Many Brits have property in Ireland, making up the largest expatriate community in Ireland. The cost of living in Ireland is high, but so is the standard. It is becoming increasingly common for Brits to retire to Ireland, to take advantage of the high pensioner benefits, including free travel and a free TV license.
Once you have selected a property, a 10% deposit should be paid to the vendor´s solicitor when exchanging contracts. Property in Ireland is generally freehold, though most apartments are leasehold. Normally, any offer made is subject to a survey and contracts.
You will need to hire a lawyer/solicitor or a conveyancer to handle the sale arrangements and contracts. The solicitor´s fee will usually be agreed beforehand. The fees for the sale of the property are typically between 6-10% of the buying price, with an additional 1-2% for solicitor´s fees. IR£200 (approximately) will also be required to place the property on the land registry. Buyers who have bought before, or who buy a previously owned property will also incur stamp duty, which will be scale against the purchase price to a maximum of 9%.
An Irish mortgage can be obtained for the property. The maximum loan is normally up to 90% of the property value, and is payable over 15-30 years. A small stamp duty of 0.1% is payable on loans of over IR£20,000.