Conveyancing Solicitor: Guide to Buying Property in Ireland

Did you know that there are a lot of hidden extra costs in purchasing a house that you, the first time buyer, may not know about?

1. Stamp Duty – This is probably the biggest extra expense you will need to save for and it is paid to the Revenue Commissioners. The current rate of stamp duty for residential property up to the value of €1,000,000 is 1%. However, if you are buying a brand new home, the stamp duty rate is 1% of the VAT exclusive price of the property.
2. Solicitor’s professional fee – You should give us a ring for a quote as our fee varies depending on the value and type of property you are purchasing.
3. Land Registry fees – These fees varies depending on the purchase price of your home and can range between €400 and €800. Land Registry fees are payable in order to register the property into your name. The Land Registry also charge a fee of €175.00 to register the mortgage.
4. Search fees – A number of searches (ie planning search of the property and searches against the Vendor) are carried out by the Solicitor and these are estimated between €100 and €200.
5. Valuer’s Report – Your mortgage provider will require the house to be valued prior to issuing the formal letter of loan offer. The cost of this valuation is approximately €150.00.
6. Surveyor’s fees – Before buying a second hand property, it is advisable to instruct a suitably qualified Architect or Engineer to carry out a survey of the property. This report will identify any hidden defects or structural issues with the house. The cost of this survey can vary but you should budget €450.00 plus VAT. If you are buying a brand new property, the Architect or Engineer will prepare a snag list. A snag list is a list of minor faults in the property.
7. Insurance – Most banks will require you to take out mortgage protection/life policy. This insurance will pay off the outstanding balance on your mortgage in the event of your death. The cost of this insurance will vary depending on your age, health and amount of your mortgage but expect to pay around €20-€35 per month for the lifetime of your mortgage. Likewise, you will be required to take out home insurance to protect your house in the event of fire, storm damage or flood. The cost of home insurance also varies but you should budget around €350.00 per year.
8. Local Property Tax – this is a tax on property that is also paid to the Revenue Commissioners. If you are buying a second hand home, the Vendors selling the property to you must ensure that they have paid the Local Property Tax in full prior to closing the sale. However, it is often agreed between the Vendor and the Purchaser that an apportionment account is prepared whereby the Purchaser will reimburse the Vendor for part of the year in which they will be registered as new owner.

More Property Law Resources

Property Solicitors 

 Confusing legal terms explained for first time buyers

 Guide to Purchasing a Property

 Guide to selling a property

 Buying an Apartment

 Buying at Auction

 Help to Buy Incentive (HTB)

 Residential Tenancies Amendment Act 2015

Local Property Tax

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