Home Purchase Costs
In addition to the purchase price of a property it is important that purchasers understand the other costs involved in the transaction.
LEGAL FEES
These can vary between Solicitor firms and consequently one should get a quotation before proceeding with the transaction. The usual fee quoted by Solicitors is approximately 1% of the purchase price plus VAT, plus €125. However, Solicitors will agree to negotiate on fees and the charges with your Solicitor should be agreed before commencement. When your Solicitor buys the property the main task is to register that property with the land registry or the registry of deeds depending on the type of Title on the property being purchased. The land registry and registry of deeds are government bodies and the fees applicable for registration are as set out below.
Your Solicitor will determine the nature of the title to your property. The costs incurred will depend on whether the title is held in the land Registry or the Registry of Deeds.
|
|
| Registration of mortgage |
|
| Registration of Ownership |
|
|
Application for registration for a transfer on sale where the value of the consideration is not in excess of €10,000 |
€126.97 |
|
In excess of €10,000 but not in excess of €20,000 |
€190.46 |
|
In excess of €20,000 but not in excess of €40,000 |
€253.95 |
|
In excess of €40,000 but not in excess of €200,000 |
€380.92 |
|
In excess of €200,000 but not in excess of €300,000 |
€507.90 |
|
In excess of €300,000 |
€634.87 |
| Other Charges |
|
|
Land Certificate |
€25.39 |
|
Certificate of Charge |
€6.35 |
|
Copy Folio |
€25.39 |
| Registry of Deeds Fees |
|
|
Memorial of Mortgage |
€44.44 |
|
Counterpart of Mortgage |
€12.70 |
|
Memorial of Conveyance/ Assignment |
€44.44 |
|
Counterpart of Memorial of Conveyance/Assignment |
€12.70 |
Note: There will also be a fee for searches your Solicitor may carry out in relation to the home you are buying. Searches are undertaken to ensure that there are not outstanding charges on the property.
STRUCTURAL SURVEY
The structural survey should not be mixed up with the valuation report. The structural survey is a detailed and comprehensive report, which is independently sought by a purchaser in relation to a proposed property. It is designed to evaluate the condition of the property for the purchaser. The price of this can vary depending on the extent of the property, the location of the property, the firm selected to do the work and the other variables that normally arise in such transactions. A fee of €300 might normally be expected for the average residential property.
VALUATION FEE
The mortgage lender will normally require a selected Valuer to carry out a report on the property for the lending institution. This valuation is designed to independently confirm to the lending institution the current market value of the property and the report normally costs in the region of €130 - €200.
STAMP DUTY COSTS
Stamp Duty is primarily a tax on documents. For the most part, these are documents used in the transfer of property or which create rights for the parties concerned. For example, when you purchase a second-hand house, stamp duty is chargeable on the conveyance document which transfers ownership to you.
For more detailed information see Stamp Duty Costs.
HOME INSURANCE
We can arrange your home insurance for you without difficulty. The property is normally insured for fire, storm, flood, burst pipes and a range of other perils and would normally include household contents cover.
The typical cost for a house valued at €125,000 on buildings and €50,000 on contents is €267.75.
If you like a specific quotation please email elaine@philiporeilly.com or you can Tel: 065 68 44448
We deal with leading insurance companies and can obtain the best rate in the market for you.
MORTGAGE PROTECTION INSURANCE
Mortgage Protection Insurance is designed to pay off the balance of a mortgage in the event of the death of either mortgage account holder. The costs relates to the age of the borrower(s), the amount borrowed, health of the borrower(s), the occupation and smoking habits are also factors.
If you would like a specific quotation in relation to mortgage insurance please submit the form below, contact Clare Quinn or telephone 065 6849605.
We deal with leading insurance companies and can obtain the best rate in the market for you.
Receive an Instant Online Life Assurance Quotation
LENDING INSTITUTION FEES & CHARGES
Most lending institutions do not charge any fees or charges now other than the valuation fee in relation to a mortgage. Consequently one should be vary careful about such matters.
Building Society have no application or administration charges in relation to house purchase transactions.
INDEMNITY BOND
Building Society now pays the Indemnity Bond costs on behalf of borrowers.
Some lending institutions charge an indemnity bond fee if the purchaser borrowers more than 75% of the purchase price. now pays this fee and consequently it does not arise when you take out your loan at in Abbey Street, Ennis. Please Email Us for a detailed free quotation.
TAX IMPLICATIONS
For detailed information on tax implications, such as Mortgage Interest Relief, when purchasing a property, see Tax Implications.
BACK TO TOP
|
