'Just after buying, but have to relocate again

W

Westy29

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My wife and I recently puchased our first house about 25miles from Cork City in a rural area. We are settling in well enough but not superbly as we would have hoped we would (we are a bit of a distance from both families). Now I've been told totally out of the blue at work about a possible relocation to the far side of cork city. This coupled with our struggle to settle has started us thinking about re-locating.

I feel like a complete ass having purchased the house less than 6 months ago and now talking about selling. Has anyone been in this situation?

Also is there any tax implication to seeling the house so quickly after buying it?

I am confident enough the the prices in the area are holding up reasonably well and will do so relative to other areas, in the future. We would obviously be losing our power as first time buyers and wouldnt get another tracker mortgages which are the two big losses.
 
Re: Prediciment

You may as well amend your title before the thread is closed something like 'Just after buying, but have to relocate again - what are my entitlements?'

Regards the tax implications you will have a clawback within 2 years of buying so thats stamp duty added to your woes, plus the next stamp duty unless you buy new. I would approach your employer to cover these costs. Is it possible for you not to have to relocate, is there a possibility that you can stay in your current position/location.
 
Re: Prediciment

Ok so if I sell withing two years im liable for the stamp duty I would have paid had I not been a first time buyer?
 
Re: Prediciment

Mr Man there's no clawback of the stamp duty if you sell within 2 years, (provided it is to someone unconnected to you)
 
Re: Prediciment

"Regards the tax implications you will have a clawback within 2 years of buying so thats stamp duty added to your woes,"

I don't think that is the case. The clawback only applies if they rent out the property - not if they sell.

mf
 
Re: Prediciment

Ya it appears if you sell within two years there is no clawback.......see below from revenue website,

Clawback

A clawback arises if rent is obtained from the letting of the house or apartment within a period of 2 years from the date of the conveyance or transfer, other than under rent a room arrangements. The clawback amounts to the difference between the higher stamp duty rates and the duty paid and it becomes payable on the date that rent is first received from the property. A clawback will not arise where the property is sold to an unrelated third party during the 2-year period.

So can I also ask.......if after two years after date of transfer Idecided t rent the entire house to someone I am then free from the threat of any clawback? All I would then be liable for is CGT if I solf the property afterwards
 
Re: Prediciment

my bad, but you still have the transactions costs to think of for the next purchase and obviously for selling your own, if it is a case of you have no choice but to move do you think that your employer would be approachable regarding covering the cost of the move?
 
Re: Prediciment

MrMan said:
my bad, but you still have the transactions costs to think of for the next purchase and obviously for selling your own, if it is a case of you have no choice but to move do you think that your employer would be approachable regarding covering the cost of the move?
Click to expand...

Probably not its a risk factor in the job, being moved that is. Struggling to settle though is a slightly more worrying thing for me though, I could probably handle the commute.

Guess we'llhave to weigh up the cost of selling what we have and buying another and see where it takes us
 
Re: Prediciment

OP I think you need to play the "wait and see" game. It often takes time to settle into a new area and the job relocation is only a possibility at the moment.
 
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