Solicitor fees on new property

masterboy123

So I am planning to buy a new home in Co. Limerick and got a quote from a solicitor charging 1450 euros inclusive of VAT as his fees.

He will charge extra for searchers fee (100 euros), land registry 700e, land registry mortgage 200e, and 1% stamp duty.

Is this the usual deal we expect to get?

Anything else I need to confirm?

myshirt

Reasonable enough fee.

Addle

Mortgage should be €175.

masterboy123

Thanks!
Cheers

myshirt wrote: »

Reasonable enough fee.

masterboy123

Ah ok, don't mind 25e.

Did you notice anything else dodgy?

Thanks

Addle wrote: »

Mortgage should be €175.

masterboy123

Is it possible to negotiate price with solicitor?

Mike3549

masterboy123 wrote: »

Is it possible to negotiate price with solicitor?

1450 vat inc is €1178 + vat which is reasonable, i believe you could negotiate the price, but even if you get lucky, youll save only €100 max.
All other charges like stamp duty or land registry fee is NOT charged by your solicitor.

Stanford

Mike3549 wrote: »

1450 vat inc is €1178 + vat which is reasonable, i believe you could negotiate the price, but even if you get lucky, youll save only €100 max.
All other charges like stamp duty or land registry fee is NOT charged by your solicitor.

They are Outlay paid by the Solicitor on behalf of the Purchaser and therefore not Fees but recoverable from the Purchaser so they will still appear in the final account

masterboy123

Alright.

I trust this solicitor, so better to pay his required amount and hope he will be quick.

He did mention overall process takes 8 to 12 weeks.

Mike3549 wrote: »

1450 vat inc is €1178 + vat which is reasonable, i believe you could negotiate the price, but even if you get lucky, youll save only €100 max.
All other charges like stamp duty or land registry fee is NOT charged by your solicitor.

dubrov

In Dublin, most solicitors are around 900-1100 so the proposed fee isn't crazy but I wouldn't call it cheap. Also new builds are easier than purchasing second hand properties so a few solicitors will offer cheaper again for this.

Be aware though that most of the holdup with purchasing a property is solicitors faffing around. If you pay rock bottom prices, I'd expect a slow service

myshirt

Remember there is going to be some fundamentals changes in 2019 to how properties are conveyed aswell, so the fee is good from that perspective. In 2019 you'll find that you'll be paying your solicitor more if intended sales fall through than you did in the past, given all the extra work that is now involved pre contract. The quote here is good value.

mvl

1. land registry depends on the property value

• €50,001 - €200,000: €600
• €200,001 – 400,000: €700
• Greater than €400,000: €800

2. how about LPT ?

- had a LPT apportionment on my solicitors statement of accounts

masterboy123

Land registry price depends on property cost or land cost? Because my builders are saying first land only will be transferred in my name, then property and finally I get the keys.

Is there exemption from LPT until end of 2019? If not, do we need a solicitor for this? I have online revenue account.

Also a huge thanks to @Dubrov and @Myshirt

mvl wrote: »

1. land registry depends on the property value

• €50,001 - €200,000: €600
• €200,001 – 400,000: €700
• Greater than €400,000: €800

2. how about LPT ?

- had a LPT apportionment on my solicitors statement of accounts

mvl

masterboy123 wrote: »

Land registry price depends on property cost or land cost? Because my builders are saying first land only will be transferred in my name, then property and finally I get the keys.

Is there exemption from LPT until end of 2019? If not, do we need a solicitor for this? I have online revenue account.

I bought second hand, never knew the cost of the land; thought it was about the property cost. took the info from https://www.prai.ie/fees/
Actually, as you have a new build - situation is different than in my case on this (for second hand the solicitor handled this LPT apportionment for me, and for 2019 I started seeing the tax on my account from end of this year).

Mike3549

You wont pay lpt for 2019 cos its a newbuilt.
Edit: when we bought 4 years ago, we received a part-refund of land registry fee, cos it was a new built and solicitor calculated as 2nd hand.
I dont know how it would be in your case atm

masterboy123

So I have to pay LPT in January from 2020?

I will check with our solicitor to make sure it's registered as new built.

Also, is there any tax relief given we pay LPT?

Mike3549 wrote: »

You wont pay lpt for 2019 cos its a newbuilt.
Edit: when we bought 4 years ago, we received a part-refund of land registry fee, cos it was a new built and solicitor calculated as 2nd hand.
I dont know how it would be in your case atm