How long does a normal Property Law Conveyancing transaction take?

There is no way of saying how long the transaction will take. It depends on many factors such if you are in a chain of transactions or how soon your mortgage is available. We will deal with your transaction as quickly as possible and keep you informed of progress. Normally once contracts for sale issue we will know the expected closing date. As a general rule it takes 4 to 6 weeks to complete a straightforward conveyance of a residential property.

Do I need to pay anything up front?

The only monies to be paid up front is the booking deposit that is paid to the Auctioneer. This is 100% refundable in the event of the transaction not proceeding.

What is a Planning Search?

A planning search is a search at the Local Authorities Planning Departments records against the specific property you are buying. It shows such matters as if the roads are taken in charge, if there is extension to the property for which planning permission has been obtained and many other matters relevant to the property.

What is a Land Registry fee?

This is the money paid to the Land Registry after the purchase of your property to register the property in your name and your lenders mortgage deed at the Property Registration Authority.

What is Stamp Duty?

This is a Government tax paid to the Revenue Commissioners when you have purchased property. The current rate is 1% on properties up to €1,000,000.00.

Can I withdraw from my property transaction?

Clients wish to withdraw from transactions for several reasons. Examples include due to an adverse survey, or a problem with the legal title to the property. Provided contracts have not been exchanged ie you have not entered into a legally binding commitment to sell or purchase a property you can normally withdraw at any time without incurring any of the other side’s fees. Each transaction will depend on their own circumstances but we can advise you on your proposed course of action.

When should I effect building and life insurance when purchasing a property?

Answer: The normal rule is that risk in the property passes upon exchange of contracts (referred to above).Therefore upon exchange you have an insurable interest and that's when building insurance for the property’s full reinstatement value must be taken out not on completion. Similarly any new or existing life insurance which needs to be increased should also be placed on risk at exchange not completion because in the event of any purchaser dying their estate will still be liable to complete the purchase but the estate would not have the funds to purchase the property.

Why should I use a Property Law Solicitor?

We have extensive experience in the area of residential property law transactions with over 30 years experience. We have a streamlined and efficient service that ensures that your transaction is dealt with efficiently and without delay at an extremely competitive price. We deal with every transaction as if it is the most important transaction to us, because it is. We understand that the whole process of purchasing a property or selling a property is extremely stressful and we endeavour to take the stress out of the transaction on your behalf. We want you to give us a positive testimonial at the conclusion of your transaction and that will only be given where you have received a first class service.

What is a bankruptcy search?

If you are getting a mortgage to assist in the purchase of your property your lender will required a bankruptcy and judgment search against your name to make sure you have no bankruptcy orders or court judgments against you.

What is an BER Certificate?

This is a Building Energy Rating Certificate (BER) performed by an individual authorised by the Sustainable Energy Authority of Ireland. The assessor visits the house to examine such things as loft insulation, boiler, hot water tank, radiators, double glazing etc. A single rating for the energy efficiency of the house is produced together with a recommended value of the potential for improvement. A BER Certificate must now be obtained before a property can be advertised for sale.

What is a mortgage deed?

The document which acknowledges the debt to the Bank or Building Society who has lent you the money to assist in the purchase of the property.

Who is liable for the Local Property Tax?

The Local Property Tax (LPT) for the property must be paid up to the end of the current year in advance of the closing of the sale. There will be an apportionment of the LPT from the date of the closing of the sale up to the end of the year and the purchaser will discharge to the vendor the sum due from the date of the closing of the sale up to the 31/12 of that year.

Do I need to make a will I because I have bought a house?

This is a personal choice. It would be advisable but there is no legal obligation upon you to. If you wish to make a will then we will be more than happy to take detailed instructions from you and proceed to draft a will on your behalf. The benefit of having a will is that it deals with your estate as you wish it to pass. Without a will often the expected intentions of an individual are not met, by a change in circumstances or by the strict application of the terms of the Succession Act. We can advise you fully in relation to making a will and we can draft it on your behalf to reflect your wishes.