transfer fees

[geoffreys]

Hi. Is the 50% discount still available on property transfer fees at the moment.
Thanks Neil

Yes. The 50% discount is now a permanent feature i.e. has now become the regular rate.
Geoff.

[geoffreys]

Thanks Geoff.
The land registry has valued my house at 350000 tried getting a value on the land registry site but not to sure on it can anyone workout what we should be paying in joint names.
Thanks Neil

As Austin7 says the transfer fees are still based on the 1980 value of the property, as shown on their website. Best to ask them for it by calling in.
Whatever the value divide by 2 (joint ownership).
Each will pay 3% of the first €85K and 5% of any additional value.
Then take off 50%; that is what each will be asked to pay, + €10 LR fee.
As far as I can gather 1980 value approximates to a quarter of the 2013 valuation value. So if the €350K is the 2013 value the 1980 value will be approx. €87.5K (I emphasise approx.!!).
Half each = €43.75K
Each pays 50% of 3% of €43.75K = €656.25
Total payable (if I have done my sums right!) 2x656.25 = €1312.50 + €10 fee = Grand Total €1322.50

That gives you some idea, but I am no expert, and best to ask the LR for the exact figure.
You can pay using plastic to pay the transfer fees by the way.
I imagine it won't be long before transfer fees are based on the 2013 valuation. Such action was delayed because the 2013 exercise was challenged by so many property owners.
Geoff.

[darrow]

We have just paid ours. A whopping €3430 on a 1980 valuation of €19000! The 2013 valuation was €145,200. We did it through the lawyer because our developer was in administration. However I think a visit to the land registry is in order to find out how they have arrived at this figure.

[darrow]

Flash of inspiration! They have worked out the fees based on what we bought it for in 2008! Of course the value dropped by the 2013 valuations. The 50% reduction would bring it down to €3430 fee. No need to visit L.R. after all! I remember being told that the fees can be worked out on sale price. Phew!

[geoffreys]

Flash of inspiration! They have worked out the fees based on what we bought it for in 2008! Of course the value dropped by the 2013 valuations. The 50% reduction would bring it down to €3430 fee. No need to visit L.R. after all! I remember being told that the fees can be worked out on sale price. Phew!

I think in most cases the 1980 value would be the best to use, rather than the sale value.
In the past I am aware that some sales were "doctored" with a low figure on the sales contract (and the balance being handed over in cash); however the LR got wise to this "fiddle" and started to refuse the sales figure in favour of the 1980 valuation.
Add in the TDs scandal with 1000s waiting for their deeds and the whole thing is a mess, and can be quite complex.
Geoff.

[Lofos-Jan]

I've just been through this process and the valuation is made by the land registry department dealing with the transfer fees. It has nothing whatsoever to do with 1980 values or 2013 values which are just for tax purposes. It will be based on the value of properties sold at that time, in that area and they will usually use the highest price. When I queried why the current (2013) value was not used to calculate the fees, they told me the above and used the price that the property was originally bought for from new back in 2010. This was some £30,000 more than the 2013 valuation but they said it was not relevant to how they do the transfer fees.

Jeanne

[geoffreys]

I've just been through this process and the valuation is made by the land registry department dealing with the transfer fees. It has nothing whatsoever to do with 1980 values or 2013 values which are just for tax purposes. It will be based on the value of properties sold at that time, in that area and they will usually use the highest price. When I queried why the current (2013) value was not used to calculate the fees, they told me the above and used the price that the property was originally bought for from new back in 2010. This was some £30,000 more than the 2013 valuation but they said it was not relevant to how they do the transfer fees.

Jeanne

Thanks for that, I am sure you are right. Anyway they got wise to people using low selling prices in order to reduce transfer fees and if they suspect under-valuation use their own figure; in doing so they often refer to the 2013 valuation as a yardstick.
Geoff.

[darrow]

I've just been through this process and the valuation is made by the land registry department dealing with the transfer fees. It has nothing whatsoever to do with 1980 values or 2013 values which are just for tax purposes. It will be based on the value of properties sold at that time, in that area and they will usually use the highest price. When I queried why the current (2013) value was not used to calculate the fees, they told me the above and used the price that the property was originally bought for from new back in 2010. This was some £30,000 more than the 2013 valuation but they said it was not relevant to how they do the transfer fees.

Jeanne

you are obviously right Jan. otherwise everyone would want their fees based on 1980 values!

[PaphosAL]

... the property was originally bought for from new back in 2010. This was some £30,000 more than the 2013 valuation...

Jeanne

Crikey, Jeanne! Am I reading this right? That your property actually devalued to the tune of £30,000 (or €30,000) between 2010 and 2013 ???

Cheers- AL

[Robert]

I don't understand why most people always want the price of housing to always go up. Price of butter goes up = bad, price of houses go up = good.

The only people a house price increase helps are BTL'ers, the Banks and anybody downsizing. If you're trying to get on the housing ladder or trying to move up it the banks are taking money you could be spending into the wider economy (or saving/investing for your future). If you're happy where you are it makes zero difference.

I'd like nothing better than for housing to cost £1.

[geoffreys]

Going back to the OP's property valued at €350K
Working out the transfer fees comes out at a total of €7,050 + €10 LR fee = €7,060/-
Geoff.

[trevnhil]

By the way, don't assume that joint ownership is 50 / 50. You can have two people with differing amount of shares in the property.

[PaphosAL]

Or Tenants in Common?

[trevnhil]

Or Tenants in Common?

I am not sure there is such a thing here regarding Title Deeds and ownership..