Outlays incurred in Property Transactions:
. This article deals with Solicitor’s outlays which people selling property, purchasing property and/or mortgaging property necessarily incur. It does not deal with expenses which are not directly related to the Solicitor’s role in the conveyancing process e.g. I do not deal with Estate Agents fees or Surveyor’s fees. Nor does this article deal with Solicitor’s fees....
PURCHASE
Stamp Duty. If the purchaser is buying a new house or apartment and intends to use the property as his/her principal private residence regardless of whether the purchaser is a first time buyer or not and the area of the property is under 125 sq. metres there will be no stamp duty payable. If the property is over 125 sq. metres the stamp duty is calculated on 25% of the price of the property in the manner as set out below. In relation to second hand properties the stamp duty payable depends on whether the purchaser is a first time buyer or otherwise and also on the purchase price. The following tables sets out the stamp duty rates for first time buyers and owner occupiers (purchaser who are not first time buyers) in respect of second hand properties and new properties where the area of the property is over 125 sq. metres (in this circumstance the stamp duty is based on 25% of the purchase price.)
PURCHASE PRICE FIRST TIME BUYER OWNER OCCUPIER
Less than €127,000 Exempt Exempt
€127,000 to €190,500 Exempt 3%
€190,501 to €254,000 Exempt 4%
€254,001 to €317,500 Exempt 5%
€317,501 to €381,000 3% 6%
€381,001 to €635,000 6% 7.5%
Over €635,000 9% 9%
2. Land Registry fees. There are a number of elements to the Land Registry fee:
The first amount of the Land Registry fee depends upon the purchase price. The table hereunder sets out details of the charges:
PURCHASE PRICE LAND REGISTRY FEE
€51,001 to €255,000 €375
€255,001 to €385,000 €500
In excess of €385,001 €625
The Land Registry fee on the mortgage is €125,000
If the property is a new property there will be an additional fee of €60 for opening a new folio
If the property is not registered land there will be no Land Registry fees. However there will be Registry of Deeds fees of €88, €44 for registering the Deed and €44 for registering the Mortgage
Fee of €20 payable to Commissioner for Oaths/Practising Solicitor for the Purchaser(s) swearing his(their) Family Home Declaration
Search fees of approximately €121
Summary
Stamp Duty See 1 above
*Land Registry fees See 2 above
*Registry of Deeds €88
Commissioner for Oaths €20
Searches €121
*alternatives
Remortgage The outlays in respect of a remortgage are a mix of those for a sale and a purchase and are as follows:
Taking up title documents from the Mortgagor’s lending institution. The Solicitor for the Bank/Building Society will normally charge approximately €50.00 for providing the title documents to the Mortgagor’s Solicitor.
2. Fee of €20 payable to Commissioner for Oaths/Practising
Solicitor for the Mortgagor(s) swearing his(their) Family
Home Declaration
3. The Land Registry fee on the mortgage is €125,000
4. If the property is not registered land there will be no
Land Registry fees. However there will be Registry of
Deeds fees of €44 for registering the mortgage
5. Search fees of approximately €121
6. Vacate fee. This is a fee payable to the Mortgagor’s original
lending institution for arranging and supplying the Vacate of the Mortgagor’s original mortgage once the Mortgagor’s original mortgage has been repaid. The Vacate is the formal document by which the Building Society/Bank releases it’s mortgage over the property. The fee will be approximately €38.00.
7. Land Registry fee for registering the Vacate of mortgage.
This fee of €25 is payable to the Land Registry on registering the Vacate of the Mortgagor’s mortgage. If the Mortgagor’s property is unregistered land there will be no Land Registry fee. However the Vacate will have to be registered in the Registry of Deeds at a costs of €12.70.
9. Summary
Taking up Title Documents €50
Commissioner for Oaths €20
*Land Registry €125
*Registry of Deeds €44
Searches €121
Vacate fee €38
*Land Registry (vacate) €25
*Registry of Deeds (vacate) €12
*alternatives
Sale The following are the expenses which a Vendor/Seller incurs when selling a property:
1. Taking up title documents from the Vendor’s lending institution. The Solicitor for the Bank/Building Society will normally charge approximately €50.00 for providing the title documents to the Vendor’s Solicitor. 2.. Copy Land Registry Folio and Map. If the property is registered land a copy folio and map will have to be obtained. The Land Registry fee is €25. 3. In certain circumstances the Vendor’s Solicitor will have to obtain a letter from the Local Authority confirming that the roads and services adjoining the house have been taken over from the Developer by the Local Authority. 4 Fee payable to Commissioner for Oaths/Practising Solicitor for the Vendor(s) swearing his(their) Family Home Declaration and Section 72 Declaration before him. The fee will be approximately €40.00. 5. Vacate fee. This is a fee payable to the Vendor’s lending institution for arranging and supplying the Vacate of the Vendor’s mortgage once the Vendor’s mortgage has been repaid. The Vacate is the formal document by which the Building Society/Bank releases it’s mortgage over the property. The fee will be approximately €38.00. 6. Land Registry fee for registering the Vacate of mortgage. This fee of €25 is payable to the Land Registry on registering the Vacate of the Vendor’s mortgage. If the Vendor’s property is unregistered land there will be no Land Registry fee. However the Vacate will have to be registered in the Registry of Deeds at a costs of €12. 7. Often there can be other more substantial expenses e.g. if an extension has been added to a house an Architect/Engineer’s Certificate confirming the planning status of the extension. The Architect/Engineer will have to inspect the extension and furnish his Certificate. The cost will vary depending on the Architect/Engineer. 8. Summary
Taking up Title Documents €50
Commissioner for Oaths €40
Copy Folio and map €25
Vacate fee €38
*Land Registry (vacate) €25
*Registry of Deeds (vacate) €12
*alternatives
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