Aidan Davitt (Fianna Fail) | Oireachtas source

I want to raise an important matter regarding the conveyancing of property in Ireland, and to highlight the length of time it currently takes to complete a property sale. I am aware that Members and the House have discussed different technical issues in this area on a number of occasions. A new initiative has been spearheaded by the Institute of Professional Auctioneers and Valuers, IPAV. It represents qualified licensed auctioneers, valuers and estate agents, who aim to radically reduce the length of time it takes to sell a property in Ireland. The IPAV has put together a seller's legal pack, SLP, which is a collection of documents that it proposes should be provided to aspiring purchasers when a property is put on the market, therefore front-loading this process.

My understanding is that the motivation to change the current situation is rooted in the findings of the IPAV's recent conveyancing survey which revealed that 79% of auctioneers experience conveyancing delays between the point at which the sale of the property is deemed to have been agreed and when the sale is actually concluded. The average time taken, between the point of agreement of sale and the signing of contracts, is ten weeks. The time taken from the signing of contracts to the conclusion of sale is normally six weeks. I applaud the efforts of the IPAV to highlight this important issue and I am happy to raise it here today.

I understand that the ultimate ambition of the IPAV is to streamline the conveyancing process and to make it more efficient. This is a move that I am sure all Members of the House would support. I am assured that the SLP will substantially reduce the delay incurred in the current sales process, which is unaligned and rife with uncertainty, presenting legal risks to both vendors and purchasers. It will help to limit the terrible practices of gazumping and gazundering, and will create greater certainty around the process for consumers and buyers. I firmly believe that we must reach the point between all relevant stakeholders and those directly involved in the property transaction to develop a substantial property market where people can buy, sell or rent properties in a cost-effective manner. Perhaps we can have a debate on this particular issue. It was raised in the previous term of the Seanad.