5 years on ppr before you can rent

[Ceist Beag]

I've looked for this before but couldn't find an answer since so just in case there is anyone out there who might know - I know you have to wait 5 years before you can rent out your ppr if you intend to move but keep the property as a rental property. However I can't find anywhere that states exactly which date acts as the start of the 5 years. Is it when you sign the contracts, when you place the deposit, when you make the first mortgage repayment or some other date?

 

[ClubMan]

I know you have to wait 5 years before you can rent out your ppr if you intend to move but keep the property as a rental property.

This is not correct. If you rent out a property originally purchased as a PPR within 5 years of purchase then you are liable for a clawback of stamp duty. But you are not prevented from renting before the 5 years are up.

However I can't find anywhere that states exactly which date acts as the start of the 5 years. Is it when you sign the contracts, when you place the deposit, when you make the first mortgage repayment or some other date?

When you take beneficial ownership of the property - i.e. close the purchase and get the keys as far as I know. Ultimately the date recorded with the Land Registry/Registry of Deeds for the transfer of ownership would be the final arbiter I imagine.

 

[Ceist Beag]

Cheers Clubman - yeah sorry I meant to state that I was referring to renting out in the context of being liable for stamp duty.

 

[Olympian]

See here. Scroll down to Section Clawback .

[broken link removed]