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House problem

  • 15-10-2015 9:21am
    #1
    Shellod22
    Registered Users, Registered Users 2 Posts: 2 ✭


    I have a mortgage on a 1bedroom apt the last 15 years iv since had 2 kids girl age 9 boy age 7.iv moved back to my mother's cos apt dosent suit us and I rented it out.my mother now wants us out I want to sell my apt and what ever I make on it put down on another house I'm a single mother trying to get a better house for my children.I'm not sure if council can help or how to go about finding our. Can anyone help me with info


Comments

  • #2
    Spocker
    Moderators Posts: 6,900 ✭✭✭Spocker


    Moved to Accommodation & Property from Adverts.ie Support


  • #3
    manonboard
    Registered Users, Registered Users 2 Posts: 1,104 ✭✭✭manonboard


    Hi, Sorry to hear about your moving requirement.

    I'd strongly suggest you go talk to the citizens information desks scattered about the place. I'm not sure where you are located. They are really great for information and leaflet handouts which explain things.

    http://www.citizensinformation.ie/en/housing/local_authority_and_social_housing/applying_for_local_authority_housing.html

    This is probably what i think you may be looking for.

    As you have a mortgage so long, you will likely be receiving a fairly large sum of money from the sale of the house. Do you need help from the council on this matter?

    If you are able to handle it yourself, thats usually best. The council lists can be extremely long waiting times and lack of options etc. If you can privately arrange accommodation, I think it would be faster and better suited to you.

    Given the crazy rents now a days, are you sure its not better to hang on to your existing apt and rent it out. Are you obtaining more rent from it than you are paying for your mortgage? (if im estimating prices correctly, 15 years ago,) You should be making quite a nice profit from it at the moment.

    Is renting within your means? Are you thinking of taking out a second mortgage?


  • #4
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    manonboard wrote: »

    As you have a mortgage so long, you will likely be receiving a fairly large sum of money from the sale of the house. Do you need help from the council on this matter?

    If you are able to handle it yourself, thats usually best. The council lists can be extremely long waiting times and lack of options etc. If you can privately arrange accommodation, I think it would be faster and better suited to you.

    Given the crazy rents now a days, are you sure its not better to hang on to your existing apt and rent it out. Are you obtaining more rent from it than you are paying for your mortgage? (if im estimating prices correctly, 15 years ago,) You should be making quite a nice profit from it at the moment.

    Don't forget Capital Gains Tax is payable on sale of rented property. Depending on how long it's been rented out relative to the length of time it's owned, it can be significant.


  • #5
    Jen44
    Registered Users, Registered Users 2 Posts: 455 ✭✭Jen44


    you only have to pay capital gains tax if you sell the place for more then you originally bought it for plus you also get relief for solicitor fees when you bought and sold the property so that reduces any tax further too


  • #6
    allibastor
    Closed Accounts Posts: 2,520 ✭✭✭allibastor


    For CGT if you can show you lived in the property I dont think you pay this.

    Depending on where you own the apartment which hasnt been said you could get a good amount for this, of use the apartment as a deposit on somewhere bigger, and own the two.

    Need to know where your apartment is, and where you intend to buy/rent


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  • #7
    [Deleted User]
    Posts: 17,728 ✭✭✭✭ [Deleted User]


    Shellod22 wrote: »
    ....I'm not sure if council can help or how to go about finding our. ...

    More info needed....
    - are you working?
    - what's the going rate for properties where you are looking to sell?


  • #8
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,430 CMod ✭✭✭✭Pawwed Rig


    allibastor wrote: »
    For CGT if you can show you lived in the property I dont think you pay this.

    Not true. The OP will need to assess the property for CGT on sale.


  • #9
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,292 ✭✭✭✭Mrs OBumble


    OP as a person who's owned a property, you likely don't qualify for council housing.

    If you want to buy and do not qualify for a mortgage based on your income, then you may be able to get mortgage help from the council.

    But really, I think you should talk to a professional tax advisor about the implications for your current property. And you maybe should consider renting vs buying your own place. Sometimes renting can be a better option.


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