Purchase Costs
The
costs involved in purchasing a property will depend on whether the
property is residential or commercial:
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.
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. The other charges with your Solicitor should be agreed
before commencement. Other charges arising are outlays such as
postage, services to ensure the title is clear, cost of Land Certificate
(title deed) and perhaps some costs associated with the mortgage.
Most of these costs are outlined below.
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.
|
Land
Registry Fees
|
| Registration
of mortgage |
€126.97
|
|
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.
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.
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 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.
At
Philip O'Reilly Hooper Dolan Insurances Ltd 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 insurance@philiporeilly.com
or fill in our online Quotation
and we will be pleased to give you a quotation. Or call us on 065 68 49666
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 email Clare
or telephone her on 065 68 44448.
We deal with leading insurance companies and can obtain the best
rate in the market for you.
|
Lending Institution Fees and 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.
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.
For
detailed information on tax implications, such as Mortgage Interest
Relief, when purchasing a property, see Tax Implications.
|
