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Costs involved in buying a property

Buyers must also take account of the following factors when buying a property:

Deposit

A deposit is between 8-10% of the property price.

Valuation Fees

A minimum fee of €126.97 is payable. It is important to note however, that the valuation is for the purpose of assessing the property for mortgage purposes only and is not a structural survey. If the loan is declined, the valuation fee is refunded.

However, while the valuation process is not a structural survey, it is recommended that a structural survey is also carried out.

Under the Building Society's Act 1989, the Society is obliged to have a valuation report carried out. The fee will be refunded where the Society declines a loan application.

Legal Costs

A release fee of €50.79 is charged in order to release the deeds.

Solicitors

Your Solicitors will normally provide you with a quotation on request. Costs will be approximately 1% of the purchase price.

Stamp Duty

(a) Stamp Duty on Property
For deeds executed on or after 31 March 2007, an exemption from stamp duty is available for First Time Buyers.

Rates of Duty for Residential Property
The rates of duty applicable for residential property (whether new or second-hand) are as follows:

Rates of duty for deeds executed on or after 5 November 2007
Aggregate Consideration exceeds €127,000*	Rate for instruments executed on or after 5 November 2007
First €125,000	Nil
Next €875,000	7%
Excess over €1,000,000	9%
* Transactions, where the consideration (or the aggregate consideration) does not exceed €127,000, are exempt from stamp duty.

(b) Registration of Ownership Charges.
Your ownership of the property will be registered in either the Land Registry or the Registry of Deeds. Land Registry will cost a maximum of €210. Registry of Deeds will cost €92.69. The counterpart deed of charge is €12.50.

Home Insurance/Mortgage Protection (Life) Insurance.

See our section on Insurance.

For further details contact your local branch, call +353 (0)1 609 6000 or email: mortgages@inbs.ie

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