The low down of buying or selling a property - the basic of a conveyance

The low down of buying or selling a property - the basic of a conveyance

Conveyance is a general term used to describe the process by which someone purchases a property and title to a property – all issues must be sorted out so that the title passes freely and there are no planning issues.

As well as that a purchaser can’t draw down a mortgage from a lending institution without a solicitor.

Ultimately a bank will always get the title deeds for a property over which it has a mortgage and they will require an undertaking with a solicitor’s certificate of title before they allow the purchaser to draw down the funds. They wouldn’t issue mortgage funds without a solicitor being appointed.

We charge a fixed fee. The fee charge will generally depend on the amount of work that needs to be done and also solicitors are obliged under Law Society regulations to notify clients of fees in advance of commencing any work. There would also be outlay of stamp duty which is currently 1% up to a value of €1 million, and land registry fees on top of that.

From a purchaser’s point of view one of the most important things they should do is have the property properly surveyed by a qualified engineer or architect to carry out the structural survey and make sure it is structurally sound.

One issue that prevails is that there would be some delay on the mortgage due to a probate or a planning issue. Client would have to make sure that the loan offer doesn’t expire. Banks will often put time limits on how quickly the mortgage holder has to draw down the funds, otherwise if that date passes one would have to reapply for a new loan offer. Making sure there are no plans for road widening or sewage plants – or any other item plans in the area that could influence the decision to purchase the property.

If its a straightforward transaction once the booking deposit is paid – you could have it completed in approximately eight to ten weeks.

Key advice?

· Cash buys remove the need to deal with the banks.

· Make sure not to go outside of the time limit for drawing down a loan from the bank – otherwise you might have to go through the process again.