Buying and selling property - minimum ownership period?

MrThrifty

Bit of a strange one this but does anyone know if a mandatory minimum period of ownership applies after you buy a property or plot of land before you can sell it on again? E.g. Can you buy a house today from someone and sell it on a month later to someone else?! Let's just say I'm asking purely out of curiosity

3DataModem

Nope. Plenty of deals are done where property is baught and sold on the same day.

I know someone who baught a house of plans, signed contracts, sold before it was build. Both conveyances executed on same day.

MrThrifty

Perfect. That's what I was hoping to hear! I had been assuming this all along but then I started thinking about Revenue and if they might have an issue with it.

rcdk1

The only reason I can think of that you wouldn't be able to sell a house on immediately is if it's part of an Affordable Housing scheme

antoinolachtnai

You can do this, but you really need to discuss with your solicitor. There can be tax or other implications. There may also be a cheaper, simpler way to do what you want to do. For example, if you put down a deposit on a property, creating a binding contract, you may be able to sell that binding contract on to someone else, who then closes the purchase in your place. That way you avoid some stamp duty, and probably some legal fees too. This is called an 'assignment'.

wazzoraybelle

I think you are exempt from capital gains tax only if the house has been your primary principle residence for more than 6 years. And there may be an issue with stamp duty for first time buyers if you sell within that timeframe also, Not sure about that though.