Land registry and notary fees

 I am buying out a friend who owns part of an apartment. The property is worth 225k eus and I am paying 76k eus for  a third. We are in dispute  about who pays Notary and Land registry fees.    Is it the buyer of seller  or shared?

 Our solicitor has stated that Notary fees are 1000eus and Land registry 1500eus. This seems very high compared to what other people say in the forum.

 Has anyone a view.

Worry more about what your solicitor will charge you!

All your solicitor is asking for is money on account of costs to pay these items for which you will get receipts and your solicitor should then refund the excess.

I would not think both would be more than EUR1,000 in total unless there is a mortgage deed as well and if so that may need re-jigging so there could be cancellation of existing mortgage and registrtaion of new deed and that could lead to extra notary fees and property registry fees.

As regards the property the norm is buyer pays these costs but any fees payable in respect of cancellation of existing mortgage should be to the seller and fees for a new mortgage to the buyer etc.

Unless the whole share ownership is complicating matters but if so I don't now how? In most cases property registry fees would be about 1/3 of notary fees.

Personally I do not like any form of shared ownership.

The legal rule is that seller pays plusvalia and the around the 90% of Notary fees and  buyer pays Land Registry, around 10% of Notary fees and transfer taxes.

But in practice the buyer almost always pays notary and land/property registry fees (related to acquisition only) and of couse as Maria says the seller also pays the plusvalia tax.

I suggest you ask your solicitor to prepare and email you a draft completion statement.

Hi simco,

Has your your lawyer mentioned anything about transfer tax? Normally when transferring name ownership on the title deed there is a portion of transfer tax to be paid - I am sure Maria can confirm this.

If he is not already a part owner then he will have to pay 7% transfer tax and more if the transaction is less than the so called deemed value.

Like I said ask for a draft completion statement.

Also I think you need to discuss with your solicitror the implications and possible future problems of joint ownership and I would recommend some type of agreement between all owners as to how to dissolve or buy out one owner etc.