Aside from the purchase price of your property it is important that you consider the other costs involved in buying your home. Not only do you have mortgage repayments to consider, there are other expenses.
Before you appoint your solicitor ask for an outline of fees. It is worth shopping around as prices can vary. The usual fee quoted by solicitors is between 1% and 1.5% of the purchase price + VAT + 127. However, you should seek to agree a fixed fee with your solicitor.
Registration – Your solicitor will determine the nature of the title to your property. The costs incurred will depend on whether the title is held in the Land Registry or the Registry of Deeds.
Land Registry Fees
- Registration of mortgage €127
- Registration of Ownership:
- Application for registration for a transfer on sale where the value of the consideration is not is excess of €13,000 – €125
- In excess of €13,000 but not in excess of €26,000 – €190
- In excess of €26,000 but not in excess of €51,000 – €250
- In excess of €51,000 but not in excess of €255,000 – €375
- In excess of €255,000 but not in excess of €385,000 – €500
- In excess of €385,000 – €625
- Land Certificate: €25
- Certificate of Charge: €6
- Copy Folio: €25
Registry of Deeds Fees
Memorial of Mortgage: €44
Counterpart of Mortgage: €12
Memorial of Conveyance/Assignment: €44
Counterpart of Memorial of Conveyance/Assignment: €12
Searches: There will also be a fee for searches your solicitor may carry out in relation to the home you are buying. Searches are undertaken to ensure that there are no outstanding charges on the property.
Although not mandatory, it is strongly recommended that you arrange for a structural survey of the property you are buying. The structural survey assesses the condition of the property. It can identify defects and problems which would not be evident from a valuation report. The surveyor’s report will include comment on all visible areas of the property. Fees for structural surveys can vary: it is worth shopping around for the best value.
All lending institutions will require you to take out buildings insurance on the property you are buying. Buildings insurance will cover your home against serious loss or damage. It will protect your home against risks such as fire, flooding, theft and malicious damage. Different types of buildings insurance will offer various levels of cover. Insurance companies or your lending institution will provide you with advice on the different types of cover they offer.
All lending institutions require that you take out mortgage protection. Mortgage Protection is an insurance which will pay off the balance of a mortgage in the event of the death of a mortgage holder. The cost of Mortgage Protection will depend on a number of factors, including the mortgage amount, the term of the mortgage, the age of the applicant/s and the type of policy. Insurance companies or your lending institution will provide you with advice on the different types of cover they offer.
Lending Institution Fees & Charges
When you are shopping around for a mortgage make sure that you are fully aware of the fees you will be paying to the lending institution. Fees will vary from institution to institution.
When you buy a property with mortgage financing it is standard for your lending institution to require that a professional valuer carry out a report on the property. This report is used by the lending institution to determine if the property is suitable security for mortgage lending purposes. Some lending institutions insist on using their own valuers. The fee for a valuation report is usually in the region of 127.
Some lending institutions may require that you take out an indemnity bond if you are borrowing 75%-80% or more of the purchase price.
Don’t forget to factor other costs into your budget. Your home may require vital repairs; you will have moving expenses, fees for the connection of electricity, gas, telephones etc and you will probably be redecorating and buying new furniture