Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Waiting for money from sale- last August

  • 10-02-2015 7:25am
    #1
    Registered Users, Registered Users 2 Posts: 1,588 ✭✭✭


    Hope I explain this ok. My siblings and I sold our family home last August and because it made over 500k our solicitor said he needs to get a Tax Clearance Cert, that I understand thats the law for a sale of property over 500K. He said he needed to get one also for the distribution of the money so we wouldn't have to pay tax on it, which he said we would be able to claim back but this cert was so we cold get the money without paying the tax now as we had Capital Gains Tax on it. He said he also needed an additional cert for the sale of the house.

    He said he is still waiting for the tax clearance for the sale of the house and basically he won't give us our money.

    The sale was last August it was by public auction and he has the money in his office since last September. The CGT was paid in December but he said he is waiting for a tax clearance cert and won't give us our money. I have rung Revenue they had received and issued a tax clearance certificate in August, but our solicitor says that was for the money They don't have one for the tax clearance for the house sale.

    Confussed and very frustrated


Comments

  • Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Has the sale closed yet?

    It may have gone sale agreed in August but may not have actually closed and a deposit only paid.

    ask for an update in writing. If not satisfied make a complaint to the law society


  • Registered Users, Registered Users 2 Posts: 1,588 ✭✭✭femur61


    Sale closed in middle of September and he received the money in his office then. He told us it is there.


  • Registered Users, Registered Users 2 Posts: 8,035 ✭✭✭goz83


    femur61 wrote: »
    Sale closed in middle of September and he received the money in his office then. He told us it is there.

    Gaining some nice interest, no doubt


  • Registered Users, Registered Users 2 Posts: 1,062 ✭✭✭Dixie Chick


    I would call the law society explain the situation and ask their advice on how to proceed. My gloves would have been off a long time ago


  • Registered Users, Registered Users 2 Posts: 14 JHdave


    femur61 wrote: »
    Hope I explain this ok. My siblings and I sold our family home last August and because it made over 500k our solicitor said he needs to get a Tax Clearance Cert, that I understand thats the law for a sale of property over 500K. He said he needed to get one also for the distribution of the money so we wouldn't have to pay tax on it, which he said we would be able to claim back but this cert was so we cold get the money without paying the tax now as we had Capital Gains Tax on it. He said he also needed an additional cert for the sale of the house.

    He said he is still waiting for the tax clearance for the sale of the house and basically he won't give us our money.

    The sale was last August it was by public auction and he has the money in his office since last September. The CGT was paid in December but he said he is waiting for a tax clearance cert and won't give us our money. I have rung Revenue they had received and issued a tax clearance certificate in August, but our solicitor says that was for the money They don't have one for the tax clearance for the house sale.



    CGT Clearance Cert should take no more than 3 weeks to get.

    Revenue Regulations are that the CGT Clearance Cert must be given by the Vendor to the Purchaser upon closing, or else 15% of the sale price is given by the Vendor Solicitor directly to Revenue upon closing. That means the other 85% is handed to you and you must get a refund from Revenue.

    You should have your money by now unless there is some problem. Go speak with your solicitor.


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 9,554 ✭✭✭Pat Mustard


    I would call the law society explain the situation and ask their advice on how to proceed.
    I wouldn't bother with the Law Society tbh. Better off getting advice from a new solicitor who is competent, and having him take over the file if necessary.


Advertisement