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Missing MIR..advice please

  • 13-11-2012 4:25pm
    #1
    gmisk
    Registered Users, Registered Users 2 Posts: 34,239 ✭✭✭✭


    Looks like my house sale isnt going to go through before the end of the year........ so no mortgage interest relief for me.
    The current owner doesnt want to serve notice on a tenant over christmas (the house has been up for over 5 months!).
    I was looking for ways around this....
    e.g. draw down the mortgage before the end of the year...take possession of the house at end of January...but apparently my solicitor says this is illegal.

    So next steps?
    I was thinking a revised offer? (I will be losing approximated 6600! over 5 years).....
    Any advice really appreciated.


Comments

  • #2
    smirker
    Banned (with Prison Access) Posts: 37 ✭smirker


    gmisk wrote: »
    Looks like my house sale isnt going to go through before the end of the year........ so no mortgage interest relief for me.
    The current owner doesnt want to serve notice on a tenant over christmas (the house has been up for over 5 months!).
    I was looking for ways around this....
    e.g. draw down the mortgage before the end of the year...take possession of the house at end of January...but apparently my solicitor says this is illegal.

    So next steps?
    I was thinking a revised offer? (I will be losing approximated 6600! over 5 years).....
    Any advice really appreciated.

    The tenant may not move out anyway. Pull out of the sale.


  • #3
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    gmisk wrote: »
    Looks like my house sale isnt going to go through before the end of the year........ so no mortgage interest relief for me.
    The current owner doesnt want to serve notice on a tenant over christmas (the house has been up for over 5 months!).
    I was looking for ways around this....
    e.g. draw down the mortgage before the end of the year...take possession of the house at end of January...but apparently my solicitor says this is illegal.

    So next steps?
    I was thinking a revised offer? (I will be losing approximated 6600! over 5 years).....
    Any advice really appreciated.

    Revised offer is the way to go... Tell them that you believed you would close in time to qualify for TRS and whilst you appreciate they don't want to turf the tenants out on the street over Christmas it should also be reasonable for them to acknowledge the financial loss you are incurring as a result. If they're not willing to accept that then walk away...


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,647 ✭✭✭✭Victor


    Potentially, this is a shake down. The vendor know that you are hoping to avail of the TRS.

    What have you signed? Have a very clear conversation with your solicitor on what it will cost you if you pull out of the sale - if you signed the contract, you could be very stuck. Note that prices will fall sharply once the interest relief is gone.

    Potentially, tell the vendor that you will pay X if you have the property by end of year, but that you will be paying X-Y% (Y could easily be 10% or more) if you don't get the mortgage interest relief.

    If you are feeling generous, and there is no obligation to be generous, offer to give the tenant a month's rent to help them on their way. But remember the shake down bit.


  • #5
    gmisk
    Registered Users, Registered Users 2 Posts: 34,239 ✭✭✭✭gmisk


    I offered a revised offer yesterday...either 6k off...or 4k and the contents should hear back today.
    I made it clear I would want a vacant possession at the end of January.
    I havent signed anything yet booking deposit paid though, valuation and structural survey etc are done.
    If this isnt acceptable I will probably walk away and bide my time next year, better to lose 400ish euro that thousands on a bad deal.

    I have no intention of being generous to the tenant...she has made it as awkward as possible to get surveys etc done...I have to wait over two weeks!


  • #6
    aN.Droid
    Closed Accounts Posts: 1,911 ✭✭✭aN.Droid


    Either way if notice is not tendered to the tenants the house can still be sold to you with them sitting.

    This means that you will own the house but the tenants will now be yours and rent will be paid to you until you decide to tender notice or they decide to tender notice.

    Just remember if the tenants have a lease they are 100% in their right to stay in the house until it is up even if you buy the house.

    Good luck with the buy.


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  • #7
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Limericks wrote: »
    Either way if notice is not tendered to the tenants the house can still be sold to you with them sitting.

    This means that you will own the house but the tenants will now be yours and rent will be paid to you until you decide to tender notice or they decide to tender notice.

    Just remember if the tenants have a lease they are 100% in their right to stay in the house until it is up even if you buy the house.

    Good luck with the buy.

    The bank won't allow the OP to drawdown the mortgage with tenants in situ. It's a qualification on the mortgage title that they simply won't accept. Mortgage funds will only be issued for vacant possession of the property.


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