Conveyancing is a term you might have come across in your preparation to sell or buy a property. It’s one of those phrases that people hear and rarely question, but what is it and why do you need it?
What is Conveyancing?
When the ownership of property transfers from one person to another, conveyancing is the legal term for that process. Conveyancing starts when an offer is accepted on a property and ends when the contracts are signed and completed. Anything and everything that relates to the legal transfer of ownership is classed as conveyancing. All of which is managed by your Conveyancing Solicitor.
The Conveyancing Process In Ireland
In Ireland, there is a Conveyancing Solicitor engaged for both sides of the property sale. The two solicitors cooperate to ensure all is legally sound. This includes ensuring that the title deeds and land details are transferred correctly.
The Role of a Conveyancing Solicitor
Your Conveyancing Solicitor will undertake a number of tasks on your behalf in order to complete all legal requirements. The role of your Conveyancing Solicitor will differ slightly depending on whether you are the buyer or seller.
Seller: If you are selling a property then their tasks will include, but not be limited to:
Contract & Deeds Management
When you are the seller, your solicitor will draft the contract of sale on your behalf. With your approval, the contract will be forwarded to the other party’s solicitor in a ‘contract pack’. Within the contract will be your terms of sale. These are quite standard, though can vary slightly to include details of property boundaries or appliances included in the sale. Once finalised, the two solicitors will arrange signatures from their respective clients and then exchange copies.
As well as the contract, all parties will be required to sign new property deeds. A deed cements the transfer of property from you to the buyer.
Negotiating Terms
On completion, the contract will be forwarded to the buyer’s solicitor who will assess it and arrange signatures. Should the buyer or their solicitor question any of the terms, your solicitor will negotiate on your behalf. Negotiating terms can arise for various reasons. No conditions will be agreed upon without your approval.
Finance Delivery
On your behalf, your Conveyancing Solicitor will take receipt of the deposit for the sale. They will also receive the full mortgage amount when the sale is at the completion stage. Should your existing mortgage on the property have outstanding payments due, you will have to settle them. The remaining amount will then be deposited in your account, less any service fees you require paying.
Sale Completion
Early in the process, your solicitor will arrange to have a completion date agreed with their counterpart. Having all parties agree on a deadline helps keep things moving along. The property sale is complete when all requirements are complete, including:
- Terms are agreed
- Contracts are signed and exchanged
- Deeds are signed and exchanged
- Deposit and full sale amount are received
Buyer: If you are buying a property then some tasks will be the same as above. Others include:
Management of New Deeds
As the buyer of a property, you will be required to sign new deeds to legally transfer the ownership to you. The new deeds will be drafted by your Conveyancing Solicitor who will also organise all parties to sign.
Management of the Contract Pack
All property sales require a plethora of paperwork. On your behalf, your solicitor will take receipt of the contract pack and review all documents. Within the pack you can expect to find:
- The contracts for signing
- Any documents relating to the property, such as records of work done
- A fixtures and fittings form
- Copies of related Land Registry documents
- Warranties for any appliances that will remain or are fitted e.g Boiler or solar panels.
Conduct Local Property Searches
To ensure due diligence is done, your solicitor will also conduct a Local Property Search. A search of this sort sometimes heeds no results. Though at times it will bring up records of planning permission requests, or issues related to the property.
Transfer Your Deposit
Once all details are agreed upon, your solicitor will take receipt of your deposit to forward to the seller. Later in the process, they will liaise directly with your mortgage lender to transfer the remaining value.
How To Find A Conveyancing Solicitor
The role of a conveyancing solicitor is two-fold. First and foremost, their role is to ensure that every part of your sale/purchase is wholly legal. Secondly, their role is to guide you through the property transfer process as smoothly as possible. It is therefore essential that you feel comfortable asking your solicitor about any aspects you are unsure of. Keep this in mind when you initially meet with potential solicitors.
To ensure that the conveyancing process moves along quickly and properly, it is best to engage an experienced solicitor. Ask for your solicitor’s conveyancing experience and success. Look also for a solicitor whose practice is sizable enough to manage your needs as a priority. This will ensure that your calls will be answered and returned and that you feel confident in the progress of the conveyancing for your property deal.
Contact Whelehan Solicitors
If you are planning to buy or sell a property, contact us at Whelehan Solicitor Tralee or call 066 712 9782 for advice. We provide conveyancing services and make the property transfer process as stress free as possible for our clients.
