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how much does it cost to sell your home in ireland?

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  • 01-05-2017 6:30pm
    #1
    armabelle
    Registered Users Posts: 1,017 ✭✭✭


    If you own a house in Ireland and it is worth say 200k and you have found a buyer yourself, are there other costs/taxes involved in selling it or do you get to keep the entire 200k?

    thanks!


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    #2
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    armabelle wrote: »
    If you own a house in Ireland and it is worth say 200k and you have found a buyer yourself, are there other costs/taxes involved in selling it or do you get to keep the entire 200k?

    thanks!

    There will be legal expenses for a solicitor to carry out the conveyance. There may also be some incidental legal expenses such as having maps drawn up, registration clarified etc. If it is not a PPR, Capital Gains Tax may be payable.


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    #3
    relax carry on
    Registered Users Posts: 4,081 ✭✭✭relax carry on


    armabelle wrote: »
    If you own a house in Ireland and it is worth say 200k and you have found a buyer yourself, are there other costs/taxes involved in selling it or do you get to keep the entire 200k?

    thanks!

    CGT potentially for the seller. Stamp duty for the purchaser.


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    #4
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    relax carry on wrote: »
    CGT potentially for the seller. Stamp duty for the purchaser.

    why do you say potentially? On what does it depend?


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    #5
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    4ensic15 wrote: »
    There will be legal expenses for a solicitor to carry out the conveyance. There may also be some incidental legal expenses such as having maps drawn up, registration clarified etc. If it is not a PPR, Capital Gains Tax may be payable.

    What is the conveyance and why is it necessary?


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    #6
    theteal
    Registered Users Posts: 7,593 ✭✭✭theteal


    armabelle wrote: »
    why do you say potentially? On what does it depend?

    I would assume, similar to over here, if its the primary residence and the proceeds of sale roll over to purchase a new primary residence, CGT doesn't factor in


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    #7
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    theteal wrote: »
    I would assume, similar to over here, if its the primary residence and the proceeds of sale roll over to purchase a new primary residence, CGT doesn't factor in

    so if I have a house and sell it to buy another house which is my primary residence then I don't pay this CGT fee right?

    What about if I want to buy in another EU country, same thing?


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    #8
    theteal
    Registered Users Posts: 7,593 ✭✭✭theteal


    If you leave the country and take your money with you, what can they do?

    It's actually a question that has come up for us with talks of a future move back to Ireland


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    #9
    mickmac76
    Registered Users Posts: 400 ✭✭mickmac76


    The house that you're selling must be your primary residence if you want to avoid CGT. It doesn't matter what purpose the house you are buying has or where it's located.


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    #10
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    theteal wrote: »
    If you leave the country and take your money with you, what can they do?

    It's actually a question that has come up for us with talks of a future move back to Ireland

    and it should be your money, you worked and slaved and paid your mortgage so you should be able to do whatever you want with it.


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    #11
    armabelle
    Registered Users Posts: 1,017 ✭✭✭armabelle


    mickmac76 wrote: »
    The house that you're selling must be your primary residence if you want to avoid CGT. It doesn't matter what purpose the house you are buying has or where it's located.

    ah ok gotcha


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    #12
    relax carry on
    Registered Users Posts: 4,081 ✭✭✭relax carry on


    armabelle wrote: »
    why do you say potentially? On what does it depend?

    PPR relief if applicable.

    http://www.revenue.ie/en/tax/cgt/reliefs.html


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    #13
    Victor
    Registered Users Posts: 78,417 ✭✭✭✭Victor


    armabelle wrote: »
    What is the conveyance and why is it necessary?
    Conveyancing is the term used for sale and purchase of land and buildings. Legally, you must have a solicitor do this, one on each side.

    You will be obliged to pay any outstanding LPT, PPR and water charges.


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    #14
    Peregrinus
    Registered Users Posts: 26,511 ✭✭✭✭Peregrinus


    Victor wrote: »
    Conveyancing is the term used for sale and purchase of land and buildings. Legally, you must have a solicitor do this, one on each side.
    But, of course, as vendor you will only pay for your own solicitor. The purchaser pays for his solicitor.


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    #15
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Victor wrote: »
    Legally, you must have a solicitor do this, one on each side.
    What law requires this?


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    #16
    Peregrinus
    Registered Users Posts: 26,511 ✭✭✭✭Peregrinus


    Legally, you can do your own conveyancing. In theory, at any rate. What you can't do is employ/retain anyone who isn't a solicitor to advise you or act for you in regard to conveyancing. Legal practice is a regulated profession, and they commit an offence by providing a service which they are not qualified or licensed to provide. (Solicitors Act 1954 s. 58, if you want chapter and verse.)

    In practice, it would be extremely difficult to do your own conveyancing. The purchaser's solicitor would have great difficulty in dealing with someone who didn't know what was expected or usual, and wasn't familiar with conveyancing law and practice. At best you'd be looking at substantial delays, and there's a real risk of sales falling through because the purchaser's solicitor can't get what he wants or needs from you, or because the prospective purchasers lose patience with the delays.


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    #17
    Peterx
    Registered Users Posts: 2,116 ✭✭✭Peterx


    Peregrinus wrote: »
    Legally, you can do your own conveyancing......
    In practice, it would be extremely difficult to do your own conveyancing. The purchaser's solicitor would have great difficulty in dealing with someone who didn't know what was expected or usual.......and there's a real risk of sales falling through because the purchaser's solicitor can't get what he wants or needs from you, or because the prospective purchasers lose patience with the delays.

    The cynic in me thinks the difficulty lies with solicitors wishing to keep "their" business within the solicitor ranks and I have to say I laughed at the part about delays.

    Anecdote alert - when buying a house a few years ago the only real sticking point in the whole process was with the delays from my solicitor. Very slow. Very frustrating.

    On the other hand a good solicitor can be a great help when navigating anything legal such as a house sale. You just need a (reliable) personal recommendation.


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