Carmody Moran Solicitors

CARMODY MORAN SOLICITORS

(T) 00353 (0)1 8272888

(E)

At Carmody Moran Solicitors we understand that working out your budget is critical as is transparency on the costs involved. For a complete quotation please telephone us on 00353 (1) 827 2888. Now that you have decided to buy however you need to work out your budget – use the table below to help you and see the notes on the next page.

Trading up buyer

€

1. Profit on sale

(Sale process minus mortgage redemption)……………

2. Available savings……………

3. Loan Approval in principle ……………

Sub-total……………

Plus:Expenses and costs of sale & purchase:

Auctioneer (inclusive of vat & advertising)……………

5. Moving costs……………

Legal costs on sale and purchase……………
Mortgage protection insurance, valuations etc.……………
Architect / Engineer / Surveyor costs……………
BER Certificate & Advisory Report……………
Contingencies ……………

Available budget for new property = €____

See over for comprehensive notes on each item

1.Telephone your lender with your mortgage account number and ask for the redemption figure. Then deduct this from the estimated value of your property.

2.Remember until you have sold your house, all your transaction expenses will come out of your spare savings

3.To find out how much you can borrow we recommend you speak with a bank advisor or use a qualifiedindependent mortgage broker.

4.Discuss all of the auctioneering fees and expenses with your agent. Budget for newspaper advertising and / or on-line marketing fees as well as the agent’s fee.

5.Removal expenses – consider hiring a van; packing-up yourself; and (if your home contents insurance does not provide cover) arranging your own “goods in transit” insurance. Consider storage charges, van hire etc. if appropriate.

6.Legal costs. Ring and obtain a full written quotation detailing the Solicitor’s professional fee, v.a.t, and all outlays, such as land registration fees, as well as stamp duty. Usually higher for a purchase as there is more work for the lawyer to do. Remember this is the most important and biggest transaction most people have in their lives and you want your solicitor to do the job thoroughly so although you want a competitive price you do not want one where it is uneconomic for the lawyer to do the work properly. Check that the following are all itemised and included in their quote:

Miscellaneous outlays & pettys
VAT
Land Registry fees
Searches
Stamp duty
Mortgage vacate fees
Commissioner for Oaths charges

7.Don’t forget you will have to obtain mortgage protection insurance before drawdown of your mortgage. Most lenders require you pay for the bank’s valuation. Buildings insurance and contents insurance will also be required.

8.A lender’s valuation will not consider structural and other issues. Given that legally it is a case of “buyer beware” we recommend you carry out a full structural survey and boundary check.

9.A BER Certificate and Advisory Report must be given by law on every sale of a property. Shop around for estimates. Expect to pay €150 – €500.

10.It is always wise to have Contingency Fund set aside an amount in your budget in case you need say more than one survey or drainage and electrical reports, require additional funds for the refurbishment, need bridging loans etc.

For further information and a complete quotation please telephone: Carmody MoranSolicitors at 00353 1 827 2888

Disclaimer: The matters detailed in this worksheet are general guidance only