- What considerations should be taken into account in choosing a solicitor?
- How long does it take on average to buy or sell a property?
- What are the major causes of delay in property transactions?
- What is the difference between Land Registry and Registry of Deeds Title?
- What is Ground Rent?
- What do solicitors mean when they refer to searches as an outlay item?
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On average it takes about 2 months to purchase or sell a property.
On the buyer’s side, the major causes of delay usually relate to the mortgage and, in particular the processing of the mortgage protection/life policy. On the seller’s side, the failure to anticipate issues that may need to be addressed at an early stage, such as planning or other title issues, can cause delay.
The Land Registry and the Registry of Deeds are the two systems of registration of property in Ireland.
The Registry of Deeds was established in 1707, for the purpose of giving priority to registered deeds and the prevention of fraud in dealing with the transfer of ownership of land. It deals mainly with urban land. It deals with the registration of documents only, as opposed to title. Registration does not guarantee the effectiveness of the deed in question. You rely on your solicitor to ensure the deed is properly drafted.
The Land Registry was established in 1891 and the major difference between it and the Registry of Deeds is that it is the title itself that is registered in the Land Registry. It frequently deals with agricultural land. All property in Laois, Carlow, and Meath, and more recently Longford, Westmeath, and Roscommon must now be registered in the Land Registry.
Ground rent is a term used to describe nominal annual rent payable in respect of certain properties. It arises from the fact that in the eighteenth and nineteenth centuries, large areas of land were given to English Landlords. These landlords wanted to retain income from the property so they entered into leases which required the lessee to build on the land. Under these so-called “building leases” the lessee and their successors were bound to pay rent in respect of the ground only at a nominal rate. In many cases these rents are no longer collected.
Under the Ground Rents legislation of the 1960’s and 1970’s, the creation of new ground rents has been prohibited. There is also a procedure for buying out the freehold of the properties that are subject to a ground rent. Usually there is only a nominal price to be paid.
Searches are enquiries carried out in public offices by law searching companies on behalf of Solicitors and their clients.