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Buying & selling property - Fees

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  • 05-03-2019 9:04am
    #1
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭


    I see there are some older threads on this. But I just wanted to see if the below figures seem about right for 2019. I got a quote from a solicitor, and adding in the EA fees, it all amounts to about 11,540 grand. I'm quite shocked. The property we are selling will be about 225k, and the one we are buying up to 350k. The bank told us to keep about 7k for fees, but it's amounting to 4.5k more than that.

    Selling:
    1350 Solicitor fee
    310.50 VAT on above
    135 Ph calls, stationary etc
    100 Other fees, land registry
    3375 EA fee
    776.35 VAT on above
    6046.75 TOTAL

    Buying
    1500 Solicitor fee
    345 VAT on above
    150 Ph calls, stationary etc
    3500 Stamp duty
    ? Other fees (reg fees, searches)
    5495 TOTAL

    11,541.75 OVERALL TOTAL


Comments

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    #2
    L1011
    Registered Users Posts: 68,290 ✭✭✭✭L1011


    Solicitors fee (and hence the VAT on it) and EA fee are the only negotiables.

    Solicitors may be a tiny bit high but not abnormal, EA is within the range they normally charge as it's usually a % of selling + advertising costs

    Shop around and you may find cheaper options for both

    Bank was likely giving a ballpark for buying, not for selling the existing house too


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    #3
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    The Solicitor's quote is already incorporating a goodwill gesture discount of 250 on the purchase, original quote was 1750 less this goodwill discount.


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    #4
    Dav010
    Registered Users Posts: 14,272 ✭✭✭✭Dav010


    Stamp duty and vat are not fees, they are taxes paid to Revenue. The only “quoted” fees are EA and Solicitor and would seem to be within average price range.


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    #5
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    Dav010 wrote: »
    Stamp duty and vat are not fees, they are taxes paid to Revenue. The only “quoted” fees are EA and Solicitor and would seem to be within average price range.

    I'll rephrase then. These are all extra costs on top of the deposit amount required.


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    #6
    Dav010
    Registered Users Posts: 14,272 ✭✭✭✭Dav010


    Sunrise_Sunset wrote: »
    I'll rephrase then. These are all extra costs on top of the deposit amount required.

    Leaving out the EA/solicitor fees quoted above, all the other costs apply no matter what these two quote you. So the variables are solicitors & EAs fees only.


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    #7
    Homer
    Registered Users Posts: 4,278 ✭✭✭Homer


    What fee is your EA charging? If the property is selling around €225k then you should only be paying 1% of that? And maybe a small marketing fee if they are a professional company and offer professional services such as photography and floor plans etc as well as listing on daft/MyHome


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    #8
    Dav010
    Registered Users Posts: 14,272 ✭✭✭✭Dav010


    Homer wrote: »
    What fee is your EA charging? If the property is selling around €225k then you should only be paying 1% of that? And maybe a small marketing fee if they are a professional company and offer professional services such as photography and floor plans etc as well as listing on daft/MyHome

    EA fee is 1.5% including everything, some charge 1, I was quoted 1.7 in the past.


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    #9
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    Homer wrote: »
    What fee is your EA charging? If the property is selling around €225k then you should only be paying 1% of that? And maybe a small marketing fee if they are a professional company and offer professional services such as photography and floor plans etc as well as listing on daft/MyHome

    I've been quoted 1.5%


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    #10
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    Is it an easier process if the Solicitor is local? Or could I go a bit further afield to try to get a cheaper quote and not expect to encounter many issues?


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    #11
    L1011
    Registered Users Posts: 68,290 ✭✭✭✭L1011


    Sunrise_Sunset wrote: »
    Is it an easier process if the Solicitor is local? Or could I go a bit further afield to try to get a cheaper quote and not expect to encounter many issues?

    Generally solicitors communicate using post or DX (a specialist courier) so there is normally little advantage to proximity.

    My solicitor when I was buying personally delivered a document to ensure it got there on time, from one end of the Main Street to the other, though. But that was a while ago when there wasn't much conveyancing business to be done!


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    #12
    hots
    Registered Users Posts: 5,200 ✭✭✭hots


    Sunrise_Sunset wrote: »
    Is it an easier process if the Solicitor is local? Or could I go a bit further afield to try to get a cheaper quote and not expect to encounter many issues?


    I've just gone through a long drawn out purchase, I would strongly recommend only going with a solicitor from a recommendation. We went with someone with a couple of mentions online but no other contact and they weren't great at all... Don't think the locality played a part, we went to their office once in ~7 months


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