Make sure they are out before it gets to 6 months. That's the point at which they gain Part 4 rights.
Make sure they are out before it gets to 6 months. That's the point at which they gain Part 4 rights.Hi Bronte, the current tenants are only on a 6 month lease in anticipation of us possibly selling so that part should be okay.
Sorry, I didn't ask the question properly. Are you saying that if I say join the HSE in 2024 aged 45, I can 'buy' a pension for the years I wasn't working there eg. from aged 18 to 44 so that when I retire I get a full HSE pension?
Yep, sounds like it will be seemless. Famous last words.Hi Bronte, the current tenants are only on a 6 month lease in anticipation of us possibly selling so that part should be okay.
Thank you!You may be able to purchase what's called "notional service" which will increase your retirement pension. See HERE
Thanks for your succinct reply Brendan. We will either put the proceeds of the sale into an investment fund for the kids or pay off the mortgage. I am loathe to pay it off the mortgage because the mortgage has essentially been topped up to pay for the renovation. I would rather graft and work overtime and pay off the renovation quickly than use the lump sum to pay for it. And the fancy kitchen and Quooker tap can wait. I grew up in the 80’s and can live without the instagram version of houses
You only have a tax bill because you are making a profit.
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If you do buy out your sister, the tax bill would be lower as you would have much higher interest.
Brendan