Why do property sales take so long ?

v10

As the title, why do property sales take so long to close in Ireland ?

I recently sold a property in Florida and it took 2 weeks (yes two) from accepting an offer to the money being in my account in Ireland, and that was with a delay caused by the overseas transaction.

I'm currently buying in Ireland and so far it has taken 4 months and still not closed, I've had another sale take 9 months for no apparent reason !

So why is it that they take so long ? I know solicitors tend to work in slow motion in general here but surely there is no good reason for this ?

mirrorwall14

Everything seems to take longer than I thought it would. Applied for our loan offer Thursday last week. Bank only came back today to say they need updated statements. Surely thats the first thing you check when the application comes in. Instead we're losing another week.

We are sale agreed over three weeks and our solicitor just let us know that the vendors bank still hadn't released the deeds so she expects at least another week before contracts. Its excruciating

v10

mirrorwall14 wrote: »

Everything seems to take longer than I thought it would. Applied for our loan offer Thursday last week. Bank only came back today to say they need updated statements. Surely thats the first thing you check when the application comes in. Instead we're losing another week.

We are sale agreed over three weeks and our solicitor just let us know that the vendors bank still hadn't released the deeds so she expects at least another week before contracts. Its excruciating

Yes very annoying. In my case there is no loan so that's not causing any delay and the sale was agreed 4 months ago.

L1011

Paper documents and physical signatures, stuff sent around by DX even if the two solicitors are at different ends of a street - various things like this add a day here and a day there which adds up.

endacl

Because it benefits each profession that have inserted themselves into the transaction.

v10

L1011 wrote: »

Paper documents and physical signatures, stuff sent around by DX even if the two solicitors are at different ends of a street - various things like this add a day here and a day there which adds up.

Ok I get that but 4 to 9 months ? Nah .. Surely 1 month is reasonable no ?

endacl wrote: »

Because it benefits each profession that have inserted themselves into the transaction.

How ? My solicitor agreed a price before work commenced so surely it would benefit them to close the sale as quick as possible ?

Pat Mustard

endacl wrote: »

Because it benefits each profession that have inserted themselves into the transaction.

That does not explain the length of time.

The longer a transaction goes on, the more queries arise, the more work, the more hassle and all the longer to get paid. The longer each transaction drags on, the fewer of them are completed during the year and lesser profits are made. There is no incentive for solicitors to delay.

These things take time because the system has become increasingly complex, insofar as there are more and more aspects to the system.

Now, solicitors have been unwillingly foisted with the job of tax collectors for the government and if those taxes are not paid, they can remain as charges on the property. Therefore, they must be paid up and the relevant certification got, to show that everything is order.

Banks have a role to play. The purchaser's solicitor may ask the bank's solicitor for the loan money, so the purchaser's solicitor can give the money to the vendor's solicitor, in order to complete the sale. Sounds simple, right? Okay, what happens when the bank's solicitor tells the purchaser's solicitor that there will be no money until the purchaser's solicitor gets the deeds to the property that is to be bought and gives those deeds to the bank's solicitor? It's like applying for a car loan and bank manager telling you to park the car outside as security before he can loan you the money. But these things happen, whether or not they make any sense.

Or what about checking to see why the loan money has not been handed over by the bank and the bank insisting on an insurance policy being put in place first. When you check who was to put the policy in place, you find that the bank was responsible for this in the first place but hasn't done it.

Do these things make good sense? No, they are a complete waste of time and they delay everything.

v10

Pat Mustard wrote: »

These things take time because the system has become increasingly complex, insofar as there are more and more aspects to the system.

Now, solicitors have been unwillingly foisted with the job of tax collectors for the government and if those taxes are not paid, they can remain as charges on the property. Therefore, they must be paid up and the relevant certification got, to show that everything is order.

TBH I don't think that explains it either, I still see no reason the paperwork involved in a house sale can't be done in a month or less (assuming no planning issues etc).

I just feel this is mainly caused by solicitors dragging their heels, their attitude seems to be that a sale takes months so what's the problem ! They seem to do a half hours work on it every few days if they get around to it and then charge a couple of grand for the privilege.

nuac

v10 wrote: »

TBH I don't think that explains it either, I still see no reason the paperwork involved in a house sale can't be done in a month or less (assuming no planning issues etc).

Comment

That could turn out to be a brave and expensive assumption, in terms of cash andtime

I just feel this is mainly caused by solicitors dragging their heels, their attitude seems to be that a sale takes months so what's the problem ! They seem to do a half hours work on it every few days if they get around to it and then charge a couple of grand for the privilege.

Your solicitor has to deal with other solicitors and other offices and professionals.

There are over 2000 legal firms ranging from the one (wo)man office to the large factories. Every client can shop around

athtrasna

My former housemate bought an apartment last October. Offer to keys in under two weeks. It is possible, too many sweeping generalisations going around.

Pat Mustard

v10 wrote: »

I just feel this is mainly caused by solicitors

Convincing argument. I'm sold.

v10

athtrasna wrote: »

My former housemate bought an apartment last October. Offer to keys in under two weeks. It is possible, too many sweeping generalisations going around.

Good to hear that it's possible alright, very rare though I'd imagine.

Kings Inns or bust

Firstly American title searches go back about 5 minutes. Before that it was either a swamp or some indians owned it and we know what happened there. Secondly it always makes me laugh when people comment on how laid back somewhere is and then wonder why it takes forever to get anything done. Thirdly, the biggest delaies of property sales in Ireland are the punters themselves.

Lastly the paperwork can be done very quickly if everything falls into place, it hardly ever does. If you hire a solicitor who is known for chasing things then yes it can happen faster, you just need to be prepared to pay the higher fee and hope that the buyer/vendor is also in a hurry, they hardly ever are.

Carawaystick

Only certain types of property sales take time. You can buy chattels in under a second...