Costs involved in buying a property
What is it going to cost you in addition to the sale price?
When you buy a house in Ireland you should be aware that there are a lot of costs involved over and above the actual price you are paying for the house.
This is a one-off tax on a property purchase and is charged on most house purchases at 1% – so it will add another €2,500 to the price of a €250,000 house. Stamp duty on non- residential property and land is charged at 6%.
(Note: Stamp Duty on houses costing over €1 million will be liable to stamp duty at a rate of 2%)
Land Registry fees
These are fees charged by The Property Registration Authority (PRA) to register a transfer of ownership of property on a sale. The fees start at €400 for properties up to €50,000, €600 for properties between €50,001–€200,000, €700 for properties between €200,001-€400,000 and €800 for properties over €400,000.
Example For a €250,000 house – the total Stamp Duty and Land Registry fees will be €3,200.
If a Mortgage is involved there will be additional Land Registry fees of €175.
Stamp Duty and Land Registry fees correct as at August 2018
These will vary depending on the title and extent of the enquiries to be made but will probably be between €60 – €150.
It is essential to have a survey done before you sign Contracts to buy, as you are deemed to buy the property with full knowledge of any defects, whether hidden or apparent unless the house is newly built. Once you sign Contracts the defects are your problem, not the Vendor’s. The cost of a survey varies and will depend on the type of property, but budget for €250 – €400.
You will need to put adequate insurance in place covering the structure of the property as soon as the purchase is completed. It is the seller’s responsibility to have the property insured up to the date of the closing and then once the deal is completed it is a matter for the purchaser to insure the property. If you are getting a Mortgage your lending institution will also insist that the house is insured for its full reinstatement value, and will also require that mortgage protection insurance is taken out. This is designed to pay off your mortgage if you die during the term of the mortgage.
As there can be varying factors involved in buying a property, e.g. is it a stand-alone house in the country, an apartment, a newly built estate house, or a townhouse, is there a mortgage involved; it can be difficult to give an accurate estimate of the Solicitors fees involved, without talking to you and getting some idea of the type of transaction involved, and your expectations about it. For that reason, we would really like to talk to you either in person or over the phone before giving you an estimate of the costs involved.
Contact us to discuss
Phone our Conveyancing Team now on 071 9142529 for a no obligation discussion about your requirements.
Email us on email@example.com with brief details and a contact number and a member of our Conveyancing Team will call you back to discuss your requirements.