Selling Residential Property in Ireland via Amorys Solicitors

by Deirdre Farrell | Mar 9, 2020 | Residential Property

Selling Residential Property via Amorys Solicitors

What are you paying us to do?

When selling residential property you will be required to work in conjunction with your solicitor at Amorys throughout the conveyancing progress. There is certain information only you can provide and if this is done in a timely fashion this will enable the transaction to move forward smoothly for you as the vendor and for the purchaser.

Prior to drawing up contracts, in addition to information gathered from you, the vendor, your solicitor will need to read the title deeds and prepare various documents to provide to the purchaser’s solicitor so that he/she can provide the purchaser with a full picture of the property they are buying.

The steps of selling residential property are as follows:

If there is a mortgage over the property, you will sign a letter of authority which will be sent to your lender by us in order to take up the title deeds. You will also be furnished with an introductory letter, a comprehensive questionnaire and our Guide to Selling Residential Property which attaches a checklist of the documents/ actions required from you.
Once received, your solicitor will read the title documentation in conjunction with the replies to your questionnaire and the following documents will be drawn up:
- Draft Contract for Sale
- Replies to Requisitions on Title
- Family Home Protection Act Declaration
- Section 72 Declaration
- Declaration re alterations (if any) to your property
- Undertaking to discharge your mortgage – if applicable
- Undertaking to assist with any Land Registry queries which may arise
- Any other declarations or undertakings which may be required by the purchaser’s solicitor
- Tax clearance application (if necessary)
If your property is a managed property, enquiries will need to be made with the management company and Multi-Unit Development (MUDs) Act replies to requisitions obtained. In addition, if you are selling an apartment, your solicitor will need to obtain various additional documents from the management company such as an up to date service charge statement and a letter of indemnity in relation to the block insurance policy, all of which must be handed over to the purchaser’s solicitor well in advance of the closing date.
Your solicitor may also need to obtain a letter from the Local Authority confirming the roads and services abutting your property have been taken in charge and a certified copy Folio and Filed Plan from the Land Registry. There may also be planning issues to be dealt with in relation to any alterations or extensions to the property. Further work arises, if your property is the subject of any type of co-ownership agreement with the local council. If your property is registered in the Registry of Deeds, then your solicitor will need to liaise with an architect to provide an approved map for handing over to the purchaser’s solicitor for the purpose of an application for first registration in the Land Registry.
Your solicitor will regularly liaise with you with regard to obtaining other information from you such as Local Property Tax payment and printout, service charge payment and any other queries which may arise via the purchaser’s solicitor.
Your solicitor will need to obtain regularly updated redemption figures from your lender showing the amount required to discharge the loan over your property. This information will be provided to the purchaser’s solicitor prior to the closing date and will also be required to enable your solicitor to discharge the mortgage in full immediately after the sale has completed.
Prior to contracts being signed and exchanged, the purchaser’s solicitor very often raises pre-contract queries which we will deal on your behalf. This may involve some ‘to-ing and fro-ing’ between solicitors until the purchaser and their solicitor are satisfied with the replies.
The purchaser will then sign the contract in duplicate and his/her solicitor will return same with the balance of the deposit to us.
Prior to the closing date, your solicitor will meet with you for the purpose of signing the closing documents referred to. Your solicitor will also need to prepare an apportionment account in relation to Local Property Tax and service charges (if appropriate).
Just before the transaction completes, all title documents, together with the additional closing documents, will be sent to the purchaser’s solicitor. The balance of the purchase moneys will be received into our client account to be held on trust pending a successful completion.
On the closing date, the purchaser’s solicitor will obtain searches which will be transmitted to us for an explanation (if necessary) and certification.

Post-Completion

Once the sale has closed, we will be required to do the following:
- Discharge all mortgages/loans over the property to your lender
- Provide you with a cash statement showing all required financial transactions
- Follow up with the relevant party and discharge any undertakings given to the purchaser’s solicitor
- Once received, send e-discharge relating to your mortgage to the purchaser’s solicitor
- Follow up with purchaser’s solicitor to release us from undertakings

The selling residential property procedures above are a simplified version of the conveyancing process. A conveyancing transaction requires many hours of work for your solicitor and every sale is different but all conveyancing cases have one thing in common – they all need the care and attention to detail that only comes from instructing an experienced professional. We provide excellent value for money to our clients and are confident that we provide a highly competitive and first-class service.

