Limerick Property Law is the property department of Kelly Law Solicitors.

Purchase

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* See www.landregistry.ie for a detailed breakdown of Land Registry fees.
Note: For house purchases stamp duty is payable at the prevailing rate of 1% of the purchase price.

Sale

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Stage Payment Mortgage's for self build

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* See www.landregistry.ie for a detailed breakdown of Land Registry fees.

Re-Mortgage

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* See www.landregistry.ie for a detailed breakdown of Land Registry fees.

Purchasing

Purchasing a property can be one of the milestones in a person’s life and it is important that you are in experienced hands of a conveyancing Solicitor to take you through the process. Kelly Law Solicitors recognize the high level of service that each Client in the conveyancing process requires and the focus on providing that highest level of service for the best possible value.

In the purchase process of a conveyancing transaction there are a number of issues which must be considered. Firstly it is usual that the purchaser will be taking out a mortgage to fund the purchase. To allow the conveyancing transaction to go smoothly your solicitor must be well versed in the requirements of the lending institution as the most common cause of delays in the conveyancing process is with the lending institutions releasing of the funds. Accordingly it is important that your conveyancing Solicitor can anticipate the cause of such a delay in the conveyancing transaction and pre-empt any delay.

The purchaser in the conveyancing transaction is responsible for the payment of Stamp Duty. This is an extra cost and should be taken into consideration before the signing of Contracts. Your conveyancing solicitor should advise the purchaser of what the cost is early in the conveyancing transaction. The current rate of stamp duty payable on residential purchases is 1% of the purchase price (or 1% of the current market value in the case of a voluntary conveyance).

Sale

In the process of selling a house the goal of the experienced conveyacning solicitor is to ensure that the transaction progresses as smoothly as possible. The conveyancing solicitor must be mindful of the fact that a property is not sold until the contract is signed and it is incumbent on the conveyancing solicitors to ensure that the title to the property is, as much as is possible, in order when presented to the purchasers solicitor. The conveyancing solicitor must be mindful of the fact that not only must the purchaser’s solicitor be satisfied of the title presented, but also the lending institution should the purchase be funded by a mortgage.

The experienced conveyancing solicitor should ensure that contracts and title will be presented in a timely manner to the purchaser’s solicitor to ensure that the sale does not loose momentum.

It is important for the vendor to instruct a solicitor experienced in the area of conveyancing law to increase the chances of completing the sale.

Stage Payment Mortgages

The stage payment mortgage has a longer life span, from the issue of the letter of offer to the certification of title to the lending institution, than a standard mortgage on a house purchase. The logic behind the stage payment mortgage is that you draw down funds only when you need them and so making repayments only on what has been drawn down rather that the entire principal sum. Accordingly the relationship between home builder and conveyancing solicitor develops over a longer period of time. It is at a considerable advantage that the conveyancing solicitor has practical experience of the self build process, as well as the mortgage process, as the case with Kelly Law Solicitors.

Mortgages for self builds are drawn down in tranches and for each tranche payment you will need to be in contact with your conveyancing solicitor. When you reach certain stages in the self build your engineer will issue your conveyancing solicitor with a stage payment certificate. This certificate will indicate to the lending institution what stage the build is at and the current value of the property to date. Your conveyancing solicitor will then make the request to the lending institution for drawdown of the sum indicated by the engineer to bring the build to the next stage.

Re-Mortgage

Kelly Law Solicitors offer a fixed fee service for those wishing to consolidate or reduce their monthly debt payments by re mortgaging. People may also be re-mortgaging to top up an existing mortgage. The process of re-mortgaging involves your solicitor taking up your title documents from your current lender and registering an additional charge on the property on the drawdown of funds. Please contact Kelly law solicitors at your convenience to discuss your options should you have questions regarding re-mortgaging your property.