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What does it mean [If Registered Title]?

  • 17-07-2019 6:09pm
    #1
    FrankC21
    Registered Users, Registered Users 2 Posts: 808 ✭✭✭


    Hi,

    My wife and I are First time buyer and we are interested in buying a new build house in Drogheda and we got the quote below from a solicitor

    ITEMS SUBJECT TO VAT

    Our professional fee @ 1% less reduction to you (Reduced fee ref. PDG) €1,480.00

    Miscellaneous outlay to cover

    postage stationary courier fees,

    telephone, bank transfers etc. €85.00

    VAT at 23% of above items. €353.05


    ITEMS NOT SUBJECT TO VAT

    Search fees: Planning, Judgments,

    Bankruptcy, Receiver of Fines, etc. (approx.) €150.00

    Commissioners fees (€30 per individual) €30.00

    Fees & outlays with exception of the ______.__

    Stamp Duty and registration fees €2,098.05

    as referred hereunder ======.==

    STAMP DUTY

    1% of purchase price €260,000.00 less Vat @ 13.5% €2,291.00

    REGISTRATION

    IF REGISTERED TITLE THE FOLLOWING FEES APPLY – LAND REGISTRY FEES ORDER 2012 (www.prai.ie)

    Registration fee on Transfer €700.00

    Mortgage Charge €175.00

    Opening new Folio €75.00

    Up-to-date folio/filed plan €40.00

    ____.__

    Total €990.00

    ====.==

    What does the If Registered Title? Title of the land? it is a new build house we are trying to buy will it be a problem.


Comments

  • #2
    McCrack
    Registered Users, Registered Users 2 Posts: 2,981 ✭✭✭McCrack


    Vast majority of land nowadays is registered title (land registry title) but there is some areas of unregistered title (registry of deeds)

    If you Google registered and unregistered land you will get a sense of the difference

    Fees and outlay quoted look in order btw


  • #3
    Dolbhad
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    There are two systems of registration of land in Ireland. New system of the land registry and old system of registry of deeds. It’s not how old a house is but just certain areas are still in the old system eg in Cork areas such as Blackpool, Blackrock etc can be registry of deeds. Under law if you buy a house now in the old system of registry of deeds, it has to be converted to new system so generally your legal fees are more.

    Registry of Deeds is more legal title paperwork to be reviewed and if anything is missing or any issues that can affect registration, it can slow down your purchase or mean you can’t buy.

    However even though legal fees are higher, outlays are lower. Outlays are usually the fees the property registration authority charge to register the house and mortgage. You can check their fees online prai.ie website. You’ll see you could easily have €1k alone in outlay with them for land registry whereas Registry of Deeds is €130.

    But as previous poster said, fees look in order. Some solicitors may charge a set fee rather than % basis but may not be much difference in reality.


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