Red Adair once said .. “If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur”!

Whilst every effort has been made to ensure the accuracy of the information contained in this article, it has been provided for information purposes only and is not intended to constitute legal advice. Amorys Solicitors is a boutique commercial and private client law firm in Sandyford, Dublin 18, Ireland.
For further information and advice in relation to “Selling Residential Property in Ireland”, please contact Deirdre Farrell, partner, Amorys Solicitors deirdre@amoryssolicitors.com, telephone 01 213 5940 or your usual contact at Amorys.

← Read previous post Read next post →

Recent Posts

Discharge from wardship of court and assisted decision-making 14/01/2025
Considering Switching Mortgage Provider? The Process Explained 12/11/2024
Selling and Buying Residential Property on the Same Day: Why This Is Not Recommended 26/04/2024
Alternative Dispute Resolution – What are the Options? 29/09/2023
GDPR – Welcome clarity for actions concerning non-material damage 15/09/2023

Purchasing Residential Property via Amorys Solicitors

by Deirdre Farrell | Feb 27, 2020 | Residential Property

Purchasing Residential Property via Amorys Solicitors

What are you paying us to do?

At Amorys we do our utmost to make this very important event in your life run as smoothly as possible for you. We endeavour to ensure that our clients are fully informed, both before and during the conveyancing process, as to the procedures involved and the pitfalls which may be encountered when purchasing residential property.

Purchasing Residential Property Procedures

The following is a simple guide to the procedures involved and what work will be completed by your solicitor at Amorys:

You will give details of your solicitor to both the auctioneer and your lending institution. The auctioneer will provide your solicitor with a sales advice note.
Your solicitor will write to you with a comprehensive introductory letter, a questionnaire for you to complete and our Amorys Guide to Purchasing Residential Property which provides you with detailed information of the conveyancing process.
If they have not already done so, the vendor’s solicitor will take up the title deeds to the property. A draft contract for sale will be drawn up by the vendor’s solicitor and this, together with the relevant supporting copy title documentation will be sent to your solicitor who will peruse the contract and all of the documents, including replies to Requisitions on Title, and identify any anomalies that may arise.
More often than not, pre-contract enquiries will be raised by your solicitor. These may be straightforward questions which are easily satisfied by the vendor’s solicitor or there may be more complex title problems. They are rarely insurmountable but may be time-consuming to resolve. Some queries may also arise as a result of answers you have provided in your questionnaire so it is very important that this is completed as accurately as possible. For example, you must give us details of any works, such as an extension to the property, which you understand may have been carried out, so that we can ensure that we receive all necessary planning information from the vendor’s solicitor. This forms an important part of the title and will be required by your lending institution.
In some circumstances, the vendor or their solicitor may not be willing to provide information or documents which are considered necessary by your solicitor and there can be a considerable amount of “to-ing and fro-ing” until all is satisfactorily resolved.
Once you and your solicitor are happy with the draft Contract for Sale then it is ready to be signed by you. You will be fully advised by your solicitor as to the legalities of what you are signing. At this time, you will be required to sign the mortgage deed and other documents, all of which will be fully explained to you.
When we have transferred the balance of the deposit (received from you into our client account) to the vendor’s solicitor and the vendor also signs the Contract for Sale, one part is returned to your solicitor and a binding contract is in place.
Your solicitor will continue to liaise with you regarding the progress of the conveyance, any outstanding matters relating to your loan, etc. You will be provided with a cash statement outlining all your financial obligations prior to the closing date.
Approximately ten days prior to the closing date, your solicitor will request drawdown of the loan money from your lending institution which will be paid into our client account. If there is a balance of money required from you, you will be asked to furnish these funds to your solicitor a minimum of five working days prior to completion, together with fees, outlays and stamp duty payable. Your solicitor will also ascertain from the vendor’s solicitor what is required vis-à-vis the apportionment of Local Property Tax and service charges (if applicable). If you are purchasing an apartment, there are a number of additional documents which will need to obtained from the vendor’s solicitor prior to the closing date (such as block insurance indemnity letter, service charge history, etc.).
On the completion date, searches against the property and the vendor will be carried out by your solicitor and any unexplained acts that arise will be certified by the vendor’s solicitor. Once the searches are “clear” and all required title documents are received from the vendor’s solicitor then the balance of the purchase money are transferred/released and the transaction is complete.

