CONVEYANCING FEES: BUYING A HOUSE

If this blog touches on any issue of interest to you please do not hesitate to contact us at nicholas@oshearussell.ie for some preliminary guidance and advices.

For anyone considering a house purchase, the House Buyer’s Checklist on our Homepage is a must.

It can be challenging to budget for the purchase of your House, however, in addition to the Purchase Price and budget for refurbishment, the principal outlays are as follows:-

  1. Surveyor’s Fees
  2. Bank’s Valuer’s fees
  3. Solicitor’s Fees
  4. Mortgage Protection Insurance
  5. Home Insurance
  6. Property Tax

We will look at each of these in some further detail.

  1. Surveyor’s Fees

It is extremely important to have the house you are purchasing fully surveyed before signing Contracts.   This is particularly important when dealing with an older property needing refurbishment.   A Buyer should not ‘skimp’ on this Survey and should budget €350-€600 for a full Visual Survey.

2. Bank’s Valuer’s fees

A Lender will commission it’s own Valuation and you, as Borrower, will normally discharge the fee of €150-€200.

3. Solicitor’s Fees

If you are buying a house for your own occupation you will pay your own Solicitor only.   If buying an Investment Property with the benefit of a Loan, your Loan Approval MAY require that you pay the Bank’s Solicitor also.

At O’Shea Russell Solicitors we recommend that prospective Buyers seek an number of Quotes.   We are very competitive with our Conveyancing Fees and have a special FIRST TIME BUYER’S SOLICITORS FEE of €995 plus vat which has proven to be very popular.

A typical quote for O’Shea Russell Solicitors for First Time Buyers of a second hand house with a Price Tag of €285,000 would be as follows:-

  • Solicitor’s Fee                             €995.00
  • Vat @ 23%                                   €228.85
  • Stamp Duty @ 1%                   €2,850.00
  • Land Registry Fees
  1. (a) Deed of Transfer                     700.00
  2. (b) Registration of Mortgage       175.00
  3. (c) Folio and map                            40.00
  • Commissioner for Oaths               20.00
  • Closing Searches                            173.00
  • Telephone, postages etc.                45.00
  • Vat @ 23%                                         10.35
  • TOTAL                                  €5,237.20

A specific Feature of our Conveyancing Service is that all transactions are dealt with personally by Nicholas Russell B.C.L, A.I.T.I. BA (Hons) who is a specialist in this area and brings over 25 years Conveyancing Experience to the service of his Clients.

Tel. 059 9724106 / 9724642

Email : nicholas@oshearussell.ie

www.oshearussell.ie

Nicholas Russell B.C.L., A.I.T.I., BA

4. Mortgage Protection Insurance

The Lender will often give you a price for this Insurance but it is worth shopping around.   It is also important to understand that the purpose of Mortgage Protection Insurance is to clear any balance unpaid on a Mortgage in the event of a death.  IT IS NOT A WHOLE OF LIFE POLICY.  Cover will normally cost €250-€400 per annum but Medical History can be a factor in the cost of the Policy.

5. Home Insurance

This Insurance must be in place and paid for before the Homeloan Cheque can be drawndown.  Cost varies considerably depending on house type and value.

6. Property Tax

This is a relatively small cost.   When you buy you cover the Local Property Tax for that part of the calendar year during which you, the Buyer will own the house.

* A Solicitor may not charge fees or levy or any other charges as a percentage of any award or settlement.

 

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