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What is Fixed Fee Conveyancing |
Article on Fixed Fee Conveyancing - Part of Buying Property in Ireland.
By Tommy Myles, Solicitor.
What is Fixed Fee Conveyancing?
Conveyancing or conveyancy is the act of transferring the legal title in a property from one person to another.
The buyer must ensure that he or she obtains a good and marketable 'title' to the land; i.e., that the person selling the house actually has the right to sell it and there is no factor which would impede a mortgage or re-sale.
A system of conveyancing is usually designed to ensure that the buyer secures title to the land together with all the rights that run with the land, and is notified of any restrictions in advance of purchase.
The typical stages
These comprise of The Contract for Sale, Objections and requisitions on title, investigation of Title, Preparation of Transfer and Mortgage Documents, Searches,Closing the Sale and Registration of the New Owners Title.
It can be a time consuming process and the assistance of a solicitor is necessary.
What is the cost?
In the past a fee of usually 1% of the purchase price plus €127.00 was charged.
Now, thanks to Irelands Celtic Tiger, and the high house prices so prevalent, Solicitors are starting to charge a Fixed Fee regardless of the value of the property being transferred. This is great news for the homebuyer and his or her budget.
Unfortunately,outlays ( like stamp duty, land registry fees etc ) remain the same,except for first time buyers.
Good News for First Time Buyers.
Stamp Duty Reform for First-Time Buyers
A Bill to allow for the abolition of stamp duty for first time buyers has been approved by cabinet
The Finance (Number 2 ) Bill 2007 contains an exemption from stamp duty for first-time buyers of an apartment or house on all purchases on or after 31st March this year.
Money Back Guarantee.
Where stamp duty has been paid in respect of a deed or transfer which comes within this definition a provision has been included to allow for repayment of that duty.
Sole or Principal Residence.
First time buyer rates will be reduced to nil provided the new or second-hand property is the sole or principal residence of the first time buyer.
Tips on choosing a solicitor who offers fixed fee conveyancing.
Its not just price.
Choose a solicitor who offers a quality service.
A moneyback guarantee is usually a good indicator of confidence.
Are they good at communicating?
It is important to be kept informed of progress.
Are there proceedures in place to keep my case on track?
Many solicitors use case management software, which helps to make sure that you move into your house on time.
About AuthorAbout the Author
Tommy Myles, Solicitor is a member of the Law society of Ireland, a former member of the Construction Industry Fedaration of Ireland, and has over twenty three years experience of buying and selling property in Ireland. http://www.my-solicitor.net/fixed_fee_conveyancing.html
Source: ArticleTrader.com
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