Post Completion

Even though you are in possession of your new property, your solicitor’s work is not over and the following will be required post-completion:

Payment of stamp duty online as soon as possible and obtaining a stamp duty certificate;
Following up on any undertakings given by the vendor’s solicitor – such as discharge of the vendor’s mortgage, payment of any outstanding service charges, LPT etc.
If necessary, preparing the documentation required for an application for first registration to the Land Registry;
Preparing all documents to be submitted to the Land Registry for registration;
When registration has been completed, scheduling all title documents and preparing the Certificate of Title for submission to your lending institution.

When all of the above has been completed, your file is ready for archiving. Our firm is obliged by the Law Society to retain your file for up to 12 years. It is the practice of our firm to send files to an off-site storage facility.

The purchasing residential property procedures above are a simplified version of the conveyancing process.
A conveyancing transaction requires many hours of work for your solicitor and every purchase is different but all conveyancing cases have one thing in common – they all need the care and attention to detail that only comes from instructing an experienced professional. We provide excellent value for money to our clients and are confident that we provide a highly competitive and first-class service.

Red Adair once said .. “If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur”!

Leading Dublin solicitors which provides high quality legal advice

Get Your Guide to Purchasing Residential Property

Click here to Download

Whilst every effort has been made to ensure the accuracy of the information contained in this article, it has been provided for information purposes only and is not intended to constitute legal advice. Amorys Solicitors is a boutique commercial and private client law firm in Sandyford, Dublin 18, Ireland.
For further information and advice in relation to “Purchasing Residential Property via Amorys Solicitors”, please contact Deirdre Farrell, partner, Amorys Solicitors deirdre@amoryssolicitors.com, telephone 01 213 5940 or your usual contact at Amorys.

← Read previous post Read next post →

Recent Posts

Discharge from wardship of court and assisted decision-making 14/01/2025
Considering Switching Mortgage Provider? The Process Explained 12/11/2024
Selling and Buying Residential Property on the Same Day: Why This Is Not Recommended 26/04/2024
Alternative Dispute Resolution – What are the Options? 29/09/2023
GDPR – Welcome clarity for actions concerning non-material damage 15/09/2023

Help to Buy Scheme for First Time Buyers

by Deirdre Farrell | Dec 5, 2019 | Residential Property

First-time buyers will welcome the news that the Help to Buy scheme (the “HTB”) was extended for a further two years to 31 December 2021 in Budget 2020. The Help to Buy Scheme is a tax refund of up to €20,000 which can be used towards the purchase price of a new home with a value of up to €500,000. The HTB had been due to be discontinued at the end of 2019.

How the Help to Buy Scheme Works

The help to buy scheme operates by providing a rebate of up to €20,000 of Income Tax and Deposit Interest Retention Tax (DIRT) paid by the first time buyers in the four years prior the purchase or new build.

The amount that can be claimed is the lesser of €20,000 or 5 % of the purchase price of the property or market value of the new build when completed up to a maximum of €500,000 as follows:

PURCHASE PRICE	MAXIMUM REFUND ON PURCHASE AFTER 31/12/16
€200,000	€10,000
€250,000	€12,500
€300,000	€15,000
€400,000	€20,000
€500,000	€20,000
€501,000	€NIL

The rebate is only available for properties valued at €500,000 or less.

The maximum payment is €20,000 per property and applies regardless of how many people enter into a contract to buy a house. Payment of the rebate is made either directly to the developer (in the case of first time purchased properties) or to a bank account held with a specified qualifying lender in the case of self-built properties.

