Guide to the Costs and Legal Fees when Buying a House in Ireland

There are a number of costs which cannot be avoided when anyone is thinking of buying a house or apartment in Ireland. Here are the major ones:  

The person may have saved (or gifted to them) a deposit of at least 10% of the purchase price as even the most generous banks or building societies would not lend you more than 90% of the purchase price. 

 There may be some administration fees payable to your bank or building society on your loan application. Perhaps €100/125.  

Even if the property is a new build, it is advisable to get an architect or surveyor to check it out and give you a written report. On an older property, it is almost imperative you get a survey done. Fees for this vary generally from €250+VAT up to €500 +VAT for a more complex survey.  

Moving charges are sometimes overlooked and a full move of house furniture and contents could be close to or perhaps even over €1000 +VAT. 

Stamp duty is paid to the revenue but is collected on their behalf by your solicitor. It will be 1% of the value of the property up to €1000,000 and 2% on any balance remaining. For new builds you deduct VAT before paying stamp duty. 

Registry of Deeds fees may amount to around €100 but land registry fees, if the lands are registered, can be quite expensive. For example, a house costing up to €400,000 will attract a land registry fee of €700 while any transfer of property worth more than €400,000 (nearly most properties these days!) will cost €800. If lodging mortgage with your documents, then there is an additional €175 cost bringing the entire fees payable to the land registry to € 975.  

Solicitors’ fees will of course vary. Some firms have a fixed or flat fee and the person will need to ask their solicitor their fee for the work.

The person will also have to allow for another €100/ €120 perhaps for certain search fees ordered by your solicitor prior to closing to make sure that there are no last-minute charges or judgements registered against the house you are buying. These are made by an outside Law firm on your behalf. 

The work of your solicitor is usually quite detailed and thorough, although often completed under tight time schedules, but essentially his or her main job is to ensure that what you have just bought can be readily sold on again by you if you wish at any time in the future.  

 Note the legal work is not finished when your solicitor closes the sale, and you receive the keys. The transfer and related documents must be stamped by your solicitor and lodged for registration in the land registry. Any queries raised by the land registry will have to be sorted out by your solicitor and when the property is finally registered in your name, the set of title documents will then be forwarded by your solicitor onto your bank or building society. They will then hold the documents for the duration of the loan. Your solicitor will sign off on a certificate/report on title to your bank our building society and, in effect, this is a guarantee to your bank that the title is fully in order. 

If a person requires legal assistance on a property sale/purchase matter from property solicitors, we can be contacted on  (052) 612 1999 or (01) 546 1121.