We here at Healy O’Connor think it can be in certain cases. Any Law Firm when deciding on taking a new property transaction is mindful of the exposure of an undertaking given to the Bank lending the finance to the Borrower. What does that mean? Well the solicitor undertakes on your behalf to make sure that the title to the property is in order and that title will be properly registered in your name. Simples.
Low Cost Conveyancing Solicitors
A Purchasing Solicitor is acting for both you, the client, and for the Bank lending the money. Back in the olden days when Kajagoogoo ruled the airwaves there was a thing called a three way closing. Sounds kinky but it was anything but. Basically, a solicitor acted for the Bank, your solicitor acted for you and a solicitor acted for the guy selling. The thing was this added to the cost of conveyancing. Mary Harney, said hang on a minute why doesnt the solicitor acting for the purchaser do the job of the bank solicitor? The answer is because she had not met Michael Lynn and Thomas Byrne. These guys essentially abused the role and sanctity of the Undertaking and the rest is Legal history.
So the thing is we all want lower cost conveyancing along with lower cost bread and milk. Just dont expect a solicitor to charge you bargain basement prices where he may be exposed to a huge claim on his insurance! However, if house prices are dropping to World Cup 90 prices then similarly you should expect a drop in conveyancing fees. At least that’s how we look at it…
Healy O’Connor Solicitors. Cork and Dublin Property Department