legal fees question

I

irishpancake

Guest
just a question about discounted legal fees and brokers.

I see Prima Finance are offering a legal fees package of €499 +vat+outlay for buyers who use their service.

Rea offer a refund of commision which they receive from certain banks, but charge a fee for their service (how much?), which will probably be covered by the refund.

The question is, all other things being equal, on a mortgage of €220,000 over 35 years, over 60% LTV arranged through either Rea or PrimaFinance (or others i don't know of), which would be the best broker to use, from the Legal Fees point of view?

(I am assuming that the bank will refund 1% of mortgage, in this case that would be €2200).
 
Hi Irishpancake,

The REA fee for mortgages between €200,000 and €250,000 is €2495 + VAT and the refund would be €2200 with the majority of lenders.

Kind regards,

Sarah

www.rea.ie
 
thanks for that Sarah:

The REA fee for mortgages between €200,000 and €250,000 is €2495 + VAT and the refund would be €2200 with the majority of lenders.
Click to expand...

so the gross fee to REA would be:

(€2495 + 21% VAT) = €3018.95 less refund of €2200

= €818.95 payable

Prima Finance charge:

€499 + 21% VAT

= €603 payable (plus outlay)

does the REA fee cover Outlay, or is it extra?
 
No, outlay is payable separately - you should budget around €7-800 for this. I know you are looking at this exercise purely on cost but I would suggest you meet with both firms before making a decision......

Sarah

www.rea.ie
 
When purchasing or selling a property, there are various fees/costs which are neither professional fees nor VAT. They include such things as stamp duty on the deed and/or mortgage deed, search fees due to law searchers for searches on the property and a vendor, registration fees payable to the Land Registry or Registry of Deeds to register your ownership, fees payable to local authorities for roads in charge or change of address letters etc.,etc

So a typical bill of costs from a solicitor would be as follows:

Professional fee: EXXXX
VAT @ 21% EXXXX
Plus
Stamp Duty and outlays

mf
Outlays
 
Thanks...had thought it might be that but wasn't sure...
thought they were talking about an additional cost...

Is there vat on land registry fees?
 
I know this question is slightly off topic but....

Sarah, if Irish pancakes mortgage turns out to be €200k, will he still get commission refund of €2,200?
 
yes Sarah:

I know you are looking at this exercise purely on cost but I would suggest you meet with both firms before making a decision......
Click to expand...

cost is definitely the major factor here, given all else being equal.

i'm sure you would not dream of slaggin' off Prima, who are very reputable, afaik.

They would arrange a mortgage, with legal fees costing €603 + outlay.

Rea provide a similar service for effectively €818.95 + outlay.

would meeting with Rea provide a way to bridge the cost-gap, or what extra services could one expect. this is the era of competition, after all.

btw, while i'm on a roll here, it woyuld also help if REA updated sections of their web-site, where Irish Pounds are still being quoted.

[broken link removed]
 
Hi ISBN,

If the mortgage is €200,000 the fee reduces to €1995 + VAT and outlays and the refund would be €2000.

Kind regards,

Sarah

www.rea.ie
 
any answer(s) to the points i raised above regarding REA vs other Mortgage Brokers (like Prima Finance).

btw, i don't work for Prima or any other Mortgage Broker.
 
What are the legal fees with REA/Primafinance if this includes buying AND selling at the same time. Are REA legal fees still included in their fee ? If so , how much ?
 
Hi Redstar,

The fee for the legal side of a property sale via REA is €950 + VAT and outlays (outlays are fairly low on a sale circa €200-€300) irrespective of the sale price. This is on the basis that the new mortgage and conveyancing is also through REA.

Sarah

www.rea.ie
 
Thanks Sarah - also, what is the net REA charge, including legal, of a 150,000 mortgage ?
Is it Eu1,995+VAT less 1,500 refund (ie about Eur914) ?

- Thanks
 
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