Buying a Second Hand Property
Madden Law – a modern solicitor's office
- adopts a modern approach to providing legal services.
- gives access to clients to book a time that suits them online to have a call and catch up and ask questions.
- will text clients with regular updates on their purchase
- uses plain English
- gives a full breakdown of all costs at the start of the matter.
- has a fixed-price buying fee.
- offers a wide range of flexible appointment options.
- provides efficient service, getting you your keys as soon possible.
- has over ten years experience as a qualified solicitor with the Law Society of Ireland.
There will be no surprises when it comes to costs.
Buying a house can be stressful. One less thing to worry about is unknown costs.
We have set out all of the price structure below.
Our standard fixed purchase fee for a property valued under €425,000 is:
o Professional fee €1,850 plus Vat at 23%. Total €2,275.50,
o Search fee on completion €61.50,
o Land Registry fee to register change of ownership €700/800
o (€700 for a property valued between €200,000 - €400,000
o or €800 for a property valued over €400,000),
o Land Registry fee to register change of a mortgage, if applicable € 175.
o Commissioner fee, if getting a mortgage €20,
o Stamp Duty 1% of the price of the property.
Our standard fixed purchase fee includes all of the following work:
o Advising you on the legal process,
o reviewing the purchase contracts and documents,
o Reviewing the loan offer, if you are getting finance. No financial advice is given.
o Drawing down your mortgage,
o Advising you to get full structural survey report done,
o Completing your purchase,
o Arranging the keys to be given to you,
o Paying the Stamp Duty to Revenue,
o Lodging the change of ownership in the Property Registration Authority,
o Giving you a copy of your new ownership Deed,
o Giving all original Deeds to the bank, if there is a mortgage.
o All quotes will be issued by email and are valid for 9 months from the date of issue.
o To request an official quote for buying your property with us, please submit a request for a quote.
What is not included in our standard fixed purchase fee. If you think any of these issues may arise, please talk to us.
o Any legal work related to any boundary dispute,
o Financial advice. A financial advisor should advise on this matter.
o Errors in maps. A surveyor should advise on this matter.
o advice about the content of surveys, structural issues, planning issues. A surveyor should advise on these matters.
o Issues in relation to non availability of active PPS numbers. All buyers must
provide a valid active Irish PPS number .
o planning permission and planning law advice. A surveyor should advise on this matter.
o Advice on the accuracy of boundaries. A surveyor should advise on this matter.
o Any title defect,
o Any Right or Way matter,
o Any dispute with any third party
Tips about buying a second-hand property
Make sure you know the stamp duty and Land Registry fees. These fees will be paid to your solicitor in advance of completion.
A refundable booking deposit will be paid to the selling agent. Then the balance of the 10% deposit will be paid when contracts are being signed.
Carry out a visual inspection of the property, before the balance of the purchase price is exchanged.
You must sign the purchase deed after completion. Your solicitor will then submit the change of ownership application to the Property Registration Authority.
Download our guide to property buying (with FAQs)
Watch the recent Facebook Live webinar where Shona discusses the process for First Time Buyers.
We have 10 years experience in property law and we can answer all your property law questions
Book a Video Appointment with Shona Madden
Frequently Asked Questions about Buying a Second-Hand Property:
The booking deposit and name of solicitors acting for the purchasers is given to the estate agent. Then the estate agent prepares a sales advice note, detailing the agreement reached. That is then given to all parties, the sellers and their solicitor and the buyers and their solicitor. When the seller’s solicitor receive it, they will then prepare the Contracts for Sale. It will then be sent to the purchaser’s solicitor. It usually take 2-3 weeks for the contracts to be sent to the purchaser’s solicitor This is because often the title deeds are with the seller’s bank.
It usually takes 2-3 weeks for the full loan offer to arrive also. It is not advisable to sign the purchase contracts, before the loan offer arrives. The loan offer needs to be reviewed, to ensure that all conditions can be complied with. The bank will send the full loan legal pack to the solicitor. It is advisable to book a surveyor to conduct a full structural report, boundary check and planning search. It is often advisable to have the survey done after the contracts are received, as planning documents and a map will be given with the contracts. These can then be given to the surveyor to review also.
This document has the details of the agreement, the price, buyer and seller’s details, the property address, the completion date, special conditions about this transaction and general conditions that apply to all property transactions.
