Buying first house from parents

J

johnno09

Registered User
Messages
151
I am currently considering buying a house from my parents
(worth about €120-130,000) for the market value of the house.

I want to know what additional costs would be involved such as stamp duties/ other taxes and any other things I should be taking into account if this was to happen.
 
If you are a first time buyer then stamp duty doesnt will apply to you. Sollicitor cost about: 1500 euro. Surveyor about: 250 euro. That's all so far i know.
 
Legal fees will likely be more than 1500, especially when you take account of search fees, registration fees etc. Shop around with solicitors and get quotes.
 
Thanks for the advice thus far.
Does anyone know what the tax implications would be for the parents?
 
tax implications - that will depend on a number of factors - is this there only property? Is this their principle private residence? No matter how much you pay them, even if you dont give them a cent, for cgt purposes the calculation will be based on the market value of the property.
 
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