Home Loans - The Costs 1. Legal costs Your own solicitor conveys the property for both the borrower and the lender. Shopping around usually can bring results. On top of the fees, there is legal outlay. The costs can vary depending on where the property is, but again generally as a rule the fee is IR 100 Where the property is in need of major repair and requires a more detailed report, the lender will call for a structural report This is more expensive because of the detail required and can cost between IR 150 to IR 500.
Some lenders offer free valuations, as do certain mortgage brokers.
On larger loans, this one off payment can be costly. Some lenders pay this premium acting as a carrot to the borrower. The Bacon Report attempted to slow down the property boom while also helping first time buyers with their first property and the costs associated with it. The latest rate structure, which applies to properties acquired on or after the 15 June 2000, differentiates between investors, first time purchasers and other owner occupiers. Those individuals who had entered into written contracts before the 15 June to buy a residential property will be given some leniency on the duty payable.