With the recent news from the University of Ireland that property prices in Northern Ireland have gone up on average 37% in just a year and that certain parts of the country saw 85% gains in 2006, naturally all eyes are today focusing on buying property in Northern Ireland.
Northern Ireland is still a location where first time buyers can afford a place of their own and where parents can invest in a home to get their children on the housing ladder for example - and what’s more, it has a secure legal framework protecting the buyer meaning it is an attractive and secure place to buy. This is a quick guide to buying property in Northern Ireland for all those looking at their current options.
Just as in the UK there is a conveyancing system behind the entire buying process with both buyers and vendors having their own solicitor who has to be regulated by the Law Society of Northern Ireland. All solicitors have different ways of working and charge different fees for their services, so it pays to shop around a little to get a good deal.
Suggestions for finding a good lawyer to handle the deal for you include looking at those who actively market the fact they provide conveyancing services, those who offer you a written quotation for their complete services which should include all the additional fees and taxes that you will pay and those who are courteous, easily contactable and who have a number of years experience of doing conveyancing work.
The good news is that because all solicitors are carefully regulated and regularly checked, a buyer is totally protected against a solicitor who doesn’t do their job properly or who goes out of business for example – this takes pressure off the buyer and the vendor as they can be sure that their best interests will be looked after by the Law Society.
Once a property has been found and a price agreed to be paid for it it’s time to instruct your chosen solicitor to act for you. A buyer’s solicitor, whilst having a legal obligation to their client, also has a legal obligation to any lender you involve in the process as well.
Your solicitor will do the following for you:-
Check title deeds and validity of vendor’s ownership claim and their right to sell
Check the contract’s accuracy and legality
Make what are known as ‘disclosure requests’ from the vendor’s solicitor
Conduct full searches which cover everything from ensuring a property for sale has planning permission to that there are no planned motorways about to be constructed through the garden of the property for sale.
Full reporting to you the buyer relating to anything and everything found that is out of the ordinary or not as previously disclosed by the vendor.
Creating transfer documents, mortgage deeds, stamp duty returns and land tax returns.
Ensuring you sign all the relevant paperwork from the contract to the fixtures, fittings and contents list.
They will also have to do some work for your lender – such as ensuing you are who you say you are and making sure your life insurance protection is on risk.
Finally, you need to keep in mind the additional fees and expenses you will encounter when buying property in Northern Ireland and this will help you to budget.
Solicitor’s fees – remember get a written quotation up front!
Valuation fees
Survey fees
Stamp duty, tax and registration fees
Mortgage arrangement fees
Your deposit – this amount will depend on you and your lender but if you can get at least 10% of the purchase price together in the form of a deposit so much the better
And then you have to factor in any removal fees and/or renovation or redecoration fees - because however nice a home is there are always things you’ll want to change even if it’s only the colour of the paint on the walls.
Hopefully this quick guide to buying property in Northern Ireland gives you a feel for the complexity of the conveyancing process so that you can understand why sometimes it takes so long - but also eases your mind because with the right legal help the buying process can be very straightforward. The one critical thing with a solicitor once you’ve established they are properly regulated is getting one you can talk to so that if any issues crop up during the buying process, you can work together to solve them.
