Inishowen Bar Association issues important advice for local home buyers, sellers

The Inishowen Bar Association and the Law Society are sharing helpful tips to help prospective home buyers and sellers avoid the most common pitfalls that can lead to frustrating delays.

Whether you are a first-time buyer, downsizing or relocating, the process of buying and selling a home can be both daunting and exciting, but knowledge is always your most powerful tool.

President of the Inishowen Bar Association Geraldine Coughlin advises that local solicitors are best placed to help you prepare and guide you through the process.

“Buying or selling a home is one of the biggest financial decisions you can make in your life.”

“As homeowners face an increasingly competitive property market, solicitors want to ensure a smooth and efficient process for all involved,” she says.

Gather documents early

Experienced legal practitioner Geraldine, of MacBride Conaghan Solicitors in Moville, advises that gathering all your relevant documents early in the process will save you much time down the line.

“For buyers, this means looking at finances and making sure you are purchase-ready. First, work out what you can practically afford to maintain your lifestyle. This is often more than just how much you can afford on your monthly mortgage repayments. Talking to a financial lender or mortgage adviser can help.”

“You will also need to have a cash deposit saved – 10% for first time buyers, and 20% thereafter. You will also be liable to pay government stamp duty, Local Property Tax, agency fees, legal fees, surveyor fees, as well as mortgage protection or life assurance.”

“For sellers, ensure your home is ready for sale. You will need to locate the title deeds to the property and show all relevant taxes and charges are paid up to date.”

Talk to your solicitor

When it comes to buying or selling a property, your local solicitor is well-versed on all the steps that need completed before any sale goes through.

Geraldine explains: “Your solicitor will know the most common pitfalls that can delay a sale. Crucially, you solicitor is there to safeguard your interests to ensure a speedy and secure transaction, potentially saving you time and money in the long run.”

“The average person does not regularly deal with drafting contracts, legal documents, raising title queries and searches, or even liaising with banks on loan cheques. This is why we recommend you talk to your local solicitor early,” she urges.

Don’t cut corners

While it might be tempting to get a quick sale when the perfect property or interested buyer comes along, remember to follow all the necessary steps in the process, and take advice from the experts guiding you along the way. Skipping crucial steps could cause frustrating delays further down the line.

Closing the sale

Inishowen Bar Association President Geraldine says your solicitor will help you complete the transaction successfully so you can start enjoying your new home, or be satisfied with your sale.

“When all official checks are completed, your solicitor will arrange to finalise the sale and take care of all necessary closing steps. For example, in the case of a buyer, registering the buyer’s title with the Land Registry and in the case of a seller, paying off any mortgage on the property and taking care of all matters after closing the sale.”

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