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Any advice on how to raise €60k?

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    #32
    the groutch
    Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    DrPhilG wrote: »
    I have explained that I'm only trying so hard to move because of the unique nature of the house in question. If this house doesn't work out, then we most likely won't move or at least not for 6-12 months.

    The question is whether we would rather have a good house in 2 years for €100k that we might stay in for 10 years, or an amazing house now for €135k that we will stay in for life. That is why it makes sense to push harder to make it work now.

    do you mind me asking what makes it so amazing?


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    #33
    DrPhilG
    Registered Users Posts: 12,328 ✭✭✭✭DrPhilG


    the groutch wrote: »
    do you mind me asking what makes it so amazing?

    Well as explained in post 24, the location is not one that we will be likely to find another house in, let alone one that ticks so many boxes. I would never have dreamed to be able to buy a house in this location as historically they have been extortionately expensive.

    Secondly, we have a list of things we would like in a house and this ticks all of them;
    • detached garage (not only that, but a double one with an office)
    • large garden, more than half an acre garden at the back alone, plenty at the front and side too
    • quiet area, not a lot of passing traffic
    • perfect size, (2000 sq feet) but also a bungalow so don't have to worry about getting up stairs in our old age
    • Massive living room and master bedroom
    • 5 bedrooms total
    • exactly half way between the 2 major towns we want to be close to
    We might tick most of these boxes in another house in a year or so, but definitely not in this particular location and certainly not for the price!

    As I said before, we have always dreamed of building our own house and this is the only house that we've seen (including bigger more expensive ones) that we both agreed would satisfy that desire to build our own, as it is so close to what we would build anyway.


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    #34
    the groutch
    Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    sounds like you've already made your mind up, good luck


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    #35
    Victor
    Registered Users Posts: 78,399 ✭✭✭✭Victor


    DrPhilG wrote: »
    We inherited the farm a few years ago and qualified for agricultural tax relief, but one of the criteria of that tax relief is that we can't sell the land for 6 years, that and we have rented it out on a 6 year lease.
    Eh, did you get legal advice on this. The tenant may have gained certain rights.


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    #36
    DrPhilG
    Registered Users Posts: 12,328 ✭✭✭✭DrPhilG


    Victor wrote: »
    Eh, did you get legal advice on this. The tenant may have gained certain rights.

    How do you mean?

    We can't sell for 6 years or we'd be eligible for inheritance tax on the full value, so we agreed a 6 year lease with a neighbour. Once the 6 years are up he is interested in buying.


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    #37
    Victor
    Registered Users Posts: 78,399 ✭✭✭✭Victor


    DrPhilG wrote: »
    How do you mean?

    We can't sell for 6 years or we'd be eligible for inheritance tax on the full value, so we agreed a 6 year lease with a neighbour. Once the 6 years are up he is interested in buying.
    As I understand it, farm leases tend to be for 11 months, because after 12 month the tenant gains certain rights.
    DrPhilG wrote: »
    Because this house was a repo and has been empty for a while, it sold for €135k.
    Make sure there is nothing else wrong with it. Make sure you have it inspected by a building surveyor and that your solicitor is careful with the paperwork.


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    #38
    DrPhilG
    Registered Users Posts: 12,328 ✭✭✭✭DrPhilG


    Victor wrote: »
    Make sure there is nothing else wrong with it. Make sure you have it inspected by a building surveyor and that your solicitor is careful with the paperwork.

    Definitely. There was a leak over the bathroom ceiling but other than that it seems sound but there will be a full survey done before we (hopefully) sign up.

    Victor wrote: »
    As I understand it, farm leases tend to be for 11 months, because after 12 month the tenant gains certain rights.


    I'll be honest, my brother handled all the contracts etc as he inherited some land at the same time under the same circumstances. The farmer we leased it to is a good friend of the family so I wouldn't like to think he'll try to take advantage of us.

    Can you elaborate on what rights you mean?


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    #39
    Victor
    Registered Users Posts: 78,399 ✭✭✭✭Victor


    That after X period that the tenant is entitled to a new lease for Y period.

    Example, if a tenant is in a business premises for 5 years or more, they are entitled to a new lease for another 5(?) years.


    Section 13(1) and section 16 of the Landlord and Tenant (Amendment) Act, 1980 amended by the Landlord and Tenant (Amendment) Act, 1994.

    http://www.irishstatutebook.ie/1980/en/act/pub/0010/index.html
    13.—(1) This Part applies to a tenement at any time if—


    (a) the tenement was, during the whole of the period of three years [amended to five years] ending at that time, continuously in the occupation of the person who was the tenant immediately before that time or of his predecessors in title and bona fide used wholly or partly for the purpose of carrying on a business, or


    (b) the tenement was, during the whole of the period of twenty years ending at that time, continuously in the occupation of the person who was the tenant immediately before that time or of his predecessors in title, or


    (c) improvements have been made on the tenement and the tenant would, if this Part did not apply to the tenement, be entitled to compensation for those improvements under Part IV and not less than one-half of the letting value of the tenement at that time is attributable to those improvements.


    (2) For the purpose of subsection (1) (a) a temporary break in the use of the tenement shall be disregarded if the Court considers it reasonable to disregard it.
    16.—Subject to the provisions of this Act, where this Part applies to a tenement, the tenant shall be entitled to a new tenancy in the tenement beginning on the termination of his previous tenancy, and the new tenancy shall be on such terms as may be agreed upon between the tenant and the person or persons granting or joining in the grant of the new tenancy or, in default of agreement, as shall be fixed by the Court.


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    #40
    DrPhilG
    Registered Users Posts: 12,328 ✭✭✭✭DrPhilG


    Interesting, thanks.

    In all honesty I would highly doubt that he'd pull anything like that. He had a lease on some land of my father's a few years back and when my dad decided to sell there was no issue.

    Better to be aware of it though, thanks.


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    #41
    Side Show Bob
    Closed Accounts Posts: 981 ✭✭✭Side Show Bob


    DrPhilG wrote: »
    Interesting, thanks.

    In all honesty I would highly doubt that he'd pull anything like that.

    He wouldn't be pulling anything, he would be fully within his rights under the terms of the six year lease.


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    #42
    DrPhilG
    Registered Users Posts: 12,328 ✭✭✭✭DrPhilG


    Side Show Bob wrote: »
    He wouldn't be pulling anything, he would be fully within his rights under the terms of the six year lease.

    True, bad choice of words.

    What I mean is I don't think he'd exercise those rights. If we asked him to end the lease so we could sell I believe he would.


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