Increases in Land Registry Fees in Ireland
House buyers will have to pay out more money to the state – because of increases to Land Registry fees that came into force on December 1st . Buyers with a mortgage purchasing an average priced house will have to pay an extra €275 in land registry fees . The fee to register a mortgage has risen from €125 to €175 and land registry fees have risen by as much as 60%
This rise in fees comes into force just before the removal of mortgage interest relief – which will see first time buyers losing out on an average tax relief of €1000 a year . See Mortgage Interest Relief Changes Here
If the government are hoping for a boost to the housing market – these extra costs will not help much. The new property tax from July could also put some people off buying – but it might also bring house prices down.
Examples of the increases to land registry fees when buying a house with a mortgage : (includes mortgage registration charge)
Buyers of a house priced between €51,001 and €200,000 will see fees rise from €500 to €775 – an increase of 55% !
Houses bought for between €200,001 and €255,000 will incur land registry fees of €875 (currently €500) – this is an increase of 75% !
Houses priced from €255,001-€385,000 : old fees €625 , new fees €875 = 40% increase.
Houses priced from €385,001 – €400,000 ; Old fees 750, new fees € 875 = 16.6% increase
Houses priced over € 400,000: Old fees €750 , new fees €975 = 30% increase.
Land Registry fees have not been increased since 1999.