Apartment Purchase in Lucan, Co. Dublin

Case Study: Apartment Purchase

Fast Tracked Transaction - From Instruction to Completion in 7 Weeks

CASE DETAILS

INTRODUCTION & CLIENT BACKGROUND

Our client recently purchased a second-hand apartment in Lucan.

The client was referred to us by their mortgage broker, and this was their first property purchase and their first experience using an online property solicitor.

JACOB LAW LLP ROLE

INSTRUCTION: We were instructed by the client to handle the legal transaction for the purchase of a second-hand property purchase – apartment.

ONBOARDING: Once the client was onboarded, we created a client portal profile, verified their identity and address, and assigned a case manager to support the client while the solicitor handled the legal aspects of the purchase.

REVIEW OF SALES ADVISE NOTICE AN AND LOAN APPROVAL: We reviewed the Sales Advice Notice and the client’s loan approval to ensure there were no onerous conditions.

RECEVING CONTRACTS: We received and reviewed the contracts and title to the property, raising pre-contract enquiries.

CONTRACTS EXCHANGE, SIGNING, CLOSING DATE: Once the contract was in order, we arranged for the client to sign it, agreed a tentative closing date with the vendor, and received the signed contracts. We then returned the contracts to the vendor’s solicitors and submitted the loan documents to the lender for drawdown.

FINAL INSPECTION, FINAL SEARCHES AND COMPLETION: After the client completed the final inspection of the property and confirmed everything was in order, we carried out the final searches and transferred the funds to complete the purchase.

KEYS RECEIVED: Once we received the closing documents, the client received the keys.

COMPLETION: Although the client’s part was complete, we still have post-completion steps: stamping the deed, registering him with the PRA, notifying him once registration is complete, and other actions.

MORTGAGE BROKER ROLE – MORTGAGELINE

AIP: The mortgage broker assessed the client’s financial position and successfully secured an Approval in Principle from the lender, confirming client’s borrowing capacity at an early stage.

BACKGROUND CHECK: The mortgage broker coordinated the submission of the required documentation and worked with the lender to complete all background and affordability checks efficiently.

LOAN OFFER: The broker liaised with the lender throughout the application process, ensuring all conditions were satisfied, resulting in the issuance of a formal loan offer to our client.

DRAWDOWN: By maintaining close communication with all parties, the broker ensured that mortgage conditions were met, facilitating the timely release of funds for completion.

TIMELINE

*dealing with queries on title

RESULT

By working closely with the mortgage broker and our client, we delivered the second-hand apartment purchase in just 7 weeks – demonstrating the speed, efficiency, and precision of our modern, technology-driven approach.

With secure online document exchange through both client and broker portals, combined with digital signatures and advanced ID verification with facial recognition, we streamlined the entire process and significantly reduced the traditional conveyancing timeline, without compromising on compliance or accuracy.