|
Legal Requirements
This section covers most of the expenses that you will to cover when you come to do your legal transaction for your site or house. However, you should talk to your solicitor to find out the exact costs involved.
Legal Fee’s:
Legal fee’s could include:
- Solicitors fee’s, this is the amount that you will be charged by your solicitor for the job he is doing for you. Do shop around, but always remember that cheapest does not mean the best. Ask around and get recommendations.
- Land registration fee’s, is the amount being charged by the land registry office for registering the site into your name.
- Valuation and survey fee’s, this is what is usually required by banks or building societies if you are applying for a mortgage. Some financial institutions use their own people and some let you choose your own. This fee also applies if you are valuing or surveying the site for yourself to make sure that everything is satisfactory with it.
Discuss these with your solicitor and get advice before you proceed.
Stamp Duty:
Stamp Duty is a tax that you pay to the Government when you purchase Land or Property. Like it or not stamp duty is here to stay and it is something that should be brought into the equation when budgeting for you build.
To find out more about Stamp Duty and the Rates, Go to Stamp Duty in Ireland.
Land Registration Document:
This document is required by your solicitor and it will show that the site is legally registered to the person that is selling it to you.
Tip: Always purchase the site subject to your planning permission being approved, a site without planning permission is hardly worth anything compared to a site with planning permission.
Warning: Due to money laundering laws, you can not just show up at your solicitors office with hundreds of thousands of euro to pay for a land or site. You have to prove where the money has come from and what source. It is OK to pay for it by a cheque or a draft as it shows that the money has been passed through a financial institute
|
