Fee sums

WhiteWalls

If one goes sale agree for a house and the sale price is 250k for arguments sake.

250k in bank but no money left for solicitor fees of 5k.

Family member pays this 5k.

Will the bank query this or once the sale price is in account will they be bothered?

brianc27

WhiteWalls wrote: »

If one goes sale agree for a house and the sale price is 250k for arguments sake.

250k in bank but no money left for solicitor fees of 5k.

Family member pays this 5k.

Will the bank query this or once the sale price is in account will they be bothered?

Don't think they will care, don't think they will even notice unless you need to reapply for mortgage approval, even then it shouldn't be an issue, you just get a letter from the family member stating the 5K was a gift

Darc19

Solicitor fees of 5k???????


Get another solicitor.


Unless that includes registration fees, searches and stamp duty

Bass Reeves

Darc19 wrote: »

Solicitor fees of 5k???????


Get another solicitor.


Unless that includes registration fees, searches and stamp duty

And even at that, solicitor should be 1k+ vat. Searches etc 2-400 euro. You may have pro-rata management fees and property tax. Stamp duty is 1% so about 2k

TP_CM

Darc19 wrote: »

Solicitor fees of 5k???????


Get another solicitor.


Unless that includes registration fees, searches and stamp duty

I'm really hoping the 5k is for illustration purposes only.

ongarite

I hope the auctioneer fee includes stamp duty.

WhiteWalls

Darc19 wrote: »

Solicitor fees of 5k???????


Get another solicitor.


Unless that includes registration fees, searches and stamp duty

Sorry, yes I meant all of the above

WhiteWalls

brianc27 wrote: »

Don't think they will care, don't think they will even notice unless you need to reapply for mortgage approval, even then it shouldn't be an issue, you just get a letter from the family member stating the 5K was a gift

Do you know the limit which can be gifted before it's taxed?

Bass Reeves

WhiteWalls wrote: »

Do you know the limit which can be gifted before it's taxed?

Its 3K so the 5K gift should come from two people. Its not taxed as such it yur inheritance allowance that is reduced

enrique66_35

Bass Reeves wrote: »

Its 3K so the 5K gift should come from two people. Its not taxed as such it yur inheritance allowance that is reduced

You're half right - it is 3K per person per year (no familial relationship required) and it DOES NOT affect inheritance allowance which are lifetime. You could even receive the 3K from a stranger if they were so inclined....
Source
https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-exemptions/small-gift-exemption/index.aspx

Bank will want a letter/letters from the generous souls giving you 3K each to state its a gift and not repayable or a deemed stake in the house.

Emma2019

You need proof of funds (including the amount to cover solicitor fees and stamp duty) in your account in order to drawdown. They cant be paid later.

You can get a gift, you'll need a gift letter and a deed of.confirmation to say the gift doesn't give them an interest in the house.

Emma2019

Emma2019 wrote: »

You need proof of funds (including the amount to cover solicitor fees and stamp duty) in your account in order to drawdown. They can't be paid later.

Pretty much what Bank of Ireland told me, too. Before they would drawdown, they wanted me to have, I think it was €5k in my bank. From memory I think it was something like 3500k for a solicitor, 1k for putting towards furniture and I think it was €500 for a surveyor.


This money had to be present in my account, and separate from my deposit/etc.


I assume you could talk your way out of the furniture money by saying you already had some furniture, but the other two costs seem unavoidable.