CONVEYANCING –PURCHASE OF PROPERTY
Did you know FIRST TIME BUYERS:
You may avail of the Help to Buy Scheme if the property you are purchasing is a new build. If eligible you may obtain funds towards your purchase up to a maximum of €20,000.00. To apply you should contact Revenue, (a simple application process through your personal Revenue portal is completed). The scheme is aimed at those who would not be in a position to afford to put down the usual 10% deposit (as required under Central Bank Regulations)
PROCESS INVOLVED IN PURCHASING PROPERTY:
- Sale agreed with your Auctioneer: This entails your Auctioneer asking that you pay 5% of the deposit. Should your sale fall through or you change your mind, this money is refundable.
- Mortgage Approval: Once you are mortgage approved your Bank & your Auctioneer will request details as to who your Solicitors will be. Your Auctioneer will send a note of the Vendors Solicitors details to us.
- Contracts for Sale: Usually it takes approximately 4 weeks for Contracts to be issued from the Vendors Solicitors. This is because Title Deeds are normally held by the Vendors’ Bank and can take some time to be released. Once we receive your Contract, we review the Title to the property you are purchasing and ask any necessary pre-Contract queries. You are advised to have a survey carried out on the property if it is a second hand house as you are buying the property as is. If there are any issues with the survey or the title deeds, we raise these issues with you and if you are obtaining a mortgage, will require the Bank to agree to same. Once accepted, the matter may proceed. Where Contracts for Sale are fully executed by both parties, exchanged and a full 10% deposit paid, both parties are legally bound. At this stage you will be required to complete the transaction and no money will be refunded.
- Closing: Completion can take place around 2 weeks after the Contracts and Mortgage documents are signed. We request drawdown of the loan funds from the Lender and furnish a list of closing requirements to the Vendors Solicitors. Completion takes place when the balance purchase monies are transferred to the Vendors Solicitors and the Vendors Solicitors furnish the executed closing documents to us. Searches are requisitioned on the day of closing and sent to the Vendors Solicitors for explanation and return. Once both parties are happy, it is agreed to release the keys and the Vendors Solicitors rings the Auctioneer to authorise release of the keys accordingly. You have to put us in funds in respect of the Land Registry fees, Stamp Duty, etc in advance and on closing you have to attend the office to sign the Deed of Transfer.
- Stamping, Registration, etc: Thereafter, we arrange to have the Deed stamped with Revenue, lodged in Land Registry with the mortgage documentation and upon completion, the title deeds are furnished to the Bank. We notify you when registration completes and provide a copy of the Folio & Filed Plan showing you as the registered owner.
CONVEYANCING –SELLING OF PROPERTY
Did you know VENDORS:
If you own, or part own, an asset, you may have to pay Capital Gains Tax when you are selling/disposing of the asset. However, if the property you are selling is your main or only home, you may be entitled to apply for Principal Private Residence (PPR Relief). With PPR Relief you may not have to pay any Capital Gains Tax on the sale. Further information can be obtained at www.revenue.ie We always advise that you consult your Accountant to prepare a full tax analysis when selling any asset.
Checklist for Selling Property:
TITLE DEEDS: Usually your Title Deeds will be held by your Bank for the duration of your mortgage. Deeds can take upwards of 4 weeks to arrive from any Financial Institution. This can cause the biggest delay in drafting & issuing your Contracts for Sale. We recommend that once you decide to sell your property, you should request your Title Deeds from your Bank. In order to do this, we will have you execute an Authority which we will send to your Bank. Your Bank will then request that we hold your Deeds on Accountable Trust (if there is any mortgage/charge due on the property in sale). This means that we will undertake with your Bank, to hold your Deeds and to discharge the balance of the mortgage from the proceeds of sale.
Checklist when calling to your Solicitor:
- NPPR- Certificate of Exemption or Discharge/Receipts showing payment.
- LPT printout showing that the years 2013-2020 are paid in full.
- Certificate of Registration for your septic tank (if applicable).
- If your property is serviced by a Group Water Scheme, bring receipts showing payment and contact details for the Scheme Management.
- Management Company receipts & details (where applicable).
- Mortgage account details- Account number, BIC, IBAN, name & address of account holders & branch holding your account. This is necessary when we ask your Bank for redemption figures for any existing mortgage on your property.