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Primary Residence, Stamp Duty & Other Questions

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  • 14-04-2014 3:42pm
    #1
    Mr McBoatface
    Closed Accounts Posts: 1,579 ✭✭✭


    Hi Folks, not sure if I should post this here or in the legal section. I'm trying to figure what to budget for legal expense in a possible house purchase. Hoping somebody here may have some similar experience. I'm considering buying in either Naas or Newbridge in County Kildare. I currently living in an area that will struggle to sell. I don't need to sell and I've enough cash to buy a decent 3 bed in Nass or 3/4 bed in Newbridge.

    My main question is if I buy a (second hand) home with the view to this being my primary residence will it be subject to the 1% stamp duty rate or will I have to pay the 2% stamp duty rate ? The new home when purchased will be the primary residence, my current one I'll either sell (could be left waiting along time) or rent.

    Secondly - What type of legal fees would I be likely to pay with regards to the purchase ?

    Thirdly - If I see a house I like would it speed things along/help secure a sale to use the vendors solicitor as my own ? Is this recommended ?

    Finally - Is cash still King in commuter towns like Naas/Newbridge or are banks lending for these area's. Are they beginning to see a rise in prices like Dublin leading vendors to hold out for more ?

    Sorry for all the questions, any comment/advise welcome. Thanks


Comments

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    #2
    Mr McBoatface
    Closed Accounts Posts: 1,579 ✭✭✭Mr McBoatface


    Bump:)


  • Options
    #3
    Valentine1
    Registered Users Posts: 434 ✭✭Valentine1


    jobyrne30 wrote: »
    My main question is if I buy a (second hand) home with the view to this being my primary residence will it be subject to the 1% stamp duty rate or will I have to pay the 2% stamp duty rate ? The new home when purchased will be the primary residence, my current one I'll either sell (could be left waiting along time) or rent.


    1% stamp duty is payable on all property purchases below E1,000,000 and 2% is payable on the balance of the purchase price over E1,000,000
    jobyrne30 wrote: »
    Secondly - What type of legal fees would I be likely to pay with regards to the purchase ?


    I would consider E1,800 plus VAT, outlays and stamp duty to be quite reasonable for purchase, mortgage and First Registration if required.
    jobyrne30 wrote: »
    Thirdly - If I see a house I like would it speed things along/help secure a sale to use the vendors solicitor as my own ? Is this recommended ?


    This is no longer possible.
    jobyrne30 wrote: »
    Finally - Is cash still King in commuter towns like Naas/Newbridge or are banks lending for these area's. Are they beginning to see a rise in prices like Dublin leading vendors to hold out for more ?

    Sorry for all the questions, any comment/advise welcome. Thanks


  • Options
    #4
    Victor
    Registered Users Posts: 78,418 ✭✭✭✭Victor


    jobyrne30 wrote: »
    Thirdly - If I see a house I like would it speed things along/help secure a sale to use the vendors solicitor as my own ? Is this recommended ?
    This would be a very foolish route - the vendor and their solicitor could have you sign anything.


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    #5
    Valentine1
    Registered Users Posts: 434 ✭✭Valentine1


    Victor wrote: »
    This would be a very foolish route - the vendor and their solicitor could have you sign anything.

    Not that any reputable Solicitor would ever act in such a manner that would amount to a fraud but this is no longer permitted by the Law Society as it is a conflict of interests.


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    #6
    Mr McBoatface
    Closed Accounts Posts: 1,579 ✭✭✭Mr McBoatface


    Thanks for the feedback, I asked about the using the same solicitor based on a previous house sale where I was the vendor and the buyer used my solicitor as they where not happy with their own. Granted I found it strange at the time (7 years ago) but it did speed things up alot and it was a smooth transaction.

    Any feedback on price rises in the commuter towns I mentioned ? Are they going up (at all) or as quickly as seems to be happening in certain parts of Dublin? While I'm in a position to buy now, I'd prefer to hold off for a while longer but not if there is a chance the prices will rise significantly.

    Again any feedback would be welcomed.


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