Getting a move on — how to speed up the process of buying a new home

Imagine you are an aspiring first-time buyer watching the Netflix docusoap Selling Sunset and swooning over the multimillion-dollar homes with infinity pools overlooking Los Angeles.

You might think the conveyancing process involves a glamorous estate agent ringing a bell to mark the closing of a sale and the new owner getting the keys to their new abode in a matter of weeks.

Aside from the smoke and mirrors that goes along with producing a drama-filled US reality show and the real legalities of the escrow process (where a neutral third party holds onto the funds while the conditions for purchase offers are confirmed), it is possible for a cash buyer in the US to buy a house and be living in it within 28 days, or 50 days if they’re taking out a mortgage.

By contrast, Ireland’s mostly paper-based system of conveyancing – epitomised by the four-feet high stacks of files sitting on the desks of some rural practitioners – takes place at a glacial speed.

Here, it takes about four months for a property to go from sale agreed to a sale being closed, according to an August survey of 534 estate agents carried out by the Institute of Professional Auctioneers and Valuers (Ipav).

An October survey for Ipav, conducted by Ireland Thinks, found that seven-in-10 consumers who have encountered conveyancing experienced problems with the process.

One of the current causes of delays is the length of time it takes lenders to release title deeds – registered legal documents that prove ownership of a property – to the seller’s solicitor.

That process can take anything from four weeks to eight weeks, according to Pat Davitt, Ipav’s chief executive.

Conveyancing solicitor Sonia McEntee says she has waited six months for a lender to provide her with a client’s title deeds.

This unpredictable, protracted legal process of transferring ownership from seller to buyer isn’t just frustrating and stressful – it has financial repercussions.

Some 84pc of the agents surveyed by Ipav have seen property sales fall through due to conveyancing delays. More than a quarter of agents say such delays cause banks to “frequently” withdraw loan offers, which typically expire after six months.

Buyers especially have a lot to lose if their loan offer expires and they don’t get an extension from their lender: rising house prices – particularly outside Dublin – and lender stress tests for higher interest rates mean purchasers may only qualify for a smaller amount if they have to resubmit a mortgage application.

This means they may have to opt for a smaller property, buy outside their desired area, and incur another round of costs, such as for a survey and further conveyancing, for another property.

Colin Rockett, mortgage team lead at NFP Ireland, says: “We’ve even seen clients missing out on lower interest rates and cashback offers due to not receiving all the legal documents prior to the deadline for such offers.”

The conveyancing process is mostly outside a buyer’s control. However, you can take the following steps to ensure it goes as quickly and smoothly as possible.

HIRE THE RIGHT SOLICITOR STRAIGHT AWAY

As soon as you start house-hunting, source a solicitor to do the conveyancing, and tell them when your offer is accepted. The selling agent will ask for your solicitor’s details to pass onto the vendor’s solicitor to get the ball rolling.

For most people, buying a home for the first time will be their first real experience of engaging with a solicitor. Make sure you get positive recommendations from a relative, friend or co-worker.

ENSURE YOUR SOLICITOR IS TECH-SAVVY

Ask about their use of technology. If the solicitor is old school and wants you to come to their practice every time something needs signing or sends documents by snail mail instead of in an email attachment, you might find the conveyancing process will drag on.

In December, the Law Society’s conditions of sale were changed to allow for digital contracts for the sale of property. This means digital signatures, using software such as DocuSign, can be used in some contracts and that these contracts can be exchanged digitally. However, it will take time for one-person practices to adopt the process.

Some conveyancing firms, such as Jacob Law in Co Waterford, are now using Zoom and Teams calls to meet the requirement for witnessed, physical signatures, Rockett says.

Conveyancing can drag on for months but a more active buyer can make it go faster

“We’re finding that conveyancing is typically taking 10 to 12 weeks, but this could be reduced to six weeks if paperless practices such as using DocuSign and Zoom/Teams meetings were used instead of face-to-face meetings,” he says. “We have a lot of clients who can’t arrange to come into a solicitor because of their work schedule.

“If you use a digital-savvy solicitor, you’re not restricted to who’s in your locality. At the same time, though, a good solicitor will do all of the heavy lifting for you and if you do have a recommendation, go with them.”

ASK FOR WEEKLY UPDATES

Ask your solicitor to contact you as soon as they have received the sales advice notice from the