Stamp Duty Advice

FX Meister

I'm not a first time buyer, I bought a house this year with two siblings. I'm now looking at buying my own house. The house we bought was a second hand house so we paid stamp duty. The house I am looking at is brand new, in a new development. Going by the information here, http://www.oasis.gov.ie/housing/buying_a_house_or_flat/stamp_duty.html, it sems that I do not have to pay stamp duty as I am an owner occupier. Am I correct in presuming this? Can anyone give me any advice on this or do I pay a different rate of stamp duty?

decbuck

you'll pay no stamp duty if you live in the house and it is smaller than 125 sq metres

FX Meister

That's what I am hoping but as I am already registered as the owner occupier of a different house, even though it is with my two siblings, I don't think I can register as the owner occupier of this new house also

FX Meister

I called the Stamp Duty section of the revenue commisioners and they said I would not have to pay any duty. Then I read an article in the paper with a guy answering financial questions, someone asked a similar question to mine and he said that duty would have to be paid, but at a reduced rate. I'm more confused now.

madramor

question
did you pay a reduced amount of stamp duty on the first house because
you where buying it as a first time buyer.

FX Meister

No we didn't pay a reduced rate, we paid the normal rate as owner occupiers. An agent at Sherry Fitz told me that once your name is on a deed you will have to pay stamp duty. I guess the problem now is trying to figure whether I will have to pay the investor rate or the owner occupier rate.

madramor

FX Meister wrote:

No we didn't pay a reduced rate, we paid the normal rate as owner occupiers.

first time buyers of a second hand property get a different rate to owner
occupiers
http://www.oasis.gov.ie/housing/buying_a_house_or_flat/stamp_duty.html

Borzoi

FX Meister wrote:

I guess the problem now is trying to figure whether I will have to pay the investor rate or the owner occupier rate.

I would imagine if you can only have one primary residence, so if you buy a 2nd place and keep your name on the existing deeds you'll be paying owner occupier rate.

However if you are effectively selling your share in the current property, you'll pay at owner occupier rate. But of course your solicitor will be charging you to change the deeds!!

Really you need to talk to the solicitor about it

FX Meister

Yeah, solicitor will rape me though if I get advice from one. I'll talk to a broker about it, if I have to pay it I have to pay it. According to the oasis site, Rates of stamp duty for non-owner-occupiers:
Non-owner-occupiers are liable for stamp duty on both new and second-hand houses or apartments. The same rates of stamp duty apply to investors as to non-first time owner-occupiers.
I take it from this that I pay the same rate as an investor, looks like I have to pay 5%. I paid 4.5% on the house I bought with my siblings.