Bought a new Apartment - Help

scribs

Hi Guys,

I am a first time buyer and I bought a new two bed apartment recently. The apartment cost 395,000. It is due to be finished Dec/Jan time. I have paid a 5,000 deposit to the estate agent. I have to pay another 15,000 in a few weeks time. It looks like I will be taking out a mortgage of 364,000. 92% the value of the property.

The Estate Agents have asked for details of my solicitors.

Can anyone list out for me aside from solicitors fees what additional cost I will have to shell out on.

If im correct I have to pay .5% stamp duty on my mortgage. Can anyone tell me exactly what I have to pay .5 percent on.

I believe I have to pay out fees on swearing docs, declarations etc.

What I am looking for is a break down of what exactly ill have to pay for.

Thanks in advance,

Scribs

Sponge Bob

6% of 395k is what you pay stamp duty . €23700

http://www.revenue.ie/revguide/stampduty.htm

the rest is outlays on top of the solicitors fees.

I trust you got a flat rate solicitor as in around €1000 + outlays not a 1% or 2% one . 1% is €4k , money for old rope.

the outlays themsleves are another €300-€700 depending

Thats it

Sponge Bob

Cheap solicitors discussed here . Do not pay a % of the apt price. Its robbery .

http://82.195.144.147/showthread.php?p=91283

Noelie

You'll more than likely need your maintance up from also. If your a first time buyer and its a new property you own't have to pay stamp duty, as long as the apartment is less than 125m. there are land registry fees to be paid also but these should be covered in the Solicitors outlays.

Who are you getting the mortgage with? you may have to pay a valuation fee of about 100-150 euro.

Other than that it'll just be furniture. I think.

Our Solicitor was 1100 + VAT

Sponge Bob

Noelie wrote:

You'll more than likely need your maintance up from also. If your a first time buyer and its a new property you own't have to pay stamp duty

Whoops forgot, its 0% if new build for depending on floor area and a certificate from someone the builder sorts out for you.

I thought you were doing .5% instead of 5% soz . If over 1300 sq ft or so (125m2) its 6% stamp duty

Borzoi

Sponge Bob wrote:

If over 1300 sq ft or so (125m2) its 6% stamp duty

Not true, if over 125m2, the "chargeable consideration" is 25% of the sale value, or the site value, whichever is higher. Stamp duty is calculated on the "Chargeable consideration". Say the OP bought a house worth €600K, the CC would be €150K, the stamp for an owner occupier would be 3% or €4,500. In anycase the OP is buying at €395 so has no stamp duty on the deeds.

Other fees though:
Solicitor: Anything you like + 21% VAT (They rarely mention the VAT)
Land Registry fees: Around €600
Mortgage stamp duty: €1 per thousand, so €364

Robbery, isn't it:rolleyes:

addie

You may need to enlist the services of one or all of these; valuer / surveyor / professional to assist with snag list.

Here are the outlays I incurred recently on a €366,000 second-hand purchase. My solicitor took care of the lot and billed me for the following outlays on top of a fee of € 1,500:

Stamp duty on purchase deed (3% of house price as was first time buyer)
Stamp duty on mortgage deed 366.00
Stamp duty on counterpart mortgage 12.50
Stamp duty assignment life policy 12.50
Land registry fee on transfer 500.00
Land registry fee on mortgage 131.00
Land registry fee on new folio 60.00
Land registry fees on copy folio 5.00
Commissioners fees 20.00
Closing search 150.00
Planning search 41.14

Yep, I have the papers right here, that's why the figures are so precise! I don't know what half of it means so I don't know what will and won't apply to you scribs.

Don't forget you'll also have to take out life assurance and home insurance, which might cost you around €70 a month, possibly more or less, but that's around the amount most folks I know are paying. I think!

Good luck!

Noelie

Anyone know how much people charge for Snagging?

Lex Luthor

Noelie wrote:

Anyone know how much people charge for Snagging?

€300 max.

Have a look at myhome.ie and they have a list of surveyors in each county

scribs

Cheers Guys appreciate all the feed back.

So this is what it looks like ill be paying

• Solicitors fee (+ 21% Vat)
• Land Registry Fees
• Mortgage stamp duty: €1 per thousand
• Surveyor Fees

I am signing a contract in the next week or so. The fact that its a new property and wont be finished till December I dont believe I will have to pay any of these fees till then.

Can anyone confirm that what I am saying is correct or have a I left anything out.

Cheers for all the feedback much appreciated