SOLICITORS & THE NEW PROPERTY
REDUCED LEGAL FEES PROMISED
It is hoped that a new electronic property registration system will be introduced shortly which should dramatically reduce the cost and time involved in house conveyancing transactions in Ireland.
Currently, it can take to to 90 days for the property conveyancing system to process the transfer of
deeds involved in changing house or apartment
ownership to go through the legal system.
If the new electronic property conveyancing system works as planned, this long time period should be reduced to around 5 days, with consequent saving
in legal fees & costs.
A particular benefit of the new system is that your solicitor will not be involved in the actual transfer of money, (so no longer will it be "resting in his/her account"), thus increasing the security of the conveyancing process.
A further benefit of the new system is the saving in costs associated particulary with legal searchs (saving around € 120) and documents will no longer needed to be sworn by Commissioners of Oaths (saving a further € 50).
All of the various aspects involved in the completion of a property transaction, from drafting deeds, exchanging money between bank acccounts, the payment of stamp duty and the payment of local property tax, will shortly be incorporated within the new streamlined deed processing system.
This is a summary of an article that appeared recently in the Sunday Business Post Newspaper.