Buying or selling a property can be a stressful life event and it is important to have the right team of advisors in your corner. Here at Corcoran & Company Solicitors we have the right blend of experience and interpersonal skills to guide you through this process and ensure an efficient and stress free outcome.
As your Solicitors we will, amongst other things: examine and certify title to your property; advise upon and resolve title and / or planning issues arising; and, where required, deal with your mortgage provider.
Email email@example.com with details of your sale or purchase and we will be happy to send you a quotation.
Why engage Corcoran & Company Solicitors?
We provide you with an upfront fixed fee so there are no nasty surprises;
We know you are busy and we are happy to arrange early morning and lunch time appointments to suit you.
We provide clear, practical and up-to-date legal advice;
We are always at the end of the phone or email to answer your queries.
We are reliable;
We are efficient;
We are competitive; and
We keep you updated throughout the process on the progress of your transaction (telephone, emails & meetings).
How long will the process take?
A rough guide would be 6- 8 weeks from going sale agreed but this will greatly depend on a number of matters. For example, are the deeds and all documentation readily available to the vendor, how efficiently can the solicitors deal with pre-contract enquiries, how efficiently can you draw down your mortgage, is the property vacant?
Is my deposit refundable?
Enquire with the auctioneer but usually, the booking deposit is fully refundable and subject to a satisfactory contract and survey of the property. You will be asked to pay a contract deposit when signing contracts and from this point, your deposit may be non-refundable. Your solicitor will talk you through this.
Do I need to get a structural survey?
A structural survey can be carried out by an engineer or architect and is recommended where you are buying a second hand property. The survey will advise on the boundaries, any structural issues, services to the property etc.
When do fees etc become payable?
Your solicitor will issue you with a S.150 letter which will detail what fees are payable, when they are payable and by what means. Usually, the solicitors professional fee, land registry fees and stamp duty etc are payable to the solicitors client account at least 3 days prior to closing. It is a good idea to check with your bank regarding your daily transfer limits. Note that we will never email client account details to any client, nor will we telephone you top change client account details. Always be fraud aware.
Buying a Property – The Steps
Contact your Solicitor
It is a good idea to locate your solicitor prior to going Sale Agreed. Get a quote & don’t forget to check Google Reviews. Your Solicitor will deal directly with your lending institution, auctioneer and the vendors solicitor.
The auctioneer will ask you to pay a deposit on the property which is usually fully refundable up to the point where contracts are exchanged. The auctioneer will then write out to the vendor and purchaser solicitor to advise of the sale. At this point you should contact your lending institution and ask them to send a loan pack to your solicitor. It is advisable to obtain a structural survey on second hand properties, speak to your solicitor if you have any queries in this regard. It is advisable to provide a copy of the structural survey to your solicitor so that she can raise any queries with the other side if so required.
Contract for Sale
The vendor’s solicitor will send contracts and vouching title to your solicitor, your solicitor will then review these documents and raise any necessary queries with the vendor solicitor. If there are any issues with the title, your solicitor will at this stage flag it to you. Whilst your solicitor is dealing with queries, you should be busy satisfying the conditions of your loan offer, life insurance, property insurance etc.
Attend at the office
Once pre-contract enquiries are satisfied and your loan pack has arrived, your solicitor will arrange to meet so that you can sign contracts and your loan documents. You will need to pay a further deposit upon signing your contracts to bring the contract deposit up to 10% of the purchase price. A closing date for the transaction should be agreed in the Contract for Sale.
After you sign your contracts, further works are carried out towards closing the purchase of your property. Your solicitor will prepare a statement of account and you will be required to have closing funds in your solicitors client account 3 days before closing. Your solicitor will arrange directly with your lender to have funds sent directly to their bank account.
Closing the sale
On the day of closing, your solicitor will transfer closing monies to the vendor solicitor to hold on trust. Your solicitor will check the closing documents and ensure that all is in order. Searches will be ordered on the morning of closing to ensure there are no judgements of charges affecting the property in sale. The transaction usually closes in the early afternoon and keys can be picked up from the auctioneers office.
Your solicitor will then require you to attend at the office to sign off on closing documents, your deed will be stamped and an application made to the Land Registry to register you as owner. Once this is complete, the title documents are returned to your lender where they will remain until your mortgage is paid off.
Recent Cases / Developments
Sale of Land – Breach of Contract
Contract for sale of land was executed in 2003 between the Defendants (as vendors) and Fleming Construction, which subsequently went into receivership.
Contract contained no details of consideration due and all outstanding details were to be concluded at “closing” of transaction.
Purchaser paid substantial cash deposit and parties agreed to future split of stamp duty benefit that was perceived to derive from the manner in which the sale was structured.
Consideration in split benefit due under contract was never discharged. Receiver of Fleming Construction sought orders directing the Defendants, as trustees, to perform certain obligations under the contract.
Held, orders sought by receiver refused, receiver cannot equitably insist on rights under the contract when he has failed to discharge the full consideration agreed in the contract.