Conveyancing
“We have been providing cost efficient and effective legal services for over 30 years.”
Conveyancy is the legal process involved in buying, selling or remortgaging a property.
Our firm prides itself in offering a professional, efficient, friendly, and cost efficient service in respect of your conveyance for residential and commercial property.
We are situated in Swinford, Co Mayo and in Athlone, Co Westmeath, servicing the local community and beyond since 1982.
Our Conveyancing team give their clients continual progress evaluations on their individual transaction.
Get In Touch
If you are buying or selling a property or if you are just remortgaging an existing property, get in touch for a quotation.
Conveyancing Guide
Conveyancing Steps
To Buying, Selling or Remortgaging
Conveyancing Quote
Glossary Of Terms
If you need help understanding property jargon.
Conveyancing Steps
Organise your finances
Before contemplating buying, selling or re-mortgaging property it is always prudent to ensure that they have enough money to complete the transaction and pay related costs and outlays such as auctioneers’ fees, legal fees and outlays, and of course stamp duty. Therefore, if your property transaction requires a mortgage to complete same your starting point should be to go to your bank or financial advisor and get a pre-approval to establish how much a lender is prepared to offer you as a percentage of the transaction.
If selling a property you should then arrange to put your property on the market so that you secure a buyer before entering into a contract to purchase yourself. There may be delays in taking up title documents from different lending institutions so when you decide to instruct your auctioneer, it is advisable to also instruct your solicitor.
Please click here to get details of your conveyancing outlays.
Engaging your solicitor
When choosing a firm of solicitors you should also consider the quality of the service as well as the costs involved. If buying, you will need to give the estate agent the name and address of your solicitor so that he can provide the initial purchase details. This does not normally constitute a binding contract.
If selling, you will engage your solicitor in order to take up the title deeds to your property from your lender in order to draft contracts. Do this early on since taking up Deeds from a Bank or Building Society can take a few weeks.
Please click here to get details of our terms and conditions.
Searcing for the property that suits your needs
Once you know the amount you can afford to spend you can really focus on finding the home that’s best suited to you.
Remember to have regard to the quality of life you want in your new home and bear in mind nearness to schools, shops and public transport and these will influence the re-sale value of your new home. Indeed, the advice is summed up in the somewhat tired but always correct cliché “location, location and location”.
Making an offer
When buying a newly built or second-hand home is pretty straightforward; you pay the booking deposit to the estate agent and give him/her details of the name and address of your solicitor. You should ensure that you get a receipt.
Buying a second-hand home is often more complex as you may be competing with other prospective buyers. Please note that when purchasing property at auction or by sealed bid you should always get prior advice from your solicitor.
Mortgage offer letter
Once you have received written approval from your lender make an appointment with your solicitor without delay. Inform the lender who your solicitor is as a copy of the loan pack will have to be sent to him/her. Your solicitor will advise you on the terms of your Mortgage and assist in completing all necessary documentation.
Structural survey
On a second-hand property we would recommend that you engage an architect or civil engineer to do a structural survey. Remember you are buying the property as seen and no warranties will be given to you by the seller. We would also recommend a survey on new property although you are in a far safer position due to guarantees normally provided by the builder. The legal maxim “caveat emptor” i.e. “buyers beware” applies in this transaction.
The survey carried out by the financial institution is for valuation purposes only.
Exchange of contracts
You by now have spoken to your solicitor in relation to the financing of your conveyance. It is not advisable to sign any Private Treaty Contract until you have carefully considered and where appropriate completed the steps above. At this point you will if buying need to pay the contract deposit of 10% of the purchase price less any booking deposit you may have paid. The contract is not binding until signed by the vendor and returned to your solicitor. Click here to look at the glossary of terms.
Your solicitor will use this meeting to go through the contract with you in detail and answer any query you may have.
If you are successful at auction the contracts will be exchanged before you leave the auction rooms.
Closing date
The closing date is normally 4 to 6 weeks from the signing of the contracts. It is the date arranged for the final legal transfer of the property where the remaining balance is paid to the seller, all legal documents are completed and the buyer gets the keys to the property. You should ensure that you have insurance in place prior to this date.
Useful Information
Conveyancing Glossary Of Terms
The following are legal and technical terms you may come across when buying your home.
Advance
The amount of money you are borrowing.
APR
An abbreviation for Annual Percentage Rate. An APR is an interest rate calculation designed to reflect the total cost of credit over the whole term of the mortgage.
Closing Date
The date arranged for the final legal transfer of the property where the remaining balance is paid to the seller, the buyer receives the keys of the property and all legal formalities are completed.
Collateral
Title Deeds of your new property given as security against the repayment of the mortgage.
Conveyance
The transfer of ownership of property; the instrument effecting the transfer.
Contract of Sale
The written legal agreement between the seller, known as the vendor, and the buyer, known as the purchaser, with regard to the property.
Caveat Emptor
(Let The Buyer Beaware)
At common law, a buyer was expected to look after his own interest and take the property as he found it. However, statute law now imposes implied conditions and warranties.
Conveyancing
The legal work done by the solicitors for the vendor and purchaser.
Deeds
Legal documents which confirm the owner’s legal entitlement to the property.
Deposit
This is normally paid in two parts. A booking deposit to the estate agent which is refundable and a contract deposit, both usually making up a total of 10% of the contract price.
Equity Of Redemption
The sum total of the mortgagor’s rights in Equity; it is an equitable estate which can be assigned or mortgaged again. It exists from the moment the mortgage is made.
Exchange of Contracts
When both the purchaser and the vendor sign the contract and the deposit has been paid. It is at this moment that both parties are legally bound by the transaction.
Indemnity Bond
An insurance bond taken out by the lender as additional security, depending on the size of the loan.
Ground Rent
Annual rent, if demanded, paid on a leasehold title.
Freehold
An interest in land being either a fee simple, a fee tail or a life estate. A fee simple is the largest estate in land where ownership is absolute.
Land Registry
A Government Department which keeps records of ownership of most land and property in the State. The Registry of Deeds is a similar Government Body where a unregistered properties are registered, normally in cities.
Leasehold
The interest created by a lease.
Lessee
The person to whom a lease is granted.
Lessor
The person who grants a lease.
Mortgage
A loan against the security of a property.
Mortgagee
The financial instruction who lends the money secured by mortgage.
Mortgagor
The person who borrows money and whose Property secures the loan.
Mortgage Protection
Life Assurance cover.
Principal
The amount of the mortgage on which interest is calculated.
Redemption
Repayment of the mortgage in full.
Search
A legal investigation to establish what mortgages or judgements attach to the property being bought and/or vendor and purchaser.
Spouse
Husband or wife.
Stamp Duty
A Government tax. Revenue raised by means of stamps affixed to written instruments e.g. Deed of Transfer
Subject to Contract
Generally, an offer or acceptance made subject to contract means that no legally binding agreement or contract will exist until the formal contract has been completed by the parties. There may be a binding contract if the court can conclude that all the terms of a of a bargain have been agreed and set down in writing.
Transfer
A deed which transfers ownership of a property.
Private Treaty Contract
A Contract that is negotiated outside an Auction
Get In Touch
If you are buying or selling a property or if you are just remortgaging an existing property, get in touch for a quotation.