Buying and Selling a Property Simultaneously with Sherwin O’Riordan Solicitors

Buying and selling a property at the same time can be a complex and often stressful endeavour. It involves coordinating two significant legal and financial processes, each with its own set of challenges. Sherwin O’Riordan Solicitors experienced conveyancing team is dedicated to making this intricate transition as smooth and efficient as possible, guiding you through every step from pre-contract to completion.

Understanding the Simultaneous Process

The core challenge of buying and selling simultaneously lies in synchronizing the two transactions. Ideally, the sale of your current property and the purchase of your new one should complete on the same day. This minimizes the need for temporary accommodation or bridging loans, which can add significant costs and logistical hurdles. Our role is to meticulously manage this coordination, ensuring all legal aspects align for a seamless transition.

Our Comprehensive Services for Simultaneous Transactions

Sherwin O’Riordan Solicitors offers a full suite of services tailored to clients buying and selling property concurrently. Our expertise spans various property types, including rural, urban, leasehold, freehold, new builds, and listed buildings.

Our services include:

• Pre-Contract Advice: We will review initial documentation for both your sale and purchase, advising on potential legal issues before you commit. This early intervention is crucial for identifying and mitigating risks.
• Mortgage Advice: We provide guidance in relation to your mortgage arrangements for the new property, liaising with your lender to ensure all necessary documentation is in place.
• Conveyancing: Our team handles all aspects of the conveyancing process for both transactions, from the initial contracts to the final registration of deeds. This includes managing the legal transfer of ownership for both properties.
• Legal Due Diligence: For your purchase, our solicitors conduct critical checks, including title searches to confirm the seller’s legal right to sell, verification of planning permissions, and local authority searches for any outstanding charges or violations. We also recommend considering a structural survey to identify potential property issues.
• Deed Stamping and Registration: We ensure that both your sale and purchase deeds are correctly stamped with the Revenue Commissioners within the required timeframe and registered with the Property Registration Authority.
• Clear Communication: We are committed to explaining the entire process in plain English, avoiding legal jargon, and keeping you informed of progress and next steps for both your sale and purchase.
• Wills and Inheritance Tax Advice: As a full-service law firm, we can also advise on your Will and Inheritance Tax implications, especially relevant when significant property assets are changing hands.

The Step-by-Step Process

While each simultaneous transaction has unique elements, the general steps we follow are designed for efficiency and clarity:

1. Initial Consultation: We begin by understanding your specific needs and providing initial advice for both your sale and purchase.
2. Securing Finances: Before actively searching for a new property, it’s crucial to have your finances in order. This includes obtaining mortgage pre-approval and determining your deposit amount. Engaging a solicitor early is vital at this stage.
3. Finding the Right Property: Once your finances are in place, you can begin your property search, considering location, property type, and conducting thorough viewings.
4. Making and Accepting Offers: When you find a suitable property, you’ll make an offer through the estate agent. Upon acceptance, you’ll receive a Sale Agreement, which is a legally binding contract. Your solicitor will review this agreement for both your sale and purchase.
5. Legal Due Diligence (for Purchase): This critical stage involves title investigations, planning permission checks, and local authority searches.
6. Signing Contracts and Paying Deposits: Once due diligence is satisfactory, you will sign the contracts for both your sale and purchase. Typically, a 10% deposit is paid for the purchase at this stage.
7. Exchange of Contracts: This is a pivotal moment where contracts for both your sale and purchase become legally binding. After exchange, neither party can pull out without incurring significant penalties. Our team at Sherwin O’Riordan ensures all conditions are met before this crucial step.
8. Closing the Sale (Completion): This is the day ownership officially transfers for both properties. Your lender will provide mortgage funds for your purchase, and your solicitor will handle the transfer of ownership and registration of the property in your name. Stamp duty will also be paid at this point.
9. Post-Completion: After completion, your solicitor will finalize the registration of the transfer of ownership with the Property Registration Authority and handle any remaining legal aspects.

Why Choose Sherwin O’Riordan Solicitors?

Choosing the right legal partner for a simultaneous property transaction is paramount. Our dedicated team at Sherwin O’Riordan Solicitors offers:

• Expertise: Extensive experience in all types of property transactions, ensuring knowledgeable guidance through complex simultaneous processes.
• Full-Service Law Firm: Access to expert teams across the firm, including Probate, Litigation, and Tax and Trusts, to address all your needs comprehensively.
• Efficiency: A commitment to timely and efficient service, ensuring a smooth and seamless transaction.
• Personalized Service: Understanding that buying and selling property is a significant life event, we provide tailored service to your specific needs.

For expert legal advice on buying and selling property simultaneously, contact Sherwin O’Riordan Solicitors today.

Contact Sherwin O’Riordan Property Team Today

Ph: 01 663 2000

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