Almost seven in 10 consumers (73% ) for whom conveyancing, the legal transfer of property title from seller to buyer, is applicable, have experienced problems with the process, according to a new survey by Ireland Thinks.
The research, with a sample size of 1,228 and carried out on September 1st, also revealed 77% of respondents would like to see the Sellers Legal Pack or similar measures introduced to speed up conveyancing.
A survey of 534 agents, members of IPAV, the Institute of Professional Auctioneers & Valuers, recently found that conveyancing takes on average four months to complete, with 84% of them seeing sales falling through because of such delays.
The latest consumer research comes as the Sellers Legal Pack for Property Buyers’ Bill 2021 is due to be heard at second stage in the Dáil this afternoon.
The Bill aims to create a statutory obligation for a seller’s pack to be prepared in advance of a property going on the market. This would contain documents such as contracts for sale, planning documents and architect’s certificate of compliance with planning and building regulations.
Pat Davitt, IPAV’s Chief Executive says the Bill would not only speed up conveyancing but it would also ensure that only properties which are genuinely saleable come to market.
“Speeding up conveyancing is critical because the current system results in unnecessary costs and frustration all round.
“The proposals in the Bill would not just deal with the inordinate delays, they would also prevent prospective buyers making offers and incurring the expense of engaging the services of engineers and surveyors for properties that end up being withdrawn from sale because of issues around title, rights of way and other such issues that often emerge late in the process,” Mr Davitt stated.
He said, effectively, it would make market wide a practice that already applies in online public auctions and public auction sales, at no extra cost to consumers since it merely front loads a process that is currently elongated without justification.
“Indeed by cutting down on the unnecessary delays prospective buyers would have less outlay, substantially so in some cases.”
The Ireland Thinks survey also found that:
Ø 81% of those aged 18-34 supported an initiative like the Sellers Legal Pack
Ø Over 70% of the 65+ age group agreed
Ø Support was highest in Dublin with overall support at 81%.
