Can someone confirm or deny (or point me in the right direction) the following.
I have a 'friend' who's buying a two-bed townhouse to rent out, it's quite some distance from where he currently rents so he has no intention of living there himself.
He's convinced that since he's a 'First Time Buyer' he's perfectly on the up and up not to have to pay stamp duty (prop value €185k). I'm trying, in vain, to warn him that he is in fact liable for stamp duty since he's not an owner occupier.
Not only that but if he proceeds down this route he'll potentially find himself with interest and fines to pay down the road. He can't afford to pay this now never mind months or years from now.
Hence i'm being accused of being a begrudger who doesn't want to see him profit from (the inevitable) capital gains he'll realise in the way i was lucky to myself.
I'm happy to see anyone doing well but he's involved with a genuine friend of mine and i'd hate to see her dragged into this if it goes pear shaped. He's going to be unable to handle more than a single month unrented etc. so stamp duty is a spanner in the works he doesn't want to know about.
Interestingly his solicitor advised him 'not to worry about it' since 'everyone does it'....
I have a 'friend' who's buying a two-bed townhouse to rent out, it's quite some distance from where he currently rents so he has no intention of living there himself.
He's convinced that since he's a 'First Time Buyer' he's perfectly on the up and up not to have to pay stamp duty (prop value €185k). I'm trying, in vain, to warn him that he is in fact liable for stamp duty since he's not an owner occupier.
Not only that but if he proceeds down this route he'll potentially find himself with interest and fines to pay down the road. He can't afford to pay this now never mind months or years from now.
Hence i'm being accused of being a begrudger who doesn't want to see him profit from (the inevitable) capital gains he'll realise in the way i was lucky to myself.
I'm happy to see anyone doing well but he's involved with a genuine friend of mine and i'd hate to see her dragged into this if it goes pear shaped. He's going to be unable to handle more than a single month unrented etc. so stamp duty is a spanner in the works he doesn't want to know about.
Interestingly his solicitor advised him 'not to worry about it' since 'everyone does it'....