What is Conveyancing?
The term “conveyancing” is used to describe the process by which the ownership of property is transferred from one person to another. The buying and selling of a home are sometimes the only experience a person will have of dealing with a solicitor. It is also the largest financial transaction that most people will make so it is important they have trust in their solicitor to advise them on such matters. Here at Lanigan & Curran, we have decades of experience in buying, selling and mortgaging residential property, commercial property and agricultural land so can point you in the right direction.
Whilst no two conveyancing transactions are the same, there are a series of steps to be taken which are common to all transactions.
From a buyer’s perspective, the role of your solicitor is to ensure the contract is fair, the title to the property is in order, the purchase deed is drafted correctly, your loan cheque is furnished from the lender (where you are getting a Mortgage), that the correct title documents are furnished on closing, proper searches are carried out, stamp duty is paid, your title registered and the deeds are sent to your lender (again, where you are getting a Mortgage).
From a sellers perspective the role of your solicitor is to draft the contract for sale and furnish same together with a copy of all relevant title documents to the purchaser’s solicitor, approve the deed as drafted by the purchaser’s solicitor, furnish satisfactory replies to Requisitions on Title and draft all relevant completion documents.
Delays in Residential Conveyancing
There are certain issues that arise time and time again which can cause in conveying transactions, including:
Planning problems: For example, a house extension for which planning permission was never obtained and second-hand houses which are not compliant with conditions of the planning permission.
Boundary problems: When the map detailing the property does not accurately reflect the physical boundaries of the property as they appear on the ground.
Rights of way: Since 2009 all rights of way must be in writing and registered on the title to the relevant property.
Services: For example, the septic tank or well serving the property is situated on another person’s property and there is no documentation in place regularising the situation.
Management company: Non availability of the correct documentation from a management company can cause delays with transactions involving apartments.
Loan cheque: Delays in the mortgage provider sending the loan cheque to the purchaser’s solicitor. Arranging life cover and fire cover can also cause delays.
Probate: The seller inherited the property and the probate paperwork has not concluded.