Legal Costs

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Legal Costs

These are the legal costs incurred by both a purchaser and vendor of a property, or in connection with the sale or grant of a new lease by a landlord and a tenant. Such costs can include conveyancing fees, litigation advice, counsel’s opinion, stamp duty (controlled by the Exchequer), local authority search fees, bank transfer fees and court expenses, plus other disbursements and VAT.Since Legislation is constantly being updated, it is advisable to instruct a solicitor to assist in the preparation of all sale contracts or lease documentation. Fees will vary considerably but they are usually based on between 3% to 7.5% of the first year’s rental, depending on the size, nature and complexity of the matter in hand. Alternatively sale costs are usually based upon a percentage of the sale/purchase price.Specific legal advice or consultancy fees are usually based upon an hourly rate of charge.

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