Thinking of selling a rental property? You should probably get a move on...

PebbleBeach2020 said:
I'm just asking can a landlord still obtain vacant possession even if a tenancy of indefinite duration has been established due to the property being put up for sale? I don't require a full legal explanation of the Bill.
Click to expand...
Yes. As things stand, a tenancy of indefinite duration (once introduced) can be terminated on those grounds.

Will that change in the future? We don’t know.
 
PebbleBeach2020 said:
I'm just asking can a landlord still obtain vacant possession even if a tenancy of indefinite duration has been established due to the property being put up for sale? I don't require a full legal explanation of the Bill.
Click to expand...
I'm not disputing your point. I'm just clarifying that it's not down to the Minister's office to make an interpretation. If the issue isn't clear from the Act when it gets passed, you'll need to look elsewhere for whatever advice you need. It may well be constructive to point out any ambiguity in the Bill to the Minister and indeed to the relevant opposition people at this stage. They might be able to get things clarified as the Bill progresses.
 
I am not sure that the recent changes in tenant protections would make a huge difference to a committed landlord. If your rent is around market rent and you want to stay in the business not much has changed in practice. For more marginal landlords they are off-putting.

Threshold may have a point when they say:


The tax system and cost of mortgage finance mean that the net return for a new landlord is microscopic given the risk involved.

OTOH you had a lot of landlords from the boom 2003-2008, many of whom were accidental. They've paid down capital and house prices have risen a bit. So most of them can walk away with no negative equity and no CGT bill.

The point is that the tax system and lenders' own risk aversion mean that there is just no return for new small-time landlords, and the existing ones are leaving.

This exodus of landlords wouldn't be a problem if new ones were joining. But that's just not happening.
 
There are a few small things that the Government could do on the tax side:

1. LPT should be an allowable deduction for income tax purposes;
2. PRSI should not be levied on unearned income (including rental profits); and
3. Allow wear and tear over, say, 4 years.

Would that be enough to stem the exodus? I doubt it.
 
@Sarenco

It would help a little but wouldn't hold back the tide.

I would just have a 20%-30% flat tax on all rental income (small time or institutional). No allowable expenses, no CGT. Almost like a sales tax.

Very simple to calculate and enforce. No differential treatment of small, medium, and big landlords either.
 
NoRegretsCoyote said:
@Sarenco

I would just have a 20%-30% flat tax on all rental income (small time or institutional). No allowable expenses, no CGT. Almost like a sales tax.
Click to expand...
Wouldnt that lead to a race to the bottom in terms of the quality of houses/apartments for rent. Why would a landlord bother maintaining (painting, renovating etc) properties when it eats into their profit. If someone doesn't want the property, then show it to the next prospective tenant and see if they take it. I don't think your suggestion makes any sense. To retain small landlords, I think the tax rate and the ability to act faster on tenants not paying and/or troublesome tenants are the two key issues.
 
I hear O'Broin moaning that whats done is not enough and that landlords selling up should not be allowed to end the tenancy before selling.
Imagine what that will do to the sale price of your property.
Any small time landlords who are left would want to be gone before SF get into power.

Tenants feel squeeze as 46 landlords a week left market in the autumn

The number of landlords cashing in on their properties and leaving the market has risen yet again, according to the latest figures.
www.independent.ie
 

Absolutely, the end game is now. Sinn Fein can have that policy, because all the small time landlords will be gone by the time 2025 comes aroud and they get into power.
 
Bad enough that I am stuck 30% under the market rent, but if this happens this is really going to push out the small time Landlord. Who on earth would purchase your house with tenants in it, I don't understand the logic behind this, If an owner occupier purchases your house to live in himself, how does he then evict the current tenants ?
The house will only appeal to a potential investors and even then with the current rent 30% below the mkt rent, the sale price is impacted,
I am starting to think the long and short of all of this is just sell up now, before this actually becomes legislation, and hope an owner occupier wants to puchase instead of a potential investor.
How is this allowed to even be in scope ???
 
Just Maybe said:
Who on earth would purchase your house with tenants in it, I don't understand the logic behind this, If an owner occupier purchases your house to live in himself, how does he then evict the current tenants ?
Click to expand...
The legislation proposed by the government and undergoing Oireachtas scrutiny does not remove the right to terminate a tenancy to sell a property.
 
Looked at the new legislation yesterday and it is frightening.
Legislation on 2% rental increase was passed there a few days ago but when you actually read in the legislation it is bringing in indefinite tenancies and removing the section for landlord giving notice to use the property for family member or to sell With vacant possession. Your property will be worth alot less than what you want to sell it for.
 
Wondering how this legislation would impact student rentals.
Students being transient and normally only renting a house for the academic year Sep to May.
 
Roro999 said:
Wondering how this legislation would impact student rentals.
Students being transient and normally only renting a house for the academic year Sep to May.
Click to expand...

It's a bit like holiday rentals if someone is in there longer than 6 months they could prove tricky to move on. They say it's rare though.
 
You must log in or register to reply here.
Menu
Log in
Register