Retrospective applications are only available in limited situations – see below. Generally in order to qualify for the HTB you must not yet have completed the purchase/ construction of your new home.

Only newly built dwellings (apartments, houses, etc) and self-builds are included in the scheme. Conversions and restorations of old or derelict homes do not qualify, but conversion of a non-domestic building for residential use may qualify.

It is a requirement of the scheme that a loan with a “qualifying lender” of at least 70% of the market value of the property is taken out. Therefore cash purchasers and those with a loan to value ratio of less than 70% are excluded from this scheme.

If the property is a ‘first time purchased’ property, in order to qualify the developer or contractor must be on the Revenue’s list of approved developers and contractors. In the case of self-builds, Revenue approval of the contractor is not required.

Who Can Make a Claim?

To claim the Help to Buy Scheme, you must:

be a first-time buyer;
buy or build a new property between 19 July 2016 and 31 December 2021;
live in the property as your main home for five years after you buy or build it; and
be tax compliant, if you are self-assessed you must also have tax clearance.

Retrospective claims are only granted where a contract for sale was executed between 19 July 2016 and 31 December 2016 (in the case of newly purchased property) or the first part of a qualifying loan was drawn down during that time in the case of self-builds.

To qualify, one must not have previously bought or built a house or apartment, either on his/her own or jointly with any other person. If a claimant is buying or building the new property with other people, they must also be first-time buyers.

The relevant section of the Help to Buy Legislation defines a first-time purchaser “as an individual who, at the time of a claim…… has not, either individually or jointly with any other person, previously purchased or previously built, directly or indirectly, on his or her own behalf a dwelling”. Therefore, a person who has acquired property by way of an inheritance qualifies as a ‘first time purchaser’ under the rules of this scheme.

The HTB is not available for properties where the purchase value (as defined in the relevant legislation) is greater than €500,000.

How to Register

First of all, you need to register for the scheme by following this link to the Revenue Online System (ROS). You will need your P60 and your driver’s license number to complete registration and time especially if you have not filed a Form 12 (for PAYE tax payers) or a Form 11 (for self-assessed individuals) for previous years. A Step-by-Step guide on applying and completing form 12s is available here and to self-assessment is here.

If you are tax compliant, your application will be approved and you will be provided with an application number/ an HTB number and a summary of the maximum amount you can claim. You will also be given an access code separately through MyEnquiries. If not, you will not be eligible to apply for the Help to Buy Scheme.

Keep a safe note of both of these codes as you will need to provide them to your lender (in the case of a self-build) and your solicitor (where you are purchasing the property). Your contractor or solicitor will require this information to verify what you have submitted.

How to Make a Claim

After you have registered for the Help to Buy Scheme as set out above, in order to claim the refund you will need to upload the following on to the HTB section of the Revenue Online S ystem (ROS):-

Evidence of your mortgage (this could be the first two pages of your letter of offer);
A copy of the signed contract between you and the vendor OR proof of drawdown of the first tranche of the mortgage if the property is a ‘self-build’;
The contractor (in the case of a ‘new purchase’) or your solicitor (in the case of a ‘self-build’) will then be required to verify the details you submitted through the ROS system before the rebate issues.

Who Receives the Rebate?

In the case of retrospective applications (please see above) the rebate is paid directly to the claimant.

In the case of the first-time purchaser, the rebate is paid to the contractor and considered a reduction of the sale price on the completion of the sale. In the case of self-builds, the rebate will be paid to a bank account held with the particular qualifying lender.

Clawback

The property, when purchased must be occupied by the first time buyer or at least one of them in the case of multiple buyers for a period of five years from the date the property is habitable – otherwise, some or all of the rebate will have to be repaid. The rebate is as follows:-

Leave or sell within 1 year	100% of rebate to be repaid
Ditto 2 years	80%
Ditto 3 years	60%
Ditto 4 years	40%
Ditto 5 years	20%

Summary

The Help to Buy Scheme incentive is an extremely attractive one for First Time Buyers of Residential Property and should be availed of where possible. In view of the many actions required by both purchaser and solicitor and/or contractor prior to the issue of the rebate under the HTB, purchasers are advised to start the registration and claims process as early as possible to avoid delays when buying their new home.

