When you are living in Ireland and planning to buy property in Ireland it is a good idea to get legal advice at an early stage so that you are aware of the requirements and certain processes can be started early to ensure your property purchase goes smoothly when you find the property you want to purchase.   

With our experience of representing foreign-based buyers we can guide you through the process from start to finish ensuring your purchase goes as smoothly as possible. Video calls at flexible meeting times help accommodate time zone differences.  

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Costs

If you are currently living outside of Ireland and are considering buying a house in Ireland with some money held overseas – you will also need to think about currency exchange costs. A fluctuation in the exchange rate between the time you make an offer and paying for the house could end up costing you money. Specialist money transfer companies can give you the option of locking in an exchange rate for a future transfer  – this is known as a  “forward contract”. This can help you to mitigate against any change in the exchange rate than could throw you off your budget, giving you the security of knowing what rate you will get on the day you transfer. It usually requires a deposit of about 10% which is refunded when the transfer is done.  

All Irish and UK citizens still have the right to live, travel, work and study within the Common Travel Area. However, due to Brexit, UK citizens can no longer move to live in other EU countries without a complicated application process.  

One of the best things I experienced was the personal touch. It can be daunting dealing with solicitors and I never felt like a hindrance. Gary was always available on the phone and email for me and always responded very quickly. I know of an elderly person dealing with Gary who really appreciated being able to meet face to face in a place where she felt comfortable. I think both types of meetings are great as clients have various needs which were met very easily in the way SOS operates.

Jenny

Friendly, easy to talk to, professional support from start to finish. The service was exceptional, communication was timely and never overbearing. Everything was explained clearly along with expected timelines for completion. The team went above and beyond to sort out any issues that may have arisen during the process. Overall, very satisfied with the service.

David

What we found best was the professionalism of the service overall, the confidentiality, empathy and understanding. Communication was always clear in both e-mail and in person. Response times to e-mails, and meetings, was very good. I believe your fees are very competitive, and good value for your service.

Paul

Other important factors

Owning a residence in Ireland does not, on it’s own, entitle the owner to residency. If you are an EU or UK citizen there are no restrictions on buying a house in Ireland and moving to live in Ireland. For citizens of Countries outside UK and Europe, residency and the right to remain in Ireland depend on an individual’s particular circumstances.   

After moving to Ireland, you will usually need to be living here for at least 6 months and been in employment for at least 12 months before most lenders will consider you for a mortgage. The EU “Mortgage Credit Directive” requires EU lenders to monitor exchange-rate fluctuations on foreign currency mortgages. This means that some Irish banks will not even consider lending to someone who lives outside Ireland who doesn’t have most of their income in Euros. If your income is in Euros it should be easier to get an Irish mortgage.  

If you are planning on moving to Ireland or coming back to Ireland and you have a large sum of money that you will need to transfer to Ireland, there is some risk  because exchange rates are always moving.  You  should use adedicated currency exchange company, rather than your bank to exchange and transfer money.   

Make a Free Enquiry

Call us Now on 061 513113, email info@soslegal.ie or complete our Free Online Enquiry form for a free, no-obligation discussion and let us explain your legal options

James Shanahan

Solicitor, Head of Department

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