Have you purchased recently?

whizzbang

spockety wrote: »

In short, no.

Either way, whether you're married or not, for the Revenue to be satisfied, your Mrs will have to be the one buying the house entirely on her own, with all of her own money. Not a single cent can ever come from you to help with the deposit, or mortgage payments.

Is there some time limit on this? Has the clawback on stamp duty not been reduced to 2 years now? So if a FTB was to buy a property, and then add a non-FTB to the mortgage 2 years later there would be no stamp duty clawback?

BOHSBOHS

the clawback time limit is in relation to the renting out of property within 5 years? now reduced to 2 years. so spockety is correct the FTB has to pay for property themselves .

Fozzie Bear

Someday wrote: »

Anyway around this if we get married, she is the FTB

I don't want to get your hopes up here and maybe it depends on individual circumstances....

Myself and my missus are in a similar position, I'm a FTB she previously had an apartment. We have talked to the BOI and PTSB and both bank managers told us they would let us take out a 92% mortgage in my name only but based on both our earnings for €325,000 (approx 4.5 times our income). We then would have to get our solicitor to draw up a legally binding agreement that the house was 50-50 between us until such time as we get married.

I'm not saying its morally or ethically legal or wise to do this or acceptable. No doubt some fellow posters will be quick to point this out and I can understand their issues with it. I'm just putting it out there that two separate Bank Managers gave us this info.

I should say too that my GF and her parents do all their banking with the particular BOI branch we went to and the PTSB is the branch where my GF previously had her mortgage for her apartment so this may well have had a bearing on the advise we received.

Either way I am not going to apply for a mortgage yet as the market still has a long way to fall IMO, so maybe its a moot point anyway.

mathie

Overhead a conversation of someone who is purchasing for 485K in Malahide and that was down from 725K from the peak.
No idea what profile home it was though.

Senna

Fozzie Bear wrote: »

I'm not saying its morally or ethically legal or wise to do this or acceptable.

That only sounds un-wise from the banks point of view, if you were to default, you are the only person that can be perused, not your partner. Of course there is the issue of your partner not being named on deeds (for her own interest), but thats it.

spockety

Senna wrote: »

That only sounds un-wise from the banks point of view, if you were to default, you are the only person that can be perused, not your partner. Of course there is the issue of your partner not being named on deeds (for her own interest), but thats it.

Eh, no, that's not just 'it'.

The bank managers in question are effectively offering to conspire with you to defraud the Revenue. That's "it"!

Fair enough, you might get away with it initially, but if you don't then god help you. And in a time of decreased tax take, I'd say the one place the Revenue are going to increase their focus is looking for tax evaders. There is no limit on when they can find you, and if you get caught in 10 years and have penalties and interest, then ouch.

Senna

spockety wrote: »

Eh, no, that's not just 'it'.

The bank managers in question are effectively offering to conspire with you to defraud the Revenue. That's "it"!

Fair enough, you might get away with it initially, but if you don't then god help you. And in a time of decreased tax take, I'd say the one place the Revenue are going to increase their focus is looking for tax evaders. There is no limit on when they can find you, and if you get caught in 10 years and have penalties and interest, then ouch.

Of course you are correct, brain wasn't engaged.:o

eman66

2 storey, country house 10 mins from Co. Donegal town, with detached double garage on 0.6 acres, second hand, very high standard finish, including applicances etc

425 in the good old days, then
395
350
330
290
275

Sale agreed today for 240k.

wish me luck! :eek: ...:)

southofnowhere

eman66 wrote: »

http://www.dngbg.ie/index.cfm?fuseaction=propdetails&Prop_RefId=2413&pt=

425 in the good old days, then
395
350
330
290
275

Sale agreed today for 240k.

wish me luck! :eek: ...:)

Looks like a lovely house. Best of luck.

Fozzie Bear

eman66 wrote: »

http://www.dngbg.ie/index.cfm?fuseaction=propdetails&Prop_RefId=2413&pt=

425 in the good old days, then
395
350
330
290
275

Sale agreed today for 240k.

wish me luck! :eek: ...:)

Congratulations, its a beautiful home and a 43% decrease in price too! God almighty what were we at during the boom paying prices like that? Thanks Jebus I did not buy back then.

Fozzie Bear

spockety wrote: »

Eh, no, that's not just 'it'.

The bank managers in question are effectively offering to conspire with you to defraud the Revenue. That's "it"!

Fair enough, you might get away with it initially, but if you don't then god help you. And in a time of decreased tax take, I'd say the one place the Revenue are going to increase their focus is looking for tax evaders. There is no limit on when they can find you, and if you get caught in 10 years and have penalties and interest, then ouch.

Very true Spockety. I was taken aback to be honest when they said it to us. Did not sound right at all.

On the topic of Stamp duty I seen some houses that are being advertised as Stamp duty exempt/reduced for "owner occupiers". Could some one explain this to me. How exactly can the buyer be exempt from stamp duty or have it reduced??

Example; Reduced SD
Exempt SD

gurramok

Reduced stamp - i reckon its a play on words as its based on the reduced asking price.

New build - no stamp duty for owner occupiers or FTB hence the preference for new builds in the bubble and the govt coffers overflowing.

Fozzie Bear

gurramok wrote: »

Reduced stamp - i reckon its a play on words as its based on the reduced asking price.

New build - no stamp duty for owner occupiers or FTB hence the preference for new builds in the bubble and the govt coffers overflowing.

Really? I did not realise new builds were exempt from stamp duty for owner occupiers.

So am I right in thinking even if you are not a FTB, you will still be exempt from SD once you are planning on living in the house you are buying?

As long as its a new build of course.

spockety

Fozzie Bear wrote: »

Really? I did not realise new builds were exempt from stamp duty for owner occupiers.