Whilst every effort has been made to ensure the accuracy of the information contained in this article, it has been provided for information purposes only and is not intended to constitute legal advice. Amorys Solicitors is a boutique commercial and private client law firm in Sandyford, Dublin 18, Ireland.
For further information and advice in relation to “Help to Buy Scheme for First Time Buyers”, please contact Deirdre Farrell, partner, Amorys Solicitors deirdre@amoryssolicitors.com, telephone 01 213 5940 or your usual contact at Amorys.

← Read previous post Read next post →

Recent Posts

Discharge from wardship of court and assisted decision-making 14/01/2025
Considering Switching Mortgage Provider? The Process Explained 12/11/2024
Selling and Buying Residential Property on the Same Day: Why This Is Not Recommended 26/04/2024
Alternative Dispute Resolution – What are the Options? 29/09/2023
GDPR – Welcome clarity for actions concerning non-material damage 15/09/2023

Considering Buying A Residential Property? 5 Tips To Prepare You For The Process

by Deirdre Farrell | Oct 27, 2017 | Residential Property

Budget for All “Hidden Costs”

Many prospective purchasers know that they need to save for a deposit, secure a mortgage if needed, and pay legal fees but they are not aware of other costs associated with buying a house. Ensuring that you have enough funds to pay for the following “hidden costs” will help make buying your new home that much easier:-

A Valuation Report (if mortgage needed)
Mortgage Protection Policy (if mortgage needed)
A structural survey
Home Insurance
Commissioner for oaths fees (generally between €30/€40)
Property tax (varies hugely depending on value of property)
Property Registration Authority fees (usually between €3000 and €700)
Removal fees
Stamp Duty (1% of the value of property up to €1m
Service Charges (vary hugely depending on property)
ESB, Bord Gais and UPC connection fees

Have a “Loan in Principle”

Before you place offers on properties, secure a “loan in principle” from one or more lending institutions.

A “loan in principle” (an LIP”) (also called “mortgage in principle” or “agreement in principle”) is an agreement to lend based on an initial assessment of your circumstances, which includes your income, outgoings and your credit score among other things. Being offered a “loan in principle” forms part of the initial consultation phase of the mortgage application process. Once your offer has been accepted, you could then complete the mortgage application process and a letter of offer could issue to you faster than had you not instigated the process at the outset.

Not only will you know the price range of properties you should be viewing but having an LIP could in theory make you a more attractive buyer and stand you apart from other prospective buyers during the bidding process.

Good to Know

At present in Ireland banks are restricted from lending more than 90% of the value of the property.

Plan Your Negotiations

Once you have found your perfect property, you need to decide how to bid for it.

Firstly, before placing a bid, make sure that if contents are to be included in the sale, a list is agreed and that the vendor acknowledges that any offer you make is subject to a satisfactory structural survey having been carried out.

Some general tips for bidding and negotiating are:-

When first meeting the estate agent/seller, downplay the amount of money you have to spend as s/he will inevitably show you properties which are outside your initial quoted price range.

If you fall head over heels for a property, downplay your interest. Draw the attention of the estate agent to work that needs to be done and the estimated cost of same (obtain a quote from a contractor if necessary).

Maintain close surveillance of the property market and, in particular, be aware of how much properties in the area are selling for and how quickly. If they are moving very slowly and selling for below the asking price, you are in a better position to make a low offer.

Beware of the “Buyer Beware” Principle

The “buyer beware” or “caveat emptor” principle operates to place the burden on a buyer to ensures that there are no defects in the property which would have been disclosed had a reasonable inspection been carried out and that the property meets his/her expectations. It is for this reason that buyers must do the following before making an unconditional offer and/or signing a contract to buy any property:

Obtain, review and consider a structural survey of the property and ensure you are happy with same.

Ensure that the map of the property (which will be provided to you by your solicitor) corresponds with the boundaries as they appear “on the ground”.

