For most people, buying or selling a home is one of the biggest financial transactions they will ever undertake. It is an exciting milestone, and both purchasers and vendors want the transaction to proceed as smoothly and efficiently as possible.
However, while a property sale may appear straightforward, conveyancing involves a number of legal and administrative steps, meaning that completion can sometimes take longer than expected.
Recent research highlighted by the Irish Independent, based on preliminary analysis of IPAV data, suggests that approximately 7,800 property sales each year face delays of six months, with around 2,000 experiencing more severe delays of over nine months.
Proposals are now being brought forward to improve how property transactions are prepared, with the aim of making the process more efficient and providing greater certainty for both purchasers and vendors.
Understanding the conveyancing process
Conveyancing is the legal process of transferring ownership of a property from vendor to purchaser. There are several steps that must be completed before a sale or purchase can be finalised.
One of the main challenges is ensuring that all the necessary paperwork is available and in order. The solicitor must consider matters such as title, planning, boundaries, rights of way and other relevant requirements.
If further information or documents are needed, additional enquiries may be required before the transaction can proceed. This can add to the time it takes to complete the sale or purchase.
Why timing matters
For purchasers and vendors alike, buying or selling a property often involves making important financial and personal plans.
Purchasers may need to coordinate mortgage arrangements, rental agreements and moving dates, while vendors may be preparing for their next home or planning their finances around the sale.
Where a transaction takes longer than expected, these plans can become more difficult to manage.
Although not every delay can be avoided, having the necessary legal paperwork and information ready early can help reduce unnecessary hold-ups.
Could better preparation speed up the process?
One proposed solution is to front-load the legal process.
In simple terms, this means getting the necessary documents ready before a property is put on the market, rather than waiting until a purchaser has been found.
This could include preparing the Contract for Sale, gathering title documents and obtaining the relevant planning documents.
The aim is to identify and address potential issues as early as possible. Having key documents ready when a property goes on the market could help purchasers obtain important information sooner and allow the legal work to progress more efficiently once a sale is agreed.
The proposed seller’s legal pack
Independent TD Barry Heneghan is bringing forward legislation aimed at addressing the issue. His proposed Sellers Legal Pack for Property Buyers’ Bill, which is currently at committee stage, is intended to reduce stress for home buyers.
The proposal would require sellers to prepare a pack of key legal documents when putting a property on the market, making important information available to prospective purchasers at an earlier stage.
By making this information available upfront, the proposal aims to help purchasers make more informed decisions and reduce delays caused by missing documents or legal matters that have not yet been addressed.
While earlier preparation cannot eliminate every delay, it could help make the process more efficient and provide greater certainty for both purchasers and vendors.
Buying or selling? get legal advice early
If you are considering selling your property, contacting your solicitor before you put it on the market can be a useful first step. This allows time to identify any documents that may be needed and address potential issues before they delay the transaction.
Good conveyancing starts with good preparation.