the lending institution of your details.
While a significant number of purchasers are cash buyers most will require a mortgage. Lenders have become far more rigorous and painstaking when it comes to granting loan approval and approvals generally tend to lapse after three months, albeit some lenders are now extending this. It is essential to get the paperwork in order and process applications as early as possible. Pre-approved buyers have far more credibility in the bidding process.
The estate agent will look for a “booking deposit” when you go "Sale Agreed". The amount of the booking deposit will be dependent on the sale price and the auctioneer's fees. The auctioneer will want to have sufficient funds retained to cover their fees when the sale is completed. Your booking deposit will be 100% refundable until such time as you sign contracts for sale. Ensure that the Auctioneer is authorised by the Property Regulatory Authority (PRA.ie). When the parties’ solicitors have agreed the terms of the legal Contract the balance to take the deposit up to 10% of the purchase price is generally required.
It is important to understand that, as a general rule, no legally binding agreement comes into existence until such time as a formal legal Contract has been signed. Once contracts for sale have been signed if you do not proceed to a completion you are at risk of loosing your deposit. There are, however, exceptions. As a purchaser, you should not sign anything nor should you make any payment (including “booking deposit”) without taking legal advice.
When purchasing an existing property, the principle of “caveat emptor” (buyer beware) applies. This means you purchase the property with notice of any existing faults, visible or hidden. Accordingly it is strongly recommended that you retain your own Architect/ Engineer, who should hold appropriate professional indemnity cover, to carry out a detailed structural survey on your behalf.
Typically it takes two to four weeks from issue of letter of sale by the estate agent to signing of contracts (at which point both parties become legally tied in) and a further two to four weeks to actual closing and key hand over.
Stamp Duty Reductions
Lower rates of stamp duty were introduced in 2010:
Up to €1m – 1%
Over €2m – 1% on the first €1m and 2% on the balance
There are a number of costs associated with property ownership. Charges that need to be considered include, Non Principal Private Residents Charge, Local Property Tax, Household Charge, Management Company fees and general utility charges. In acting on your behalf as your low cost property law solicitors, we will seek confirmation that all property charges are discharged up to the date of the closing.
Propertylawsolicitors.ie “Home Buyer’s Quick Conveyancing Guide”