Summary of legal fees and other costs when buying a house in Ireland .
Solicitors Conveyancing Charges / Legal fees when Buying a House in Ireland vary slightly across the country. There are no set prices for legal fees in Ireland – most solicitors will charge a flat fee and some will charge a percentage of the house purchase price.
House buyers should be able to find some firms offering fixed-rate conveyancing fees from around €950 plus VAT. but solicitors legal fees can range from €1200 plus VAT to €2000 plus VAT
Some solicitors might try and charge a percentage fee – but the legal work they have to do is exactly the same for a cheap house as it is for an expensive house. So try and get a fixed price quote if possible.
Buying a new build house should usually cost less in solicitors fees – but it doesn’t always work out like that.
Even with a fixed price quote – many solicitors will add on extras such as “Miscellaneous Outlays” !
- Stamp Duty – is charged on house purchases of under €1 million at 1% – so that will add another €3000 to the price of a €300,000 home.
- Stamp Duty on houses costing over €1 million is charged at 1% for the first million and a rate of 2% Stamp Duty on the excess value over €1m. On a house costing €1.4 million – the stamp duty would be €18,000.
- 10% Stamp Duty – (Since May 20th 2021). This rate applies to bulk purchases of property (ten or more).
Stamp duty on a new home is calculated on the price before VAT is added on.
More here about Estate Agent and other fees when Selling a House
VAT on House Purchases
There is no VAT on second-hand houses – but VAT is charged on new homes at a rate of 13.5%.
There have been many calls for this VAT to be reduced or abolished to help first-time buyers. The VAT in the UK on new homes is Zero.
Land Registry Fees
The Property Registration Authority (PRA) charge Land Registry Fees as follows
- €400 for properties up to €50,000
- €600 for properties between €51,000 –200,000
- €700 for properties between €201,000-400,000
- €800 for properties worth more than €400,000.
Your solicitor will include these fees in your final bill.
Summary Of Legal Fees When Buying a House in Ireland
Here are a couple of examples to give you a guide as to what to expect in terms of overall legal fees and other costs.
1. Sample Costs for a house purchase of €250,000
- Guideline Solicitor’s Fees €1250 plus VAT = €1537
- Fees payable to Government Agencies
- Land Registry fee €700
- Land Registry fee (Certified Copy Folio) €40
- Land Registry mortgage fee €175
- Commissioner for Oaths €44
- Search fees (estimate) €150
- Stamp Duty €2500
Grand Total including VAT €5146
2. Sample Costs for a Property purchased at €500,000
- Guideline Solicitor Legal Fees €1,750 (Inc VAT)
- Search Fees €150
- Commissioner for Oaths €44
- Land Registry Fee €800
- Land Registry Fee for certified copy Folio €40
- Land Registry Fee on Mortgage €175
- Stamp Duty €5000
Grand Total including VAT €7919
Don’t forget to add on a lender’s valuation fee if you are getting a mortgage – this will usually be in the region of €150 to €250. (Average €200)
Stamp Duty , VAT and Land Registry fees correct as of January 2022
Do You Need Help Getting A Mortgage in Ireland?
You can get help and advice on obtaining a mortgage from the mortgage advisors at Money Sherpa .
They are a firm of financial advisors ,based in Ireland ,who will find you the best mortgage deals.
Some mortgage lenders with the lowest rates – such as Haven , ICS and Avant will only accept applications made through mortgage brokers such as Money Sherpa
You can find out more and book a no-obligation phone call with Money Sherpa Here
Buying Property in Ireland From Abroad:
If you are currently living outside of Ireland and are considering buying a house in Ireland with some money held overseas – you will also need to think about currency exchange costs.
You can read more on that on our page about Buying a House in Ireland From Overseas
A fluctuation in the exchange rate between the time you make an offer and paying for the house could end up costing you a lot of money. Specialist money transfer companies can give you the option of locking in an exchange rate for a future transfer – this is known as a “forward contract”.
This can help you to mitigate against any change in the exchange rate that could throw you off your budget, giving you the security of knowing what rate you will get on the day you transfer.
For example – if you were buying a house in Ireland for €250,000 on 17th April 2018 – it would have cost you GBP £215,890. Three 3 weeks later – you would have needed £221,332 to exchange for €250,000 Euro. A difference of £5442.
Get a quote for Currency Transfer
You can get a quick quote for currency transfer from Fexco .
Setting up an account costs nothing and once you are registered you can arrange money transfers or talk about securing an exchange rate for a future transaction.
Fexco is based in Ireland and authorised as a payment services provider by the Central Bank of Ireland.
In the UK, Fexco is regulated by the Financial Conduct Authority.
See more here about other places to get the best exchange rates when Sending Money to Ireland
How to Go About Buying a House in Ireland
- Making an offer
Once you are interested in purchasing a particular house, put in your offer, be realistic and do not exceed you’re your maximum budget
- Offer acceptance and Booking Deposit
The normal procedure in Ireland is that when you agree on a purchase price you usually pay a “booking deposit” to the Estate Agent/Auctioneer. This will usually be between €5,000.00 – €10,000.00. The estate agent should then put “Sale Agreed” on the property. This indicates to other persons interested in the property that it is no longer for sale. This booking deposit is fully refundable if you decide later not to proceed with the purchase of the property for any reason. (The deposit is subject to Contract, Title, full Mortgage approval and surveyors report.)
- Surveyors Report
Your next step is to contact a surveyor/engineer, and ask them to carry out the structural survey. This is optional but highly recommended. It can cost in the region of €350 to €500 plus VAT. Make sure the engineer/ surveyor is qualified and has up to date indemnity insurance.
- Mortgage Lender Valuation
If you are getting a mortgage – you should contact your bank or mortgage advisor to inform them you have secured a property and they will organise a valuer to carry out a valuation report.
- Legal Procedures
The selling agent will send out letters of sale to both the vendor’s solicitors and the purchaser’s solicitors and the conveyancing process will begin.
After signing contracts – a contract deposit of 10% of the purchase price is paid (less any booking deposit already paid). Once the contracts are signed you are committed to the purchase and risk losing your deposit if you do not complete the purchase.
When the sale is complete and funds have been paid , the vendors solicitors will advise the selling agent to release the keys – as the sale has completed.