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Buying a new house

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  • 28-03-2021 1:56pm
    #1
    jigsaw07
    Registered Users Posts: 73 ✭✭


    Hi.

    Wife and myself are thinking of selling up and buying a new house for ourselves....currently in our first house since 2008, as we have little savings, I'm wondering can we use the profits from the sale of our current house as a deposit for a new one?

    Thanks in advance.


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    #2
    lalababa
    Registered Users Posts: 1,735 ✭✭✭lalababa


    Any difference in price between buying and selling your main residence (occupied for at least 1 year) is tax free.
    ? Not sure about op question
    Op should clarify


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    #3
    Moonbeam
    Moderators, Education Moderators, Society & Culture Moderators Posts: 18,953 Mod ✭✭✭✭Moonbeam


    It is your cash in your hand so yes of course you can, but not before the house is sold.


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    #4
    TattooedLady
    Registered Users Posts: 38 ✭TattooedLady


    jigsaw07 wrote: »
    Hi.

    Wife and myself are thinking of selling up and buying a new house for ourselves....currently in our first house since 2008, as we have little savings, I'm wondering can we use the profits from the sale of our current house as a deposit for a new one?

    Thanks in advance.

    We are doing this currently. We had the 5k deposit to give the estate agent when sale agreed. As for the 10% deposit usually handed over when signing contracts our solicitor talked to their solicitor and there didn't seem to be an issue as the people we were buying from knew we were selling. From what I've gathered this is the norm when trading up and is generally accepted by sellers and their solicitors but maybe we were just lucky!


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    #5
    Green Mile
    Registered Users Posts: 495 ✭✭Green Mile


    Yes is the answer. You can use the full equity release as a deposit. Solicitor/ Stamp duty and Agent Fees are approx €10,000 for both buying and selling so best to have that saved up separately


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