Buying a house in Ireland can be a daunting prospect, especially if you’re new to the country. There are many things that you need to be aware of and consider before making your move.
In this guide, we’ll walk through the entire process of buying property in Ireland so that you know just what to expect and how best to navigate this exciting next step in your life.
If you want to buy a house in Ireland, then you’ll need to be aware of some differences in the process
If you want to buy a house in Ireland, then you’ll need to be aware of some differences in the process. While the process for buying a house is similar (buyer pays deposit, buyer goes through inspections and gets mortgage pre-approval) there are some important differences that can make buying property more expensive in Ireland than elsewhere.
The first major difference is that Ireland has one of the most expensive legal systems in Europe.
This makes it far more difficult for buyers and sellers to settle disputes between themselves and instead they must go through lengthy court battles which will often cost several thousand euros or dollars each way depending on how long they take.
Costs Involved When Buying a House in Ireland
Before you start to look at properties, you need to know how much it will cost you to buy one. There are a number of things that can add up when buying property in Ireland. Here’s a list:
- Legal fees – You will have to pay a solicitor (a lawyer) when buying or selling your home. Legal fees can cost between €500 and €1,000 depending on the size of the house and what needs to be done with it.
- In most cases, this fee is paid as part of the total purchase price but sometimes there may be extra charges for extras such as mortgages over more than one property or if there are complications with planning permission for an extension on your house.
- Stamp duty – Stamp duty is paid by anyone who buys land or property above a certain value in Ireland. It works out at 1% of the purchase price above that threshold.
Arranging finance
By understanding the various parties involved in arranging finance, you can be sure to choose the right ones.
- Mortgage Broker: A mortgage broker is someone who helps you find a suitable loan, such as a mortgage. They provide unbiased advice, rather than working for one particular lender.
- Mortgage Advisor: A mortgage advisor works for a specific financial institution and gives advice on loans that are offered by that company. They may not be able to offer all of the options available in Ireland but will be able to refer you elsewhere if needed.
- Surveyor: A surveyor will inspect your property, this includes checking out whether there are any structural issues that could affect its value and security for a mortgage lender (e.g., subsidence affecting basement areas). If there are any problems he/she will inform you about them so that they can be corrected before going ahead with any deal negotiations over purchasing this particular property.
Conveyancing
You’ll need to find a solicitor for your purchase. They will help you through the process of buying property in Ireland.
A solicitor is a professional who provides legal advice and services to their clients. When people hear “solicitor” they might think of lawyers but they are not the same thing! In Ireland, we have solicitors and barristers (legal professionals). A barrister is an advocate; someone who pleads/argues cases before a court of law on behalf of another person or organisation (a client). A solicitor does not argue cases before the courts but instead provides legal advice and services for others on matters that concern their clients’ rights and responsibilities under Irish law.
So what does this mean for you? You need a law searcher or law agent who knows about conveyancing, such as Ellis & Ellis, which means buying or selling property with all its associated paperwork e.g., deeds etc . . . which involves dealing directly with banks etc., making sure there are no problems along the way so everything goes smoothly as possible!
Conclusion
We hope that this guide has been helpful to you and will help you understand the process of buying property in Ireland. If you have any questions about buying a house, please contact us for more information.
