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First Time Buyer - All the hidden costs of purchasing

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  • 18-06-2013 11:19am
    #1
    claregal
    Registered Users Posts: 12 ✭


    Hi All,

    I am in the process of purchasing a house at the moment and just want to be sure I am not being ripped off with all the additional costs that keep arising. So far we put our €5000 deposit down with the EA which is fully refundable if the sale is not completed. I have am aware of the following charges but am hoping that no other suprises will pop up - is everything covered below (with the exception of Stamp Duty and the balance of the depost)?

    Land Registry €600.00 File Plan Folio €40.00 Solicitor
    €1,107.00 Land Reg Searches €79.00 Mortage Registration €175.00 Open a Folio €75.00 Valuation Report €172.20 Engineer - Structural Survey €307.50


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    #2
    TheDriver
    Registered Users Posts: 12,508 ✭✭✭✭TheDriver


    Don't consider these hidden costs, they are professional fees to give you security. You don't have to get a survey done but it could be a pile of rubbish


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    #3
    claregal
    Registered Users Posts: 12 ✭claregal


    Thanks for the reply. I was aware of the solicitor fees, the valuation report was a requirement for the mortgage application and the structural survey was my choice but it is the other fees that caught me off guard - €175 to register the mortgage? €75 to open a folio? €40 for a File Plan Folio? €79 for Land Registry searches? I knew there would be some Land Registry fees (ie the €600) but I wasn't aware of the others, are they standard? What does the €600 cover?


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    #4
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Is VAT included in the Solicitors Professional fee?. Land registry fees increased by approx. 50% on 1st December last. Fees to register mortgage increased from €125 to €175 and Land registry fees from €400 to €600.
    Valuation fee is usually €130-€150.

    I'm sure you are aware that you will have to take out a Mortgage Protection Policy and a Home Insurance Policy. You can shop around for these and do not have to take them from the Lender.


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    #5
    claregal
    Registered Users Posts: 12 ✭claregal


    Hi Trish,

    Yes VAT is included in the solicitor's fees and in the valuation/engineer fees. The engineer's report jumped to €400 when I went to collect it as I had asked for them to check that all planning contributions were up to date on the advice of my solicitor. I was very naive at first and had calculated professional fees at the incorrect VAT rate, from when I realised my error the costs seem to be continually increasing! I am aware that I will need to get Life and Home cover, I am meeting with the lender this week for a quotation but will be going with the most competitive provider. At this point I just want to be sure that I have encountered all of the possible charges!


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