Selling a rented property

stella

Registered User
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43
All,

I need some help on how to sell my rented property. Since 6 years I rent my property in Dublin (last tenants have a contract since 2 years). I live abroad and with COVID-19 I don't feel confident to keep the property with a mortgage.

What are the steps to sell the house?
1. Understand how to terminate the tenant
2. Get a solicitor
3. Property agency
4. Accountant to pay tax?

Any suggestion to the list is really welcome!

Kind Regards
Monia
 
Here are guidelines for terminating a Tenancy: https://www.rtb.ie/ending-a-tenancy/how-a-landlord-can-end-a-tenancy
Then get 3 Estate Agents to come around and give you quotes for Selling the property. They charge a percentage of the house price plus extra charges for marketing/photographs. If you look up other houses for sale in the area on Daft.ie you can see the ones who operate in the area.
You don't need to engage a Solicitor until the Sale has started going through, but you can get quotes in the meantime and have someone ready.
You will be liable for Capital Gains Tax (CGT) which is 33% of any profit on the sale of the asset above what you paid for it.
Options to pay this here: https://www.revenue.ie/en/gains-gif...set/when-and-how-do-you-pay-and-file-cgt.aspx
Not sure if expenses incurred from maintenance or the selling or original buying process can be included in that to reduce the tax bill.
 
You have to serve written notice and text or e-mail not acceptable and you need to copy the RTB along with a completed notice of termination form. Notice period for tenants with more than one year and less than three years rental is 120 days. Regarding capital gains legal and auctioneering fees for both buying and selling the property are deductible, You can also claim for any major renovations such as new kitchen or bathroom , replace windows etc but not general maintenance.
 
have you being paying tax? is tenancy registered with PRTB?

you probably need a solicitor with knowledge of tenancy law as well as accountant/tax advisor,especially if you answer 'no' to the two questions.
 
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