Buying or Selling House or Apartment?
Before you agree to buy or sell your property you should seek the best advice available from your Solicitor.
Before selling your property, Kennedy Frewen O’Brien will take up your Title Deeds from your Bank or Lending Institution for the purposes of preparing Contracts in preparation of the sale. We will liaise directly with your Bank or Lending Institution to take up the Title Deeds and request mortgage redemption figures where applicable. Further, on reviewing the title we will be in a position to advise you of any Planning or Building Regulation matters which may have to be addressed prior to sale. We will also advise you in relation to matters of Local Property Tax, Household Charge and the Non-Principal Private Residence levy. Finally, prior to completing Contracts we will be in a position to advise of any tax implications arising from the proposed transaction. These taxes may include Capital Gains Tax and in certain circumstances Capital Acquisitions Tax.
If you are considering purchasing a property it is imperative that you take early advice from your Solicitor. We will investigate the title fully on your behalf and give you best advice prior to entering Contracts. Matters to be considered will include a pre-purchase inspection of the property by an appropriately qualified and bonded Engineer or Building Surveyor. Further, you will be advised in relation to matters of Identity and boundaries in order to avoid disputes in the future. We will advise you of all costs, both legal and outlays to include Stamp Duty and Land Registry fees prior to entering into Contracts with the purchaser.
For those considering purchasing a property at Public Auction it is important to remember that when the hammer falls the property is sold, whether or not there are problems with the title. The best advice is not to purchase if your Solicitor has not had an opportunity of reviewing the Contract and Title and advising you in full prior to the Public Auction. Otherwise, you leave yourself open to purchasing a property with a seriously defective title or other burden which may reduce the value of the property considerably. A bank will not allow such a property to be used as security for borrowings but if you were the highest bidder you have to complete the purchase. The best advice is to contact your Solicitor as soon as possible and well in advance of the Public Auction to allow time for one of our team to investigate the title and advise you fully on what you are proposing to purchase.
For more advice contact our property partner Brian O’Brien.
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