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

If it were me I would keep it for a while more, perhaps 12 to 18 months as I think the market will stay strong...

Then I would sell and retire without any hassles of being a lordlord.
Legislation is not going to change for at least a while so you will have time to sell before hand.
 
I gave long-term tenants notice and the response was "we'll go if we can find somewhere else, but it's impossible to find anything now". I didn't really want to give them notice but after weighing up the risk of not being able to get them out if legislation changes I bit the bullet. Seems I may be a bit late! I've heard of a few other landlords who also want to sell up and the tenants just say they have nowhere to go and can't leave. They have a point of course, it is extremely difficult to find anything: right now there are 10 properties to let in my county and they all look awful and are very expensive. Still, it's very alarming if it's now becoming acceptable for the tenants to just refuse to leave based on the lack of suitable housing stock.
 
Sorry to sound so negative but I would not trust any of the Politicians on this subject. There are too many negatives to put right and they will not do anything to bring some form of balance to the situation. At best they will throw out some "spratt" to catch people and then nail them to the cross in a few years time.
 
What are you going to do do you think? How much notice are you required to give? Six months?
 
I've said this before, but the RTB regime is not the major issue for a serious landlord. Tax is.

Gross yields are high in Ireland, but paying tax at 52% on profits is not good if you have other income. CGT is also starting to become material for a lot of landlords. For more landlords there is less and less mortgage interest to offset against tax too.
 
PebbleBeach2020 said:
What are you going to do do you think? How much notice are you required to give? Six months?
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Yes, six months. I'll give official notice to sell and hope they find a place. What else can I do? I was happy enough to hold off on selling for another year or so but got increasingly worried about whether it will be possible to evict tenants in order to sell in a few years time. Now it's clear that the dwindling rental supply and increasingly entrenched attitudes of some tenants are more reasons to get a move on if you're thinking of selling.
 
Hi. I was just wondering if you have sold yet now that 11th June 2022 has passed.I am in the same position and quite confused.I had no intention of selling until i read about the new rule on unlimited duration.This sounds scary for landlords and tempting for tenents to refuse to leave.What are your thoughts now.Thanks,
 
The tenancies of indefinite duration can still be ended is the landlord needs to sell or needs the house for their personal or family use. The danger is if sinn Fein come in and change that rule. And say you cannot end a tenancy of indefinite duration for these same reasons that are valid now.
 
Thanks for clarification Pebble Beach 202.
 
PebbleBeach2020 said:
The danger is if sinn Fein come in and change that rule. And say you cannot end a tenancy of indefinite duration for these same reasons that are valid now.
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I think this is low risk as it would almost certainly be unconstitutional.

The RTA has been amended four times since 2016 and my guess is it would have been done by now if the AG had allowed it.
 
NoRegretsCoyote said:
I think this is low risk as it would almost certainly be unconstitutional.

The RTA has been amended four times since 2016 and my guess is it would have been done by now if the AG had allowed it.
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I believe a rent freeze is unconstitutional also, but the Shinners are always demanding it. They will introduce it when in government and then force an individual to take a case against the state (which would be costly and very difficult by all accounts).

The Shinners will have no option but to act when they get into power. The problem is, they are scare mongering current investors and landlords with their threats of what they will do and vilifying landlords causing them to leave the sector now and make the bad situation even worse. By time the Shinners get into government in Summer 2025 at the earliest, another 20,000 landlords will have left the sector at least and all that will be left will be institutional landlords who charge the top prices for rentals. It's lose-lose for current tenants and worse still for future tenants. And all the time the Shinners get more popular because of their irresponsible and counter-productive rhetoric
 
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PebbleBeach2020 said:
They will introduce it when in government and then force an individual to take a case against the state (which would be costly and very difficult by all accounts).
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This is not likely. SF will be in a coalition. The incumbent AG will advise against it. The President has the power to refer a potentially unconstitutional bill to the Supreme Court.

My own view is that tenants' rights are pretty much at the boundary of what they will ever be. Landlords' rights could get worse (more tax) but they could also get better (less tax). You can make plans on that basis.
 
NoRegretsCoyote said:
This is not likely. SF will be in a coalition.
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Have you seen the polls for the last six months. Shinners have over a third of the popular vote, good chance they could get 55-60 seats in election. That means they could potential go in with like minded lefties and do whatever they want.

NoRegretsCoyote said:
The President has the power to refer a potentially unconstitutional bill to the Supreme Court.
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The President didn't use this supposed power when the last rent freeze was brought in, even though it wasn't constitutional.

NoRegretsCoyote said:
My own view is that tenants' rights are pretty much at the boundary of what they will ever be.
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I would be interested in what's bringing you to that conclusion. I think there's plenty of scope for tenants rights to be extended.

NoRegretsCoyote said:
Landlords' rights could get worse (more tax) but they could also get better (less tax). You can make plans on that basis.
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Again, there's loads of issues outside of tax that will affect landlords rights, such as indefinite duration tenancies, advertising restrictions, treatment of non-payment of rent, administration burden etc.
 
Makes a lot of sense and is very reassuring for the ordinary landlord with one house let out.Thanks.
 
"The President didn't use this supposed power when the last rent freeze was brought in, even though it wasn't constitutional."

There wasn't an actual rent freeze, but there was a restriction on the max % increases allowed. Small point but an important one.
 
Still stuck, my tenants say they have nowhere to go. I've given them all the help I can, advised them to apply to estate agents directly as many properties are not advertised now and gave them a good reference. I checked with the estate agents I recommended and my tenants never even applied. They know they have a sweet deal where they are and have no interest in moving. I'm now trying to find a place for them to rent, actually spent this morning on it! It's a real headache which I don't need as dealing with health problems myself and really just want to get the place sold. Should have got out sooner!
 
“I think also we’re conscious that a lot of smaller landlords are exiting the market. We’ve got to address that,” said the Taoiseach.

Article on the Journal about the upcoming budget. There's going to be something for small landlords, but what is the question.
 
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