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Buying a new house

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  • 06-02-2005 11:27am
    #1
    Jim Kernsey
    Closed Accounts Posts: 133 ✭✭


    Hi,

    I'm currently considering purchasing a new house from plans, the development isn't due to be completed until 12 months time.

    What happens if I decide to buy this house now, but in 12 months time i don't like the house and want out? Can I sell the contract on the house, without actually buying the house, I don't want to lose my First time buyers grant.

    Any advice appreciated


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    #2
    Borzoi
    Registered Users Posts: 2,876 ✭✭✭Borzoi


    Jim Kernsey wrote:
    I don't want to lose my First time buyers grant.

    Eh, wasn't this abolished about 2 years ago - you may be a little late to be worrying about it.


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    #3
    Jim Kernsey
    Closed Accounts Posts: 133 ✭✭Jim Kernsey


    Borzoi wrote:
    Eh, wasn't this abolished about 2 years ago - you may be a little late to be worrying about it.

    Sorry I didn't explain myself very well, first time buyers are exempt from paying stamp duty on secondhand houses this is what I meant by first time buyers grant, my bad.

    If I sold the contract on this house and decided to buy a secondhand home would I still be entitled to the stamp duty exemption?


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    #4
    Maximilian
    Legal Moderators, Society & Culture Moderators Posts: 5,400 Mod ✭✭✭✭Maximilian


    Yes you normally can sell on foot of the contract. Some contracts provide that neither party can do so - you will need to check with your solicitor. Any purchaser would step into your shoes as it were and would be entitled to benefit from reduced stamp duty, if applicable.


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    #5
    madramor
    Closed Accounts Posts: 324 ✭✭madramor


    Jim Kernsey wrote:
    What happens if I decide to buy this house now, but in 12 months time i don't like the house and want out? Can I sell the contract on the house, without actually buying the house, I don't want to lose my First time buyers grant.

    have you given any thought to the possibility that, you don't like the
    house and you cannot sell it on and your stuck with it.

    are you speculating on price increase?


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    #6
    Jim Kernsey
    Closed Accounts Posts: 133 ✭✭Jim Kernsey


    madramor wrote:
    have you given any thought to the possibility that, you don't like the
    house and you cannot sell it on and your stuck with it.

    are you speculating on price increase?

    Not so much speculating on prices, but if i buy a secondhand house now, and prices go up by say 5% over the next year, then I make a capital gain of 5%, so I don't want to lose out on that, IF i change my mind.


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    #7
    Eurorunner
    Closed Accounts Posts: 2,393 ✭✭✭Eurorunner


    Jim Kernsey wrote:
    Not so much speculating on prices, but if i buy a secondhand house now, and prices go up by say 5% over the next year, then I make a capital gain of 5%, so I don't want to lose out on that, IF i change my mind.

    Don't forget you have to factor in the costs associated with buying. ie. legal fees (min. 1200 inc. VAT), valuation fee, surveyors fees, first years insurance, charges related to setting up the mortgage.
    The fact that prices have risen year on year in recent times is no guarantee that they will continue to do so.


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