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How soon after buying can I sell house?

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  • 21-03-2018 6:32pm
    #1
    Merise Haindehl
    Registered Users Posts: 2 ✭


    Some background, myself and husband bought a 2nd hand semi-detached house in Dublin last year. The sale closed in April 2017 and we moved in May 2017.
    The property was (and still is) registered on land registry, with our names as the owners now. There is an outstanding mortgage on the property although we have about 20% equity.
    We both have job offers with our company in the USA now and are considering moving and looking at different options.
    We looked into renting or letting to council but would prefer the money from a sale to fund a purchase in our new location.
    Are there any legal complications or other issues with selling 1 year on? Thank you!


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    No legal complications whatsoever (from the information you've volunteered)- if you put it on the market tomorrow- you could potentially have it sold in 6-7 weeks time. Best of good luck!


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    #3
    Goose Reckoning
    Registered Users Posts: 12 ✭Goose Reckoning


    I don't think there's any complications, as The Conductor said. Property flippers do this every day of the week, buying then renovating properties and putting them back on the market as soon as 3 months in some cases. I would look into capital gains tax implications also, as property prices in Dublin have risen since this time last year.


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    #4
    Spanish Eyes
    Registered Users Posts: 15,961 ✭✭✭✭Spanish Eyes


    Goose, I don't think CGT will apply as long as OP's house was Principal Private Residence.

    Might be an idea to check with the mortgage provider on a general basis to see if there are any restrictions to selling again within a short time. But I doubt there are as long as the mortgage is paid off in full on sale.


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    #5
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Spanish Eyes wrote: »
    Goose, I don't think CGT will apply as long as OP's house was Principal Private Residence.

    Might be an idea to check with the mortgage provider on a general basis to see if there are any restrictions to selling again within a short time. But I doubt there are as long as the mortgage is paid off in full on sale.

    If there is a fixed repayment period on the mortgage there may be a penalty payment involved.


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    #6
    Merise Haindehl
    Registered Users Posts: 2 ✭Merise Haindehl


    Thanks for the replies, we have a variable rate mortgage so should be ok in that regard.


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    #7
    spaceHopper
    Registered Users Posts: 3,991 ✭✭✭spaceHopper


    I wouldn't sell, the way the market is here you might find it hard to buy again if you ever want to come back. Is you company not offering some kind of relocation package?

    Go for a year and see what it's like, rent out the house via a serviced agency or to the council, get tax advice too. You might decide to come home after a year or two maybe even 10.


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