By Ted Healy of DNG TED HEALY
In our last piece we looked at the mortgage application process through your traditional high street bank.
If this route is not suitable for any reason there are, of course, other options available. One such option for first time buyers is a Rebuilding Ireland Home Loan.
This is a Government backed mortgage for first time buyers and is available nationwide from all local authorities since February 1, 2018.
As a first time buyer one can apply for a Rebuilding Ireland Home Loan to purchase a new or second-hand property, or to build your own home.
The loan is a normal Capital and Interest-bearing mortgage which is repaid by direct debit on a monthly basis.
It permits one to borrow up to 90% of the market value of the property but must fulfil certain criteria:
* Properties cannot be larger than 175 Sq.M.
* The maximum market value of the property that can be purchased or self-built are:
€320,000 in the counties of Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, and
€250,000 in the rest of the country.
You need to show that you can afford your monthly mortgage repayments, which must be less than one-third of your household income.
Applicants must be:
* A first-time buyer
* Aged between 18 and 70 years
* Be in continuous employment for a minimum of two years, as the primary earner or be in continuous employment for a minimum of one year, as a secondary earner
* Have an annual gross income of not more than €50,000 as a single applicant or not more than €75,000 combined as joint applicants
* Submit two years certified accounts if self-employed
* Provide evidence of insufficient offers of finance from two banks or building societies
* Not be a current or previous owner of residential property in or outside the Republic of Ireland
* Occupy the property as your normal place of residence
* Consent to an Irish Credit Bureau check
Eligibility is subject to submission of a complete Rebuilding Ireland Home Loan application form and confirmation by your local authority.
To apply for the Rebuilding Ireland Home Loan, submit your application and supporting documents to the local authority in the area where you wish to buy or build your home.
The application form may request some information that you don’t have yet, for example, the address of the house you want to buy or build, and your solicitor’s details. Your application form will be accepted without this information, but you should include details of the county and area you are looking for your home, and state that your solicitor’s details are to be confirmed.
You must make an appointment with your Local Authority to submit your application form in person. They will then review your application with you to ensure it is completed correctly.
Cost of agricultural land set to increase by 8% this year
By Ted Healy of DNG TED HEALY The results of a survey on agricultural land values conducted by the Society of Chartered Surveyors Ireland (SCSI) was published earlier this week. […]
By Ted Healy of DNG TED HEALY
The results of a survey on agricultural land values conducted by the Society of Chartered Surveyors Ireland (SCSI) was published earlier this week.
It predicts an increase in land values by an average of 8% this year and an increase of 14% on average in rental values.
The report titled, ‘SCSI/Teagasc Agricultural Land Market Review & Outlook Report 2023’, analyses the agri sector performance over the past year and projects how it will perform over the next 12 months.
In all 134 agri professionals and valuers were surveyed, who expect the outlook for dairy farmers to ease and a challenging future for sheep and tillage farming.
Rental Land values in Munster increased by an average of 13% in the last year with a 9% increase experienced in Leinster.
The report indicates that the average non-residential farmland prices in 2022 ranged from €5,564 per acre for poor quality land – up five percent from €5,308 in 2021 – to €11,172 per acre for good quality land – up two percent from €10,962 the previous year. Strong demand from dairy farmers for good quality land is driving the market.
The majority of those surveyed believe there is likely to be an increase in demand from dairy farmers to purchase farmland in 2023.
One point to note however, is that changes to the European Nitrates Directive, particularly measures aimed at protecting water quality, may have an impact on land prices, especially rental prices.
In order to maintain current levels of milk production – and to comply with the directive – many dairy farms will need to either increase their land area or reduce milk production.
The Residential Zoned Land Tax (RZLT) is also coming down the line at an alarming rate, farmers have until May 1 to make a written appeal. Under the new legislation farmers owning currently zoned land face an annual tax bill of 3% of the market value of their zoned land.
This will result in countless numbers of landowners facing crippling tax bills from next year on. It is expected that this new tax may bring forward extra land sales later this year before the tax takes hold.
The IFA (Irish Farmers Association) have this week sought a senior counsel review of the legislation governing the Residential Zoned Land Tax.
What is a Fire Safety Certificate?
By John Healy of Healy Insurances A Fire Safety Certificate is an official document that verifies if a building design submitted as part of an application will, if constructed in […]
By John Healy of Healy Insurances
A Fire Safety Certificate is an official document that verifies if a building design submitted as part of an application will, if constructed in accordance with the plans and specifications approved by the Building Control Authority, comply with the requirements of the Building Regulations.
Fire Safety Certificates are issued by a Building Control Authority. The certificate confirms that the building has adequate escape facilities and that the building is designed in a way that prevents and limits the spread of fire. While all buildings must comply with the fire regulations, not all buildings will need a Fire Safety Certificate.
Which developments require a Fire Safety Certificate?
The Building Control Act (1990 & 2007) specifies the development types that require Fire Safety Certificates:
· Works in connection with the design and construction of a new building
· Works in connection with the material alteration of a day centre, a building containing a flat, a hotel, hostel or guest building, an institutional building, a place of assembly, a shopping centre
· Works in connection with the material alteration of a shop, office or industrial building where additional floor area is being provided within the existing building or where the building is being sub-divided into a number of units for separate occupancy
· Works in connection with the extension of a building by more than 25 square metres
· A building as regards which a material change of use takes place.
Some developments are exempted from requiring a Fire Certificate and can include:
· Certain single storey agricultural buildings
· A building used as a dwelling (other than a flat)
· A single storey domestic garage
· A single storey building ancillary to a dwelling which is used exclusively for recreational or storage purposes or the keeping of plants, birds or animals for domestic purposes and is not used for any trade or business or for human habitation
· Works in connection with a Garda station, a courthouse, a barracks and certain government buildings.
If a building is inspected by a member of the building control authority and it transpired that no Fire Safety Certificate is in place, the building could be subject to closure. For more information see www.kerrycoco.ie/home3/building-control/firesafetycerts.
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