Property Conveyancing – What You Need to Know!

Property Conveyancing

 

Q. What is Conveyancing?

Property conveyance is the legal term for processing the paperwork involved in buying and selling a property. Basically it is the legal part of the sale of a property.

Q. Who Does Conveyancing?

Because of the legal nature of this work, it is done by qualified solicitors.

Q. How Much Does Conveyancing Typically Cost?

Prices vary but we have found some solicitors who charge a flat fee of approx €1000+VAT at 23%. This does not include outlays; outlays are other fees in addition to the solicitor’s fee during the conveyance process. Outlays for a buyer can come to several hundred Euro as follows:

  • Property/Land Registry Costs:

    This fee will depend on the purchase price of the house.

    The scale to apply is as follows:

    Up to €50,000
    €400
    €50,001 – €200,000
    €600
    €200,001 – €400,000
    €700
    Greater than €400,000
    €800

      

  • Mortgage Registry Fee: €175

  • Commissioner for Oaths Fees (approximately €10 – €30)

  • Legal Searches – eg planning searches, compulsory order checks (approx. €100-€300)

  • Stamp Duty = 1% of final purchase price up to €1m. 2% on excess over €1m

Outlays will be less for a property seller and the main cost will be the solicitor’s fee which is approximately €1000+VAT (23%).

Q. Why Do Prices Vary So Much?

Some solicitors charge very high hourly rates will push up the price. Be sure to shop around for the best deal and don’t just take the first price you are offered.

 

Property conveyancing

 

Q. How Do I Ensure I Pay a Fair Price?

We recommend contacting Shane Dowling of Direct Law. We have no affiliation with him or his firm but find him to be a very reliable solicitor who charges very competitive rates.

Q. When Does the Conveyancing Process Begin?

Once a selling price has been agreed between a buyer and a seller (referred to as the “Vendor” in the contract stages), the property will move to “sale agreed”. This is when the actual conveyancing process begins. The Vendor’s solicitor prepares a contract or document of sale. This document will include the agreed price, conditions of sale, names and addresses of both parties and an estimated closing date, which is the proposed date that ownership of the property will transfer to the buyer. The Vendor’s solicitor then sends that document to the buyer’s solicitor along with the property’s “Title Deeds” (the legal documents showing ownership of the property), who will also check them and then asks the buyer to sign the contract (two copies) and pay a deposit to secure the property.

Q. What Happens in the Conveyancing Process?

As solicitor for the buyer, it is their job to check the terms of the proposed contract and review the title documents. This involves checking for any issue which may affect the type of ownership that the buyer is seeking such as planning issues, compulsory purchase orders, rights of way, mapping issues etc.

Q. How Do Things Progress?

The buyer’s solicitor will draft the purchase deed and raise his queries (known in legal terms as “requisitions”) on title before sending the agreed deposit, the draft deed and any objections with regard to title back to the Vendor’s solicitor with the buyer having signed two copies of the contract. It’s important to note that at this stage the buyer has made a buying commitment on the property (subject to satisfactory title) whereas the vendor isn’t yet committed to selling. It’s only when the Vendor signs and returns one copy of the contract to the buyer’s solicitor that a legal sale has occurred. Both solicitors agree on a date which allows the buyer time to pay the balance agreed for the property.