Selling a site

diplonics

Hi,
Not sure if this is the right location to post this question so please re-locate if necessary.

I'm interested in any information or advice on selling a site. I own an acre which my house is situated on. I am considering selling half of the acre. Thinks I'm interested in include:

I don't think I'm liable to Capital Gains Tax on the sale as it is my principle residence and I'm selling less than an acre. Is this true? Source http://www.omahonydonnelly.ie/irish-tax.htm

Would getting Outline Planning Permission make a big difference to the sale price?

The site has road frontage.

Is there any online guides that anyone knows off that in some way detail the process, i.e. do I have to do stuff with the land registry etc.

Thanks in advance for any info.

Quazzie

Where is the site. A lot of LAs require a minimum site size that half an acre might not meet. You also need a minimum road frontage for a site (usually 100ft iirc). Outline planning permission would mean a slightly higher price but more importantly could lead to a quicker sale.

Not every field is suitable to be a site so it might be worth contacting a local planning agent who might advise regarding this fact. Things you might not think of like innapropriate soil types for percolation area might be one set back that would go unnoticed at this stage

sydthebeat

diplonics wrote: »

Hi,
Not sure if this is the right location to post this question so please re-locate if necessary.

I'm interested in any information or advice on selling a site. I own an acre which my house is situated on. I am considering selling half of the acre. Thinks I'm interested in include:

I don't think I'm liable to Capital Gains Tax on the sale as it is my principle residence and I'm selling less than an acre. Is this true? Source http://www.omahonydonnelly.ie/irish-tax.htm

Would getting Outline Planning Permission make a big difference to the sale price?

The site has road frontage.

Is there any online guides that anyone knows off that in some way detail the process, i.e. do I have to do stuff with the land registry etc.

Thanks in advance for any info.

i dont know much on the tax issues, but i would assume that if you are selling half your site then how can that half being sold be considered your permanent residence??

regarding planning....

you first port of call should be to organise a pre-planning meeting with your local authority.
Currently, it is nationwide policy to restrict rural planning to persons who have a genuine housing need. This will be applied to you unless you are in an area where the population is declining and the LA want people to move out to....

there might be an issue with the size of site you can sell, along with the size of site you need to retain, or even if you can sell part of your site at all.

In all honest, outline permission exists on a very very insignificant scale these days..... the council generally do not give permission for sites for sale unless they can put an occupancy condition into the planning. they prefer if the applicant is the person who plans on living in the dwelling. Then they can tie the applicant to the permission.

so to end, forget about the tax and sale issues until you can be certain that you can actually sell a site.... depending on your location it might be a non-runner...

diplonics

The site is in Longford just off the N4, just across the Westmeath border. The site is roughly rectangular about 50mtrs deep but 75 mtrs of road frontage. I was thinking of dividing the site straight down the middle which would give 37mtrs frontage per site.

On the tax issue I read this section
"A gain on the disposal of a principal private residence including grounds of up to one acre is exempt, provided the house had been occupied by the individual as his/her only or main residence during the individual's period of ownership."
I think what you are suggesting is that selling the site does not qualify but if I was selling the section with the house on it I would be exempt from tax!!!!

Okay, forget about OPP then.

Precedence for sale is my neighbours who also have an acre. Different situation in that they applied for planning on the green field half acre which had an occupancy condition. They then sold the old house on its half acre. I'm trying the other way around, keeping my half acre with the house and selling the half acre green field site. Sounds like my ideas are the worst option, as the neighbours approach probably did avoid any tax based on reading of the above clause.

Site is probably fine for development as a lot of development has happened on adjacent sites in the last few years.

Thanks for your thoughts though.

muffler

@diplonics. This query is more suited to the accommodation & property forum. Do you want me to move it there for some other opinions?

diplonics

Yep, please do if you think this is more related. I missed that on looking through earlier so will give it a browse now.

Thanks

muffler

OK then. Moved from Construction & Planning.