AIB Webinar for First Time Buyers hosted on the 21st of September 2023
- 1. INTRODUCTION:
My name is Eamon Concannon
I am a Solicitor with over 20 years’ experience in Buying & Selling property
I am the Principal Solicitor of:
Block 15, Technology Park,
TELEPHONE : 091-700-172/700-173
INSTRUCT YOUR SOLICITOR AS SOON AS POSSIBLE
- Important to instruct your Solicitor as soon as possible so that you can pass on the details to your Bank and the Auctioneer/Estate Agent
- The Bank will send your Solicitors a Legal Mortgage Pack
- The Auctioneer will send your Solicitor the letter of sale with the details of the purchase and the details of the Vendors and their Solicitors
LEGAL FEES & OUTLAYS WHEN BUYING A RESIDENTIAL PROPERTY
- AGREED A PROFESSIONAL FEE WITH YOUR SOLICITOR – (REQUEST A QUOTE IN WRITING !)
2. In addition to the solicitor's fee, there are a number of outlays to be paid to third parties. The standard outlays are as follows;
(i) Property Registration Authority
A fee will be payable to the Property Registration Authority to update records after you buy your property. Your property will be registered in the Land Registry or the Registry of Deeds. The fees payable in relation to Land Registry property depend on the value of the property and are as follows:
Fee Scale for Transfers since the 1st of December 2012 are as follows;
Properties valued from € 1 - €50,000 = €400;
Properties valued from € 50,001 - € 200,000 = €600;
Properties valued from € 200,001 - € 400,000 = €700;
In excess of € 400,000 = €800.
The fee on the Registration of a Mortgage (if applicable) is € 175
Registry of Deeds Fees for first Registration (if applicable) is € 130
(ii) Stamp Duty
This is the transfer tax payable to the Government when you purchase the property. The amount of Stamp Duty is 1% of the purchase price for all residential properties costing under € 1million.
(iii) Law Searchers Fees
It is necessary to carry out law searches on the day the purchase of the property is completed. This will determine whether any judgements or burdens have been registered on the property or against the Vendors. The searches are carried out by a firm of bonded Law Searchers. The cost of the Law Searchers depends on the type of property you are purchasing. The cost of this is normally €150
(iv) Commissioner for Oath fees
It will be necessary have Declarations sworn before a third party solicitor. The cost is €30 approx.
(v) Miscellaneous Outlays
Includes Postage, Telephone and Stationery the cost is normally € 75- € 100 (incl VAT).
We advise that you employ the services of an Engineer/Architect with 10 or more years’ experience (with up-do-date professional indemnity insurance) and that your Engineer/ Architect should:
- Certify that the property is fully comprised within the boundaries set out on the Map furnished and that these boundaries are correct;
- Carry out a structural survey of the property when it has been completed ensuring that the property is safe and sound.
- Confirm that the Planning documentation is in order and that the property is in compliance with Planning Permission and Building Regulations and that there are no unauthorised Developments and advise whether there has been any development which may have been exempted developments;
- Planning Search, ask your Solicitor to carry out a Planning Search or request that your Engineer attend the offices of the Local Authority to ensure that there are no future developments which may affect your property for sale i.e. Compulsory Purchase Orders, future Motor Ways, road widening etc.;
- The site has access to adequate services i.e., water, sewage, E.S.B, etc., and that no 3rd party agreements, wayleaves will be required in the future in relation to the connection, maintenance or repair of these services.
Subject to the survey and if you are happy to proceed with the purchase
- Contact your Solicitors and make sure all pre-contract enquiries have been dealt with
- Arrange to meet with your Solicitors and go through and sign the contracts
- Pay the deposit monies which are normally 10% of the purchase price (minus any booking deposit previously paid by you to the Auctioneer)
- In order to comply with our obligations under the Money Laundering Regulation the following documents will need to be furnished to your Solicitors:
I. Copy of your Photo ID, Passport/Driver’s Licence for the file
II. Details of your PPS Number
III. Copy Utility Bill dated within 3 months
IV. Copy of your Marriage certificate (if applicable)
- The remaining balance purchase monies (90%) will be payable on the closing date, which is stipulated on the Contract. The mortgage monies would normally be drawdown before closing to make up the 90%. The balance of purchase monies is handed over to the Vendor Solicitors on the closing date and the Purchaser Solicitors will receive the Title Documents and the Purchasers will receive the Keys to their new property.
STAMPING YOUR DEED OF TRANSFER AND REGISTRATION IN THE LAND REGISTRY
- Stamp duty must be paid on your Deed of Transfer within 44 days of completion otherwise Revenue will impose penalties and surcharges
- Once Stamp duty has been paid the transfer documents are then submitted to the Land Registry to register you as the new owner(s) and your mortgage must also be registered as a legal charge on the property
AFTER THE REGISTRATION HAS COMPLETED IN THE LAND REGISTRY THE TITLE DEEDS ARE HELD BY YOUR BANK AS SECURITY FOR THE MORTGAGE UNTIL THE MORTGAGE HAS BEEN PAID OFF;
TITLE DEEDS Should contain the following documents; -
1. Documents showing Title – (Land Registry Folio, Declarations)
2. Planning Documents- (Planning Permissions, Certificates of Compliance with Planning Permission & Building Regulations)
3. Property Tax Documents – (Local Property Tax 2013- 2023, Household Charge 2012 & Non-Principal Private Residence Tax 2011-2013)
4. Roads & Services Documents- (Letter from Local Authority roads & services abutting property are in charge or Management Company Documents)
5. Identity Documents – Land Registry File Plan, Maps, Plans & Specifications