Research the area surrounding the property and ascertain from the local planning authority whether or not there are plans to carry out large development, including road construction which might affect your enjoyment of the property.

Choose your Solicitor wisely!

Once your offer has been accepted, the vendor’s solicitor will prepare draft contracts based on the heads of terms that have been agreed and will send them to your solicitor.

Your solicitor will raise queries and ensure that the vendor has proved or will be in a position to prove that “good marketable title” to the particular property is capable of being shown on the proposed date of completion.

The conveyancing process can seem complicated as it involves a number of steps. It is therefore important that you choose a solicitor with whom you communicate well and who is easily approachable.

Solicitors’ fees vary greatly and the format of their estimated bill of costs and outlay do too. For example, some may not include the cost of stamp duty or property registration fees in their initial quote whilst others (including Amorys) do – so make sure you are comparing “like with like” before making your decision.

Whilst every effort has been made to ensure the accuracy of the information contained in this article, it has been provided for information purposes only and is not intended to constitute legal advice. Amorys Solicitors is a boutique commercial and private client law firm in Sandyford, Dublin 18, Ireland.
For further information and advice in relation to “Buying A Residential Property Tips”, please contact Wendy Scales, partner, Amorys Solicitors wendy@amoryssolicitors.com, telephone 01 213 5940 or your usual contact at Amorys.

← Read previous post Read next post →

Recent Posts

Discharge from wardship of court and assisted decision-making 14/01/2025
Considering Switching Mortgage Provider? The Process Explained 12/11/2024
Selling and Buying Residential Property on the Same Day: Why This Is Not Recommended 26/04/2024
Alternative Dispute Resolution – What are the Options? 29/09/2023
GDPR – Welcome clarity for actions concerning non-material damage 15/09/2023

ARE YOU A NON RESIDENT THINKING OF BUYING PROPERTY IN IRELAND? – HERE IS WHAT YOU NEED TO KNOW

by Deirdre Farrell | Oct 13, 2017 | Commercial Property, Residential Property

There are no restrictions on foreign nationals buying property in Ireland. This means that both EU/ EEA and non-EU/ non-EEA nationals can purchase property here without limitation.
Owning residential property in Ireland does not entitle the owner to a right of residence here. Residence and/ or the right to remain in Ireland are treated separately to property ownership and depend on each individual’s personal circumstances. For further information please see Irish National and Immigration Service.
Similarly, owning commercial property here does not generally entitle a non-EEA national to operate a business out of that property – permission from the Minister for Justice Equality and Law Reform is required. Conversely EU/ EEA nationals may operate a business and reside in Ireland without restriction by virtue of the general principles of EU law. A company, once it has one director that is resident in Ireland, may operate a business out of that property. The right of residence of each director and employee will be treated according to each individual’s circumstance however.
It is important to note that a tenant of a non-resident Landlord in Ireland is obliged under current tax legislation (section 1041 Taxes Consolidation Act 1997) to withhold 20% of the annual rent and pay same to the Revenue unless that non-resident landlord has appointed a ‘Collection Agent’ to be assessed for the tax on the rent from that particular rental property. A collection agent is usually an estate agent, accountant or solicitor but could be any person who is resident in Ireland. Once a collection agent has been appointed a tenant will be entitled to pay the full amount of the rent to the Irish resident agent. Appointing a collection agent is relatively straight forward and can be effected by completing an Income Tax Registration Form for Collection Agents and submitting it to Revenue. First the Landlord will need to register his/her tax or PPS number for income tax. The Collection Agent will then need to apply to the Department of Social Protection for a separate Personal Public Service or tax Number which will be linked to the landlord’s tax number in Ireland. Once a Collection Agent has been acknowledged by Revenue as such, the tenant can pay the rent to the Collection Agent without deduction of tax.
Stamp duty at 6% of the market value of commercial property transactions must be paid by a purchaser. Stamp duty on a residential property transaction is payable at 1% of the market value up to €1m and at 2% on the value in excess of this amount. In both cases stamp duty must be paid by a purchaser within 30 days of completion of the transaction. In order to file a stamp duty return a PPS or tax Number will be required which will take some time (currently up to 8 weeks) to issue from the Department of Social Protection if a purchaser does not have one already which could potentially delay completion of the transaction. Individuals or companies who have never been resident or carried on business in Ireland are unlikely to have a PPS or a Tax Number and may therefore be subject to this delay.
The conveyancing process in Ireland can generally be divided into three stages: negotiation stage (where solicitors are generally not involved); pre-contract stage (solicitors are involved) ; and completion (Solicitors are involved). The negotiation stage usually involves private individuals and/or their estate agents or representatives negotiating the sales price and “heads of terms”. In Ireland, the vast majority of the legal work is carried out by solicitors at “pre-contract stage” so that once a contract has been signed by both parties, it is usually possible to complete soon after that. The length of time it takes to complete a purchase will however depend on each transaction and in particular whether the purchaser is buying with cash only or with both cash and the benefit of a mortgage. All going well, it should be possible to complete the conveyancing transaction within 4 weeks of exchange of contracts.
An annual charge (called “local property tax”) of up to 0.18% of the market value of a residential property in Ireland up to a value of €1m, and up to 0.23% on the balance of the MV over and above €1m must be paid to the Revenue on or before 10th January each year which is something that a prospective investor will need to bear in mind prior to purchasing on a ‘buy to let’ basis. The percentage rate may fluctuate. Further details of the local property tax charge are available here.
Rates are payable on commercial property to the local authority for the area in which the property is situated. The amount payable will depend on the size of the property and other factors.
Service charges may be payable to a management company where the property, residential or commercial, is located within a serviced estate.
Ireland has signed comprehensive double taxation agreements with 73 countries which generally speaking result in a non-resident landlord paying no more tax than they would in their own country of residence.