The general conditions are a mix of rights and obligations of both the seller and the buyer. For example, in the general conditions, there is a right for the buyer to have reasonable inspection of the property before completion. This means the buyer can go in to take measurements and do further inspection, before completion. There is also a right for the buyer to have vacant possession of the property on completion. This means that all rubbish and contents should be removed unless there is an agreement to include contents.
Often there is not a completion date in the Contract. This may occur if the sellers are in a chain and are buying another property . In this case, there will be a special condition in the Contract saying that the closing date (completion date) shall coincide with the seller’s purchase. Then the solicitors will liaise with each other and communicate the completion date, as there will be no actual date in the Contract itself.
The seller does warrant that the original construction and any subsequent development were in compliance with planning permission and Building Regulations, in force at the time of construction. One general conditions states that the buyers buy the property with knowledge of the condition that it is in. That is why it is important for the survey to be done before the signed contract is sent to the seller’s solicitor. The seller does not give any warranty about the condition of the property in the Contract.
The following documents are reviewed and discussed with the purchaser: Contract, map, Folio, Planning documents for the original construction and any extension, Local Property tax history of the property, BER certificate and advisory report, management company documents.
The balance of the 10% deposit is given to the buyer’s solicitor. It will be transferred to the seller’s solicitor and two signed Contracts will be posted also. The seller will sign both Contracts, keep one and return one signed Contract to the buyer’s solicitor. At this point there is a binding Contract in place.
The mortgage funds will be drawn down from the bank a few working days before the completion date. In order for mortgage funds to be released, the life policy/ Mortgage property policy, update to date valuation, direct debit mandate and home insurance must be submitted to the bank.
Buyers are advised to do a final inspection of the property, to ensure only contents that have been agreed are left. It is advisable to liaise with estate agent to confirm what keys will be given on the completion date. Download our pre completion checklist here.
The buyer’s solicitor transfer 90% of the purchase price to the seller’s solicitor by EFT. The buyer’s solicitor order judgment and property searches. The seller’s solicitor sends the original title documents and closing documents to the buyer’s solicitor. These are reviewed by the buyer’s solicitor.
When the seller’s solicitor receives the funds and the documents and searches are checked by the buyer’s solicitor, both parties confirm they are happy complete the transaction. The seller’s solicitor will call the estate agent and confirm the sale has closed. The estate agent will then be authorised to release the keys to the buyers. The buyer’s solicitor will content them to tell them the keys are available to be collected from the office of the estate agent.
The stamp duty will be paid by the solicitor. The current rate for residential property is 1% of the purchase price. Purchasers have to give their PPS numbers to their solicitor, in order for the stamp duty return to be done through ROS.
The change of ownership and mortgage documents are then sent to the Property Registration Authority. This usually takes 6 weeks to complete. Then a new folio (deed) will be available showing the new registered owners of the property. If the buyers got a mortgage, then the bank’s charge will be registered on the deed also. All original title documents are then given to the bank as security for the mortgage.
Download our questionnaire for a property purchase
Clear, concise advice.
“I’ve been buying houses for over ten years. I’ve put together some videos with some of the most common issues. My aim is always to provide clear, concise advice. “
what our recent client said
I decided to move home to Ireland after 22 years in the UK and sought to buy a house just before the Covid outbreak struck. I wanted a new modern law firm different to the regular long-standing local firms. Once I found Madden Law I knew it was perfect and felt confident this complex challenge was going to be managed professionally. After an initial meeting with Shona I felt immediately at ease and impressed with her knowledge. She reassured me she would make the process as stress free as possible and I can honestly say she didn’t disappoint. We got moving ( a new build house), and as the months rolled on we hit a pandemic. Then the Euro hit rock bottom, then construction came to a halt, then international travel stopped. I could go on and on !!. A perfect storm of stress for my family!!! These were all but minor speed bumps for Shona Madden, she was incredible. I had to put all my trust, finance, everything basically, in Shona’s hands. Result you may be interested to know- my house is finished, Madden Law had everything completed for me ( ahead of expected schedule) , I got my keys Christmas week and settled into my new home. Shona was more than just a fantastic solicitor- she was a life saver. Thank you so much Madden Law.
Madden Law – Clear, concise advice
How long does the legal process take to buy a house or apartment?
If you are getting a mortgage to buy a property, you can expect to get keys approximately 8 weeks after your booking deposit is paid to the estate agent.
If there is no mortgage involved, then the process can be done usually in 6 weeks.
These time frames are based on the property being vacant or ready to be vacated on the agreed completion date. If the seller is buying on, this will have a big impact on when the purchase can be completed.
July 2021- November 2021