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Apart from the obvious purchase price of the property, buyers must be aware of the other costs involved in purchasing property e.g. Legal fees payable to your solicitor, a Valuation Fee payable to your Mortgage Lender and Stamp Duty payable to the government. You will also have to pay for a Structural Survey or Snag List and although these are optional, they are certainly advisable. Finally, your mortgage provider will need to see proof of home insurance and mortgage protection/life insurance.
Solicitors fees vary enormously - so be advised to shop around! They can vary from 1% of the purchase price which solicitors traditionally charged to special offer conveyancing packages of 995. Most solicitors are open to negotiating a price, so always ask.
Your solicitor will register your property with the land registry, so certain fees are payable to the government as outlined below.
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 |
Structural Survey / Snag Lists |
If you are purchasing a second hand home, it is advisable to request a structural survey of the property from an independent surveyor. The structural survey is a detailed which evaluates the condition of a property. Expect to pay anything from 400 to 600 for a survey, again shop around for best value.
If you are purchasing a new home, the property is normally structurally guaranteed for 10 years (e.g. HomeBond guarantee). An independent survey is not required however it is advisable to get a Snag List drawn up which will detail all the small problems/issues/snags which need to b resolved before the purchase of the property is completed. Expect to pay between 200-300.
The mortgage lender normally requires a property valuation to independently verify the current market value of the property. This valuation report can cost up to €200, however many lending institutions will offer a free valuation. Always ask if the valuation is free, if not, you could ask for the fee to be waived.
Stamp Duty is a tax on purchasing property, charged by the government.
First Time Buyers do not pay stamp duty on any property - either new or second hand.
New homes under 125 sq. metres are exempt from stamp duty - so owner occupiers whether first time buyers or not are exempt from stamp duty if purchasing a new home as long as the property is under 125 sq. metres.
Non-first time buyers (owner occupiers) are charged stamp duty on second hand homes and on new homes over 125 sq. metres at the following rates:
|
Chargeable Consideration |
First Time Buyers
|
Non-First Time Buyers |
Investors New Homes |
|
Up to €125,000 |
0% |
0% |
0% |
|
Next €875,000 |
0% |
0% |
7% |
|
Balance |
0% |
0% |
9% |
Property Investors are charged these rates on both new and second hand homes.
Commercial Property stamp duty is charged at 9% on all properties over €150,000.
For more detailed information see Stamp Duty Costs.
Once you purchase a property, you must insure the property. Mortgage lenders will need to see proof of home insurance before a mortgage can be granted. Insurance premiums vary considerably, so once again we encourage you to shop around.
| Mortgage Protection Insurance |
Mortgage Protection insurance will pay off your mortgage should you die during the term of your mortgage. If you take out a joint mortgage, you must take out a policy to cover both you and your partner. This will allow complete payment of the mortgage in the event of either partner dying.
Different mortgage protection policies are available so talk to your insurance provider or broker for the best policy to suit your needs.
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