Mr. Patrick Dorgan:

We feel there will be savings in a number of areas not only with regard to legal fees. There is a competitive environment between solicitors as conveyancing is a very competitive business. It is interesting that many of the big Dublin firms do not bother with residential conveyancing except for their very expensive clients because they cannot make money at it. There is vigorous price competition in the market and if the process is made easier and quicker the facility for solicitors' fees may well be reduced. More significantly, in any conveyancing transaction there are a number of outlays such as law searchers' fees, commissioner for oaths' fees and other such matters which typically cost €200 or €300 per transaction. These will be eliminated under the new system so there will be immediate benefits for the consumer.

There may also be more indirect, but nevertheless tangible, benefits. In our model we could reduce the transaction time from two or three months as it is at present to four or five days. Typical residential buyers of property are renting and if they can get into their new home in one month rather than six months it will save them several thousand euro in rent. Legal fees will probably decrease further. There is no doubt that outlays associated with conveyancing transactions will be eliminated and more intangible savings will doubtless be made by consumers.