FAQs Archive - Thomas Barry Solicitors

Q: Do I need to make a Will because I have bought a home?

Making a Will is a personal choice. While there is no legal obligation on you to do so we strongly advise it and would be more than happy to work with you on creating yours. Email info@thomasbarry.ie to ask for our Wills pack.

Q: What is stamp duty and how much will I have to pay?

Stamp duty is tax paid by buyers on purchasing property. The current stamp duty rates on a transfer of residential property are: 1% on the first €1 million 2% on excess over €1 million. There is a slight reduction for new builds.

Q: At what point is the property officially “mine”?

The property is yours once the sale closes. We will still have to stamp and register the deed in the Property Registration Authority on your behalf. What happens on the day I get my keys? We will transfer the balance of the purchase price to the seller’s solicitor. On the closing day we will have professional law searchers carry out searches in various official registries to make sure the title is still “clean”. Assuming these are clear the sale will close and we will notify you where the keys are available for collection - usually from the office of the estate agent. To allow time to make the searches, closing usually occurs mid to late afternoon. You should check with the agent in advance how many sets of keys and what keys (e.g. for internal doors) are available.

Q: Where does the contract come in? Can I withdraw if need to?

As a general rule, no legally binding agreement comes into existence until such time as a formal legal Contract has been signed. The vendor’s solicitors will furnish us with the contracts for sale and supporting documentation. We will review these on your behalf. If we are satisfied with them and that the other prerequisites are in place (satisfactory survey, loan approval etc) we will ask you to sign the contracts and pay the balance of the deposit (usually to bring it up to 10% of the purchase price). Can I withdraw if I need to? Provided contracts have not been signed you can normally withdraw. After the contract is signed you generally cannot do so unless there is substantial default on the part of the seller or an event provided for in the contact arises e.g. some event on which the purchase was dependent does not happen.

Q: Property Survey - What You Need to Know

Why do I need a Survey? When purchasing an existing property, the principle of "caveat emptor" (buyer beware) applies. This means you purchase the property with notice of any existing faults, visible or hidden. We strongly recommend retaining your own surveyor (usually an engineer or architect) to carry out a detailed structural survey. The position with new builds is better from a purchaser’s point of view than with second hand properties in that the purchaser will have contractual protections and also, usually, the benefit of construction standards in the Building Control (Amendment) Regulation. These however are subject to significant limitations and only go a certain way towards protecting the purchaser. While some people opt not to engage a surveyor for a new build it remains prudent to do so. Will the Bank's survey not do? Lenders will usually carry out a “survey". This is generally just a valuation, is not carried out for your benefit and will not suffice for the above purposes. When should the survey be carried out? Ideally the survey is carried out after we have received the contracts from the solicitor for the seller. This is because the contracts will usually be accompanied by maps and planning documentation which will be of assistance to the surveyor. Unfortunately, it frequently happens that purchasers find themselves under pressure to carry out an early structural survey even though neither the contract map nor planning documents are available from the seller’s side. If that is the case in today's market, you may have little choice but to go ahead and ask the surveyor to later finalise his mapping and planning checks.

Do I need to make a Will because I have bought a home?

Thomas Barry2022-02-21T14:34:59+00:00

Making a Will is a personal choice. While there is [...]

Do I need to make a Will because I have bought a home?Thomas Barry2022-02-21T14:34:59+00:00

Who is responsible for Local Property Tax, Service Charges etc.?

Thomas Barry2022-02-03T19:56:21+00:00

Periodic charges on property such as Local Property Tax (LPT) [...]

Who is responsible for Local Property Tax, Service Charges etc.?Thomas Barry2022-02-03T19:56:21+00:00

What are Property Registration Authority fees?

Thomas Barry2022-02-21T14:33:25+00:00

The Property Registration Authority (PRA – previously the Land Registry [...]

What are Property Registration Authority fees?Thomas Barry2022-02-21T14:33:25+00:00

What is stamp duty and how much will I have to pay?

Thomas Barry2022-02-03T19:52:28+00:00

Stamp duty is tax paid by buyers on purchasing property. [...]

What is stamp duty and how much will I have to pay?Thomas Barry2022-02-03T19:52:28+00:00

At what point is the property officially “mine”?

Thomas Barry2022-02-21T14:30:54+00:00

The property is yours once the sale closes. We will [...]

At what point is the property officially “mine”?Thomas Barry2022-02-21T14:30:54+00:00

What about buying an apartment or a property in a privately managed estate?

Thomas Barry2022-02-03T19:49:59+00:00

When you purchase a unit in a multi-unit development, usually [...]

What about buying an apartment or a property in a privately managed estate?Thomas Barry2022-02-03T19:49:59+00:00

Why is planning permission important when buying? Is there a seven year rule?

Thomas Barry2022-02-03T19:48:16+00:00

The planning status of a property is important for at [...]

Why is planning permission important when buying? Is there a seven year rule?Thomas Barry2022-02-03T19:48:16+00:00

Where does the contract come in? Can I withdraw if need to?

Thomas Barry2022-02-21T14:26:11+00:00

As a general rule, no legally binding agreement comes into [...]

Where does the contract come in? Can I withdraw if need to?Thomas Barry2022-02-21T14:26:11+00:00

Mortgage – Converting to final approval, mortgage protection

Thomas Barry2022-02-21T14:24:15+00:00

Approval in principle (“AIP”) is simply an indication of how [...]

Mortgage – Converting to final approval, mortgage protectionThomas Barry2022-02-21T14:24:15+00:00

Property Survey – What You Need to Know

Thomas Barry2022-02-03T19:43:52+00:00

Why do I need a Survey? When purchasing an existing [...]

Property Survey – What You Need to KnowThomas Barry2022-02-03T19:43:52+00:00