Conveyancing services in Limerick – Part 2

In the meantime, you should instruct an Engineer to carry out a Survey on the property.  As well as confirming that the physical structure of the property is in order they should confirm that the Land Registry Maps are in order and that there are no un-authorised structures on the property and that there are no other issues as regards breaches of planning law/permissions and that there are no obvious breaches of the building regulations that you should be aware of.
Your ‘Letter of Loan Offer’ from your bank should now be at hand. You should ensure that all of the terms and conditions contained in the Letter of Loan Offer are correct and as agreed between you and your bank.  Your solicitor will provide you with legal advice on this document prior to you signing and returning same to your bank.You should ensure that you have complied with all of the ‘special conditions’ contained in the Letter of Loan Offer prior to signing contracts.  This will usually entail arranging a life policy and home insurance amongst other things.
When signing your contracts you will have to pay the balance of the 10% deposit.
YourSolicitors’ Fees, Outlay and Stamp Duty will now need to be paid to your solicitor.


Step 5:

Once contracts have been signed, your solicitor will then return the contracts to the vendors solicitors with the balance deposit and a booklet of further questions known as ‘Objections and Requisitions on Title’ to which the vendors’ solicitor must reply to.

Step 6:

Once the contracts have then been signed by the vendors and your balance deposit accepted a binding legal agreement is in place. Your solicitor will receive a signed copy of the contract.  The vendors’ solicitor will retain one copy for their file.  Neither party can pull out or change their mind at this point ! !


Step 7:

On the agreed closing date your solicitor will usually attend the offices of the vendors’ solicitors and finalise the sale by handing over the mortgage funds to the vendors solicitors in exchange for the title deeds.  This can also be done by post.  The vendors’ solicitor will then ring the auctioneer to confirm that the sale has closed and that you are entitled to collect the keys to the property from the auctioneers.

Step 8:

Your solicitor will then file your Stamp Duty return and make the Stamp Duty payment to the Revenue Commissioners.  Paperwork is then filed with the Property Registration Authority (formerly known as the Land Registry) registering the change of ownership together with the mortgage documents.

Once registration is completed the deeds will be returned by your solicitor to your bank.  Your bank will then hold the deeds until either you sell the property or pay off the mortgage.
Your solicitor will then write to you to confirm the transaction has successfully completed and enclose a copy of the paperwork from the Land Registry confirming that you are the new owner and further enclosing a copy of the letter from your bank confirming safe receipt of your title deeds.
This will provide you with peace of mind that everything was finalised as promised.

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