So am I right in thinking even if you are not a FTB, you will still be exempt from SD once you are planning on living in the house you are buying?

As long as its a new build of course.

Yes, as long as the property is new and is not bigger than 125 square metres.

wandiwar

Jimbo wrote: »

Thats an unbelievable drop from the asking price

Had been on the market 12 months. had been agreed at €290,000 but the bidders cudnt get funding. Seller has moved to the uk. she had no mortgage on it.

gibo_ie

spockety wrote: »

Yes, as long as the property is new and is not bigger than 125 square metres.

OR
If 25% of the overall price of land value and house cost is less than €125k and it is a new build then it too is exempt from SD for first time buyers and owner occupiers. So if house is under €500k and over 125msq it is exempt as above.

I learned this recently and reduced my price accordingly. Here

Details of SD HERE

GerM

New developments already have massive % drops. I'm starting to look now. Viewing a 4 bed tomorrow in Dublin that was 570k and is now 375k asking price. If happy I'll put a bid in at about 285k basically 50% of what they were looking for originally. If the EA or builder wants to argue the toss I'll gladly tell them my bid stands for the next month. If you're willing to accept it, give me a shout. If not, good luck shifting the house that's been sitting empty for 2 years already. I'm happy enough to bide my time but I'm very willing to chance my arm with an offer now that people predict will be the asking price in 2011.

theopticalshop

Have just bought in the last few weeks. Started life at 345k, firm offer from somebody else of 330 back in October. I viewed it a few weeks ago when it was on at 225, offered 160 and they accepted 169....

Tech3

theopticalshop wrote: »

Have just bought in the last few weeks. Started life at 345k, firm offer from somebody else of 330 back in October. I viewed it a few weeks ago when it was on at 225, offered 160 and they accepted 169....

Interesting development ........... congrats

Firetrap

If only we could get official figures on what people are paying, rather than the asking prices. :mad:

mickydi

Considering buying in Clonskeagh area have seen duplex 3 bed on at 389 & house 3 bed semi (needs work) on at 450 in Gledswood or terraced one (ok) for same money also Gledswood ... anyone any idea what this area was making in boom days for this kind of property? Only considering at all at the minute because rental for 2 students is WAY too expensive ... at 500 + each per month! Would have to be a positive long term investment obviously though. Any thoughts welcome.

mrgaa1

theopticalshop wrote: »

Have just bought in the last few weeks. Started life at 345k, firm offer from somebody else of 330 back in October. I viewed it a few weeks ago when it was on at 225, offered 160 and they accepted 169....

can you say where in the country this was?

Kipperhell

Firetrap wrote: »

If only we could get official figures on what people are paying, rather than the asking prices. :mad:

This is one of the biggest problem IMHO. The government failed to show accurate figures during the good times hampering people from making an educated assessment of property value. By allowing it to continue it effectively restricts free market activity

bangersandmash

mickydi wrote: »

Considering buying in Clonskeagh area have seen duplex 3 bed on at 389 & house 3 bed semi (needs work) on at 450 in Gledswood or terraced one (ok) for same money also Gledswood ... anyone any idea what this area was making in boom days for this kind of property? Only considering at all at the minute because rental for 2 students is WAY too expensive ... at 500 + each per month! Would have to be a positive long term investment obviously though. Any thoughts welcome.

Are you currently a student and considering buying? Or are you a parent considering buying for your children? In either case it sounds like a rather risky move in the short term. In the former case you likely face a very uncertain future, in the latter you'll find yourself in the same boat as many other parents who bought in the general area and have now become reluctant landlords for longer than they anticipated.

Also €500 per month for shared south side accommodation is not that unreasonable. When comparing the cost of renting against buying make sure your comparisons are based on normal interest rates (4%+) rather than one year the teaser rates that some banks are currently offering. Also factor in a maintenance and the possibility of a property tax in the near future.

mickydi

We are parents thinking of buying ... but would obviously have to consider the purchase for the mid term as minimum and as you point out there are numerous factors for consideration. Think the rent for anything remotely close to UCD at 500+ per student is high especially since both of our UCD going students (now final year paid 425 & 430 respectively in Booterstown & Clonskeagh last year ... these obviously agreed just prior to the real recession bang!!) Another older offspring moved into a house in Mt Merrion last Feb and within a couple of months the rent was reduced quite substantially by the landlord at the request of one of the tenants to reflect the recessionary times to under 400pm. Seems however that many other landlords are not recognising the fact. Very frustrating too when the news is full of reports of reducing rents etc....This is why we feel sort of pressurised re buying and as I say would have to consider for the mid to longer term as financial investment.

bangersandmash

mickydi wrote: »

Seems however that many other landlords are not recognising the fact. Very frustrating too when the news is full of reports of reducing rents etc....This is why we feel sort of pressurised re buying and as I say would have to consider for the mid to longer term as financial investment.

This is frustrating and short-sighted on the part of landlords, although there will be a natural surge in demand at this time of year. But it's worth putting it in perspective. If both children secured reductions of €100 each, that would be a total saving of about €1800 over the 9 month college year. Contrast this with the fact that houses in these areas are still routinely being reduced by €50k+ at a time (see irishpropertywatch.com for examples). The saving in rent is unlikely to even put a dent in furnishing a purchased property.

Obviously if this is a medium/long term move than there will be other considerations. And obviously any decision would depend entirely on your personal circumstances. Best of luck with whatever you decide.

am i bovvered

eman66 wrote: »

So, there's no data out there for actual selling prices. If you bought recently how much less than the asking price did you pay? Where and when, and how did the offer process go? Wondering what the reality actually is.

I know of another house just sold, 4 bed semi, nice area, mayo, went for 165k, would have been 220k at peak.