A non-resident individual or business looking to purchase property in Ireland can benefit from experienced property solicitors in a myriad of ways: from identifying the need to apply for a PPS or Tax Number at an early stage to drafting a Lease after the transaction has completed and advising him/her of the potential tax liabilities and obligations in respect of any rental income. Experienced solicitors assist with ensuring a transaction proceeds quickly and seamlessly.

Leading Dublin solicitors which provides high quality legal advice

Get Your Guide to Purchasing Residential Property

Click here to Download

Amorys solicitors is a boutique private client and commercial law firm experienced in all aspects of a property transaction. For further information and advice in relation to “Are You A Non Resident Thinking Of Buying Property In Ireland?”, please contact Deirdre Farrell, partner, Amorys Solicitors deirdre@amoryssolicitors.com, telephone 01 213 5940 or your usual contact at Amorys

Whilst every effort has been made to ensure the accuracy of the information contained in this article, it has been provided for information purposes only and is not intended to constitute legal advice. Specific advice should be sought in each situation.

← Read previous post Read next post →

Recent Posts

Discharge from wardship of court and assisted decision-making 14/01/2025
Considering Switching Mortgage Provider? The Process Explained 12/11/2024
Selling and Buying Residential Property on the Same Day: Why This Is Not Recommended 26/04/2024
Alternative Dispute Resolution – What are the Options? 29/09/2023
GDPR – Welcome clarity for actions concerning non-material damage 15/09/2023

Recent Supreme Court Ruling re Repossession Proceedings relating to Residential Property

by Deirdre Farrell | Jun 29, 2016 | Commercial Litigation and Disputes, Company and Commercial Law, Family Law, Residential Property

Lender cannot repossess where breach of the moratorium required by the code of conduct on mortgage arrears, supreme court says

The Supreme Court has said failure to comply with the moratorium provisions of the Central Banks Code of Conduct on Mortgage Arrears by a lender can prevent a home being repossessed in a recent decision of Irish Life and Permanent Plc, Gemma and Kevin Dunne and Dylan Dunphy [2015] IESC 46.

The Supreme Court heard appeals of two cases against Irish life and Permanent Plc which were referred by the High Court Judge. The Dunnes had defaulted on repayments due to Irish Life and Permanent Plc and it appeared that Irish Life and Permanent Plc were entitled to recover possession of the property. As the Dunne were not legally represented and did not enter an appearance to the proceedings, there would be no enquiry that the lender had complied with the Code of Conduct on Mortgage Arrears. Judge Hogan referred these 2 cases on appeal due to various different views taken by High Court Judges on the question of legal status and consequence of compliance by lenders with the Code of Conduct on Mortgage Arrears in relation to repossession.

