Site cash in hand cost?

clanard

Hi there

Myself and my wife are looking into building a house a site has come on the market for 70k, we have both received redundancy of late and have a bit of money put by. I was just wondering if we were to offer the seller cash do you think he would be willing to drop the price? I mean how much would it cost him to sell a site for 70k with solicitors fees stamp duty and estate agents etc and any other tax that may be incurred just want to get an idea of waht it would cost him so we could make him a part cash offer.

Cheers

mrgaa1

cash is not king anymore as it still has to be declared and still has have tax etc... paid on it.

The only way it'd work is if the site was 70k, for example, then offer to pay him 50k through the legal end and pay 12-15k in cash directly to him. Thats the only way it'd work. But ensure that the contract is drawn up and signed before handing over cash

jdivision

Where's the site and how big is it. Land isn't worth much more than 10k an acre at the moment and getting planning for a one-off house is a big ask under the new legislation.

Cookie_Monster

clanard wrote: »

Hi there

Myself and my wife are looking into building a house a site has come on the market for 70k, we have both received redundancy of late and have a bit of money put by. I was just wondering if we were to offer the seller cash do you think he would be willing to drop the price? I mean how much would it cost him to sell a site for 70k with solicitors fees stamp duty and estate agents etc and any other tax that may be incurred just want to get an idea of waht it would cost him so we could make him a part cash offer.

Cheers

so essentially you want the contract to show a lower price so you can engage in a bit of tax evasion, either on your part or on the part of the seller?

clanard

Cookie_Monster wrote: »

so essentially you want the contract to show a lower price so you can engage in a bit of tax evasion, either on your part or on the part of the seller?

Yes Cookie Monster! The site is in Monaghan and is 0.65 in size

The_Conductor

We do not condone illegal activity.
Thread closed.

Victor

What you are proposing is a mugs game. For all you know the seller is employed by the Revenue.

Or they could have a nil liability as they bought the site for 70k.

Or when it comes down the line and you are selling the site / property you will have to pay Capital Gains Tax based on a purchase price of 50k. That is pay tax on top on the money you have paid already.