apartment unbuilt, may want to sell, checking options

mohawk1

Hi there,
I was wondering if anyone could point me in thre right drection before I see my solicitor about conveyancing.
Some months ago I bought an apartment off the plans. It may not be complete for at least 18 months and I had planned on renting until the dwelling is complete and I move in and start paying the mortgage.
I have paid the developers my booking deposit plus 10pc of the purchase price.
However, I may need to change my plans soon which could necessitate selling the apartment before it is built (I understand it basically involves selling it back to the developers at the purchase price, so they can put it on their cancellations list).
Can anybody tell me:
1) How much - if any - of my deposit will I lose?

2) If I do sell at this stage, do I lose my first-time buyers' status (am currently going through divorce after signing over family home - conditions agreed, been to family court, waiting - about 6 more weeks - for final, stamped divorce agreement, so the revenue are as yet unaware that I have bought above apartment).
Many thanks.

Noelie

I may be wrong but i've always been under the impression that a divorced person will not be entitled to first time buyers status.

You should go to the developer and see if they will allow you to break contracts, I've a neighbour who had paid his deposit only to find out he couldn't afford to buy the property, the developer allowed him to cancel the contract and returned all of his deposit. the neighbour only had to pay his solicitor fees.

the other option is to keep the property till it is nearly ready and then sell it, seeing that it wont be ready for another 18 months you could just hope the property goes up in value.

Anyway like i said the first thing to do is talk to the developer. see if you can work something out with him. if he allows you to back out you wont loose your FTB status (taking that you are intitled to one) since you haven't actually bought the property.

mohawk1

Thanks Noilie,
Just to let you know, this from Oasis.Gov, Irish Government info site.
All applies to me




A divorced or separated person is considered a first-time buyer in the following circumstances:

if they have left their former marital home and,
do not retain any interest in the martial home and,
their former spouse continues to occupy the home.

Lex Luthor

I can't help you regarding the 1st time buyer status, but a guy I work with was in the same position a month back.

The builder basically in his story had to give permission for him to sell the property before he completed as he was in competition with him.

He also could not use the same selling agent the builder was using.

In the end he decided not to do it, but I think it may hinge on the builders permission.

The_Conductor

Its entirely possible that were you to sell the property that it may very well have increased (possibly substantially) in value since you handed over your deposit and booking fee. Unless you have the contract declared null and void- i.e. if you try to sell this as yet incomplete property on the open market for your own benefit- you stand to gain substantially from the sale. What the nature of the gain is, and how it affects you from either a FTB or a CGT perspective you need professional advice on.

Victor

Its quite possible there is a clause in your contract that you cannot sell on until the builder hands over the property (to stop speculators competing against the builder).

lomb

what are the details of the apartment and the price? u mayb far better completing on it even if u have to sell ur shirt.