Conveyancing: Additional Costs/Outlay when buying a property in Ireland

Other than conveyancing solicitor fees, there are additional outlay costs involved in buying a house or apartment. Some of the costs are payable at the beginning of the transaction before you engage your solicitor.

These are sometimes termed as the hidden costs of buying a property in Ireland.

 

SURVEYOR FEES

For example, before you buy a property you will engage a surveyor to prepare a report on the structural integrity of the property. The surveyors’ fees range from €400 – €900. The purpose of the survey is to highlight any structural issues with the property. Once you have received the survey you can make an informed decision as to whether you want to buy the property. If there are any structural issues with the property you may wish to use the survey to re-negotiate the purchase price through the estate agent.

 

STAMP DUTY

This is a tax that is payable on the transfer of property. The rate of Stamp Duty is 1% of the purchase price or 1% of the market value of the where the property is sold at an undervalue/discount.

 

LAND REGISTRY FEES

Land Registry fees are payable to the Land Registry  to register you as owner of the property. The fees are as follows:

Sale price €0-€50,000 ·                  €400
Sale Price €50,000 – €200,000 ·                  €600
Sale Price €200,000- €400,000 ·                  €700
Sale Price In excess of €400,000 ·                  €800
Registration of Mortgage n/a ·                  €175
Removal of a mortgage n/a ·                  €40

 

CLOSING SEARCHES

Closing searches are carried out by a third-party service provider. Before the transaction completes, your solicitor will order closing searches. The purpose of the closing searches is to ensure that the person selling the property is the owner of the property, there are no court judgements registered against the seller that can affect the property in sale, that the seller has not been adjudicated a bankrupt and that there is no litigation against the property. The cost of closing searches depends on whether the property is registered in the Registry of Deeds or Land Registry. Registry of deeds searches are more expensive as they require a physical search whereas Land Registry search is completed online.

PLANNING SEARCHES

This is a search in the local authority to ensure there are no compulsory purchase orders against the property i.e. that the local Council is not intending to buy the property or any part of the property in sale, there are no enforcement orders against the property and to ensure that the property has the correct planning documentation.

Swearing fees: If you are using a mortgage to purchase a property you will have to sign a declaration confirming whether the property is family home. This declaration must be witnessed by a Commissioner for Oaths or practicing solicitor. Your own solicitor cannot witness the declaration. The fee for witnessing the declaration is €10.00 per signature.

 

MANAGEMENT COMPANY CHARGES

if you are buying an apartment or in some circumstances a house, you will be liable to pay management company service charges. These are annual charges set be the management company. The service charges are to cover the cost of insurance and maintenance of the common areas. Every management company charges a different service charge.

 

LOCAL PROPERTY TAX [LPT]

Local Property Tax is based on the market value of the property. It is an annual tax and is calculated from the 1 January to the 31 of December. The seller will pay the Local Property Tax for the full year. On closing of the transaction, the annual Local Property Tax is apportioned between the purchaser and the seller. For example, if the annual Local Property Tax is €100 and the transaction were to close in the 1 June, the purchaser will pay an additional €50.00 to the seller to cover the Local Property Tax for the brief interregnum period when the purchaser will be the owner of the property during this period.


For clear legal advice and competitive, efficient conveyancing fees and services contact MB Solicitors call +353-567 7343 or use the enquiry form below.


 

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Paul MartinPaul Martin
09:48 08 Oct 24
Excellent service could not have been more helpful
Donal ReynoldsDonal Reynolds
12:18 07 Oct 24
Michael and Sinead were a great help and guided us expertly through the property purchase process from start to finish. They were most thorough and made the whole experience seamless .I would have no hesitations in recommending them!
Nikhil PaiNikhil Pai
09:56 07 Oct 24
First off, big thank you to Michael and Sinead for helping us close our new home. It's a stressful process and they truly helped us at every step, especially in the closing stages where we were following up multiple times a day! Overall, I'd highly recommend working with the team here since they are helpful, quick and efficient.The only feedback I would have, and this is coming from someone who isn't from Ireland, is that it would be super helpful if the team would have an initial consultation where they would explain the entire process in detail. A lot of times we were learning new things on the go which was a bit worrisome (even though Michael and Sinead had it under control).Other than that, great experience. Thank you, both!
Paula KPaula K
00:51 06 Oct 24
Sinead and Michael so helpful thank you again for everything definitely recommend
adrian hannonadrian hannon
09:27 02 Oct 24
Extremely helpful and knowledgeable was Michael. Very straight answers , once chatting to him you wont want to deal with anyone else.
LauraLaura
15:08 29 Aug 24
Michael was brilliant from start to finish with all our property selling and buying so we could get our dream home! Available when needed and extremely helpful. Would recommend 100%.
Alessio PullaraAlessio Pullara
15:26 21 Aug 24
I recently had the pleasure of working with MB Solicitors for the sale of my apartment, and I couldn't be more satisfied with the experience. From start to finish, the process was smooth, efficient, and stress-free. Special thanks to Dora, who went above and beyond to ensure everything was handled meticulously. Her professionalism, attention to detail, and clear communication made all the difference. I always felt informed and supported throughout the transaction. I highly recommend MB Solicitors, for anyone looking to navigate the complexities of property sales with ease.
Dave MurtaghDave Murtagh
20:06 07 Aug 24
I recently worked with Michael in MB Solicitors for the sale of my apartment, which included managing the tenant termination process.Their attention to detail and communication throughout the process were outstanding. I always felt informed and confident that my interests were being well-protected.The team was professional, efficient, and always available to answer any questions I had. I highly recommend MB Solicitors to anyone looking for reliable and knowledgeable solicitors. Their expertise made what is a stressful situation much more manageable.
Chris LeonardChris Leonard
12:04 30 Jun 23
I highly recommend Michael. He dealt with a very tedious case that took much longer than expected. Always relaxed, professional and upfront with everything. I would not hesitate to use him again in the future.
Alan HendersonAlan Henderson
14:52 16 Jun 23
I would highly recommend MB Solicitors. Michael and the team were very easy to deal with and nothing was too much trouble. They provided both a friendly and professional service which removed a lot of stress from the mortgage process. Fees were also very reasonable.
Hazel EganHazel Egan
16:12 04 May 23
Michael and Sinead were great in helping us buy our new build house. As is expected there were loads of delays on the developers side but as soon as things were needed Michael or Sinead were on top of it. They were both great at explaining every step to us and answering all of our questions as this is our first house so a lot of things were new to us. We just received the keys today and in time to avoid another mortgage rate increase! We're delighted and grateful to MBSolicitors for their work. I would recommend reaching out to them if you are buying a house
Mufleh KodaMufleh Koda
11:10 15 Mar 23
I've been working with Michael and Sinead Burns to complete my mortgage last year. My mortgage was a complicated one with so many moving parts, and they were excellent!Even after I moved into my apartment, they remained supportive and helpful with multiple related issues and did not hesitate to assist.I highly recommend MBSolicitors.
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