The Supreme Court was asked to consider:-

As there is no sanction for failure by a lender to comply with the Code of Conduct on Mortgage Arrears does non-compliance with the Code affect a lenders entitlement to obtain repossession of a property
If a lender has not complied with the Code of Conduct on Mortgage Arrears, depending on the type of breach can the Court refuse to make an Order for repossession and can any breach be rectified by a period adjourning or postponing the proceedings.

The Supreme Court said that regulated financial institutions must obey the Code of Conduct on Mortgage Arrears which forms part of the law pursuant to Section 117 (1) of the Central Bank Act 1989. When a lender is applying for a Court order for repossession of a private residence of a homeowner the Court may have to consider a situation where a lender is in breach of the Code. The Court said if an application for repossession brought by a lender is in clear breach of the moratorium that a Court could not aid the lender in these actions which are clearly in unlawful and in breach of the Code of Conduct on Mortgage Arrears and could not make an order for repossession in those circumstances. However the Court clarified that it will not have a role in deciding whether particular proposals should be accepted by the lender or in formulating a lenders policy in relation to mortgage arrears and in applying these or assessing as to whether these are reasonable as this is not its role. All proceedings for repossession should now contain a statement that the proceedings were commenced outside of the moratorium period. If the moratorium does not apply then this should be explained and a Court can consider what evidence it needs to be satisfied that there was no breach of the moratorium by a lender.

Whilst every effort has been made to ensure the accuracy of the information contained in this article, it has been provided for information purposes only and is not intended to constitute legal advice. Amorys Solicitors is a boutique commercial and private client law firm in Sandyford, Dublin 18, Ireland.
For further information and advice in relation to “Recent Supreme Court Ruling re Repossession Proceedings relating to Residential Property”, please contact Deirdre Farrell, partner, Amorys Solicitors deirdre@amoryssolicitors.com, telephone 01 213 5940 or your usual contact at Amorys.

← Read previous post Read next post →

Recent Posts

Discharge from wardship of court and assisted decision-making 14/01/2025
Considering Switching Mortgage Provider? The Process Explained 12/11/2024
Selling and Buying Residential Property on the Same Day: Why This Is Not Recommended 26/04/2024
Alternative Dispute Resolution – What are the Options? 29/09/2023
GDPR – Welcome clarity for actions concerning non-material damage 15/09/2023

Selling Residential Property via Amorys Solicitors

What are you paying us to do?

The steps of selling residential property are as follows:

Recent Posts

Get Your Guide to Purchasing Residential Property

Post Categories

Read this next

Purchasing Residential Property via Amorys Solicitors

What are you paying us to do?

Purchasing Residential Property Procedures

Leading Dublin solicitors which provides high quality legal advice

Get Your Guide to Purchasing Residential Property

Recent Posts

Get Your Guide to Purchasing Residential Property

Post Categories

Read this next

How the Help to Buy Scheme Works

Who Can Make a Claim?

How to Register

How to Make a Claim

Who Receives the Rebate?

Clawback

Summary

Recent Posts

Get Your Guide to Purchasing Residential Property

Post Categories

Read this next

Budget for All “Hidden Costs”

Have a “Loan in Principle”

Plan Your Negotiations

Beware of the “Buyer Beware” Principle

Choose your Solicitor wisely!

Recent Posts

Get Your Guide to Purchasing Residential Property

Post Categories

Read this next

Leading Dublin solicitors which provides high quality legal advice

Get Your Guide to Purchasing Residential Property

Recent Posts

Get Your Guide to Purchasing Residential Property

Post Categories

Read this next

Recent Posts

Get Your Guide to Purchasing Residential Property

Post Categories

Read this next

Recent Posts

Get Your Guide to Purchasing Residential Property

Post Categories

Connecting you to Creative Solutions

Pin It on Pinterest