House Purchase – Questions and Answers

Do you offer fixed price conveyancing?

If you are considering buying or selling property, we have a fixed price fee for conveyancing transactions. You can read more herePlease feel free to complete the form here  for a detailed estimate and we will revert to you as soon as possible. Our fee will not alter unless the transaction is different to that which we originally quoted.

How long will the transaction take?

The average time to complete the purchase of a property is six to eight weeks. However this can vary. The timeline is generally dictated by the Vendor who may have to vacate the property, remove contents etc. It will also depend on how organised the Purchaser is and if they are getting a mortgage and the requirements of the bank. Mulroy and Company Solicitors Galway will keep you fully informed of progress on your file.

Will I need to carry out a survey on purchasing a property?

The general principle is that it is the buyer’s responsibility to be satisfied as to the general condition of a property purchased.

Since the property you are purchasing is second hand, you purchase it with full knowledge of any defects which may exist. Therefore it is necessary that you instruct a fully qualified and bonded engineer to carry out an examination of the house for structural or other defects. You will have no recourse against the Vendor in the event of any structural problems arising after purchase.

If a mortgage is being obtained, a valuer on behalf of the lender will inspect the property, but only usually to ensure that the value of the property is more than the amount borrowed.

Do I need to check the maps of the property I am buying?

It is a matter for you to ensure that this is in order and that you are happy that the map corresponds with the property which you propose purchasing. You may feel inclined not to bother looking at the map but please remember that, as your solicitors, we are not in a position to judge maps and for this purpose you should employ a suitably qualified engineer/surveyor to inspect the boundaries of the property.

How much deposit will I need to pay?

You are expected to pay 10% on signing Contracts less any booking deposit which you may have already paid. The booking deposit is the deposit you give to the Auctioneer once you agree the sale price and shows your good faith to proceed with the purchase. However the property is not secured by way of contract until such time as contracts are signed and the contract deposit (i.e. 10% of the purchase price) is paid.

Can I exchange contracts before a mortgage offer is issued?

Once you have exchanged contracts and the completion date is agreed in the contract, you will be legally bound to complete on that date by paying the purchase price in exchange for the keys. Therefore, if for any reason the lender decides to decline the mortgage or delay the issue of the offer, you would be liable for damages. So, the solicitor will advise you not to exchange contracts until you have received a written offer and the lender’s conditions can be complied with.

Who will insure the property?

If you are obtaining a mortgage, the lender will normally insure the property or allow you to do so, provided your own insurance arrangements are satisfactory to the lender and the property is fully covered.

When can I book the removal firm?

The closing date of the purchase is set out in the Contract. This is the date on which all the balance monies due on the purchase of your property are to be handed over to the Vendors and you will get the keys to the property. You can let us know if the closing date suits you when you call to sign the Contracts.

At that time, the removal arrangements can be confirmed to the company.

Are searches required on a purchase?

On completion of the purchase of the property Mulroy and Company Solicitors Galway employ a Law Searcher to carry out searches against the property you are buying and the vendors to ensure that there are no judgements or burdens registered on the property or against the vendors which affect your title.  The Law Searches firm have a relevant insurance policy in place.

The approximate fees for employing a Law Searcher in a house purchase are in the region of €90.00.

What other searches should I do?

We advise that you carry out a planning and development search in the local Planning Office and consult the local area Development Plan should you wish to see what developments as regards roads, amenities, other houses etc are planned for in the area where you are purchasing. We strongly advise this as purchasers are often surprised to find new roads or large housing developments due to commence in their area after they have completed their purchase.

When do I get the keys?

If there is an estate agent involved, the seller’s solicitor will telephone to arrange for the keys to be released, once all the purchase monies have been received. Your solicitor will arrange for the transfer of monies as early as possible on the day of completion, but if there is a long chain and monies are awaited, this may delay the time the keys are released.

Are there any matters to attend to following completion?

Your solicitor will pay any stamp duty payable on the purchase and attend to the registration of the title into your name, forwarding details to you and any lender, once registered. If the solicitor is dealing with your sale, arrangements will be made to discharge any existing mortgage, if there is one.