BUYING & SELLING HOUSES IN IRELAND
WITH HICKEY O'DONOGHUE:
1. Costs / Expenses Associated With Buying A House:
a. Solicitor Fees:
From €1,000 + VAT @ 21% Upwards plus legal outlay. Hickey O'Donoghue
have a special arrangement with a panel of local solicitors and can
arrange discounts on the above rates
b. Valuation Fee: €130 Approximately
- Your lending institution will require a valuation
- Hickey 0'Donoghue can arrange competitive rates
c. Surveyors Fees: c. €160 upwards
- New homes registered with home bond come with a 10 year Structural
Guarantee
- It is advisable to arrange a surveyors report particularly on 2nd
hand property.
d. Auctioneers:
The vendor pays the Auctioneer. The purchaser has no payment here!!
2. New Stamp Duty Rates
Stamp Duty is a duty levied on documents or instruments, executed
in Ireland, relating to conveyances and certain other transactions.
The rate of stamp duty levied depends on the head of charge under which
an instrument is classified.
Stamp duty rates for residential property (second hand houses)
| Consideration |
First Time Buyer |
Owner Occupier/Investor |
| |
|
|
| Less than €127,000 |
Exempt |
Exempt |
| €127,001 - €190,500 |
Exempt |
3% |
| €190,501 - €254,000 |
Exempt |
4% |
| €254,001 - €317,500 |
Exempt |
5% |
| €317,501 - €381,000 |
3% |
6% |
| €381,001 - €635,000 |
6% |
7.5% |
| Over €635,000 |
9% |
9% |
The stamp remains the same for investors in relation to new houses.
First time buyers and owner occupiers pay no stamp duty on new houses
where there is a floor area certificate, ie. less than 125 sq. metres.
Where the house is greater than 125 sq. metres and there is a contract
for sale and building agreement, stamp duty is payable a reduced rate
on the greater of site value or 25% of the total price. Where it is
a contract for a completed house stamp duty is payable at a reduced
rate on 25% of the total price.
Stamp duty rates for non-residential property
| Consideration |
Rate |
| |
|
| Less than €10,000 |
Exempt |
| €10,001 - €20,000 |
1% |
| €20,001 - €30,000 |
2% |
| €30,001 - €40,000 |
3% |
| €40,001 - €70,000 |
4% |
| €70,001 - €80,000 |
5% |
| €80,001 - €100,000 |
6% |
| €100,001 - €120,000 |
7% |
| €120,001 - €150,000 |
8% |
| Over €150,000 |
9% |
Exemptions & Reliefs
The purchase of residential properties by owner-occupiers will continue
to be exempt provided they are not let within five years of ownership
and are not greater then 125 square metres. Special valuation rules
apply to the purchase of properties over 125 sq metres to significantly
reduce the duty payable.
- Transfers between husbands and wives are exempt.
- Certain transfers on divorce are exempt.
- Wills are exempt.
3. What Else Do I Need To Know?
Second Hand House
Normally a booking deposit is payable to the auctioneer or estate
agent, to secure the property you are buying, this is usually €5,000
to 10% of the purchase price of the property. The conditions of payment
of this deposit should be subject to contract, good title, survey
and loan approval. This is fully refundable prior to signing of contract.
New House
- Normally €2,000 - €5,000 booking fee
- 10% upon signing of contracts
- Balance on completion of sale
4. Mortgage
HOD Mortgage Centre is a one-stop shop offering a competitive mortgage
service, which is regulated by the Central Bank of Ireland for Mortgage
Business and is a tide agent of Hibernian Life and Pensions.
Services offered by the HOD Mortgage Centre include the following
- Independent Free Financial Advice
- 100% Finance for First Time Buyers
- Residential Investment Mortgages
- Re-mortgage / Equity Release
- No application or acceptance fees
- Mortgage protection / life cover
Tom will provide you with a free consultation, which is obligation
free and can be contacted at 061 310050 or 087 9073586
5. Mortgage Protection Policy
* Offers life cover on the amount borrowed against property
* Cost depends on amount and term of mortgage and ages of borrowers
6. House Insurance
* Covers against fire, damage, public liability etc
* Cover is required to be in place before draw down of mortgage.
What is involved if I want to sell my property?
- Decide which auctioneer you are going to employ
- Contact us without any obligation & we will agree a competitive
rate satisfactory to you.
- Agree an advertising budget.
- Remember when you decide to sell your property - let as many people
as possible know your house is for sale (even let your neighbours know).
It is therefore very important to have a sign in your garden and a photograph
of your property on display in your agent's shop window, property brochures
and virtual tour.
- So have you decided you are selling??? Tel (061) 310022 or e-mail,
us now and we will be pleased to advise you.
You need a Solicitor
- Decide on which firm you are going to use. Contact Hickey O'Donoghue
if you need any assistance in deciding.
- If you are buying and selling your solicitor will probably quote you
an overall fee for both.
- Have you any extensions which require planning permission? These should
be resolved at the beginning as this can cause delays later in the sale.
- Instruct your solicitor as early as possible so that they can arrange
the necessary paper work.
- If you have a mortgage, your solicitor will need to get the deeds
from your bank/building society.
THINKING OF SELLING? CONTACT US NOW!
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