Buying a house 2012

D3PO · 20-02-2013 2:39pm

guys you do not get backdated TRS if months are missed. What I mean by this is that if you drawdown in Feb you do not get the missing Jan payment spread over the remaining 11 months.

Not sure this is exactly what your referring to and posts arent very clear but if thats what your thinking it doesnt happen. Also be aware that TRS is by calendar year not per 12 months. So a drawdown in November for example will mean come Jan youor into year 2 of your TRS cycle.

L1011 · 20-02-2013 3:08pm

I drewdown in October 12, first payment Dec 12. Only applied late Dec 12 for trs

orlaanne · 20-02-2013 4:25pm

MYOB wrote: »

I drewdown in October 12, first payment Dec 12. Only applied late Dec 12 for trs

We drewdown in November 2012, First payment December 2012, applied for TRS the same day so pretty much the same scenario as you.

So now that it's clearer D3PO, do you know if we are owed and if so do you know how we get it?

D3PO · 20-02-2013 4:31pm

orlaanne wrote: »

We drewdown in November 2012, First payment December 2012, applied for TRS the same day so pretty much the same scenario as you.

So now that it's clearer D3PO, do you know if we are owed and if so do you know how we get it?

Ok thanks for clearing that up

Fill in this form to claim backdated TRS from a previous year

edit that link no longer valid. Backdated TRS can be claimed online

https://www.ros.ie/trs/claim.html?execution=e2s1

see http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html#section7 which states the below and provideds the link listed above.

How do I claim for previous years?

Claims for previous years (up to the last 4 years) must be applied for online.

orlaanne · 20-02-2013 4:44pm

That's the same form we filled in to claim in the first place, do we fill it in again? This is why I'm confused they only have one form but it doesn't seem to be for this purpose.

D3PO · 20-02-2013 4:46pm

orlaanne wrote: »

That's the same form we filled in to claim in the first place, do we fill it in again? This is why I'm confused they only have one form but it doesn't seem to be for this purpose.

There used to be a totally different form TRS1 for applying for TRS & TRSP form for applying for backdated TRS.

Best bet is to call the revenue they can let you know exactly. Ive had to a few times they are remarkably nice people actually

efb · 20-02-2013 8:29pm

My drawdown was in October, but my first payment was Xmas eve, but the MIR I got was for all the interest accrued since draw down at the Year 1 rate. Nice amount too! The second was jan for jan interest in year 2

ErnieElly · 21-02-2013 9:35am

orlaanne wrote: »

We never heard a peep from Revenue or AIB about it after we applied. I phoned AIB the day before our Feb payment was due and they told me it was set up at the end of Jan.

The way it works (with AIB anyway) is that they take the full mortgage payment and deposit the TRS back into your account on the same day.

Thanks for you reply!

much appreciated.
We are with AIB aswell so will give them a call and see.
Didnt realise its credited back to your account, wasnt sure how it worked.

orlaanne · 21-02-2013 4:24pm

D3PO wrote: »

There used to be a totally different form TRS1 for applying for TRS & TRSP form for applying for backdated TRS.

Best bet is to call the revenue they can let you know exactly. Ive had to a few times they are remarkably nice people actually

Emailed Revenue, here is the response:

"The missed relief for 2012 will be refunded automatically by the lender in what we call a rollover payment. This should happen in March or April. If you haven't received if by your April repayment then you can claim it from Revenue. The only way to claim from Revenue is by doing the application online, the same one as you did to register the loan but you will be putting in a current account and the interest paid for 2012."

FixYa · 04-03-2013 8:48pm

had my 2nd repayment and TRS was credited to my account. Happy days!

airman737 · 05-03-2013 1:45pm

FixYa wrote: »

had my 2nd repayment and TRS was credited to my account. Happy days!

Same here :-) I only got Feb TRS, still owed for jan

orlaanne · 05-03-2013 2:17pm

airman737 wrote: »

Same here :-) I only got Feb TRS, still owed for jan

You won't get a separate January payment. Instead the amount of relief you would be owed is divided in 11 instead of 12 so you get a little extra every month.

micar · 09-03-2013 6:30pm

orlaanne wrote: »

You won't get a separate January payment. Instead the amount of relief you would be owed is divided in 11 instead of 12 so you get a little extra every month.

same for me

DMG1983 · 18-03-2013 6:32pm

Hi everyone I'm hoping someone here might be able to help. I'm buying a 2 bed apt from a receiver. The solicitor got the contracts lat week and while there's no issue with the deeds they put in loads of special conditions- 5 pages of them. They didn't give any info about the management company, fees, sinking fund etc and are basically saying take it or leave it. The solicitor thinks I could have an issue selling it on in the future if they won't give her the information (she's going to write to them this week asking for up to date documents and more details)
Has anybody any experience of buying from a receiver and are they all so arrogant- you would think they're giving me the place for free because they have as much as said in the contracts don't ask because we won't give you any other info!
Thanks for any advice!

killers1 · 19-03-2013 11:05pm

DMG1983 wrote: »

Hi everyone I'm hoping someone here might be able to help. I'm buying a 2 bed apt from a receiver. The solicitor got the contracts lat week and while there's no issue with the deeds they put in loads of special conditions- 5 pages of them. They didn't give any info about the management company, fees, sinking fund etc and are basically saying take it or leave it. The solicitor thinks I could have an issue selling it on in the future if they won't give her the information (she's going to write to them this week asking for up to date documents and more details)
Has anybody any experience of buying from a receiver and are they all so arrogant- you would think they're giving me the place for free because they have as much as said in the contracts don't ask because we won't give you any other info!
Thanks for any advice!

Typically the Receiver sales can drag on a bit as they can be slow to provide the required documentation. I'd be inclined to be guided by your solicitor here and if their advice is to walk away then so be it.

Girl about Town · 16-05-2014 9:22pm

Hi There, I've been following posts on buying a property for the last few months - May I say 'Killers' advice and comments on this forum have been excellent. I was approved yesterday on a relatively small mortgage of 50K. At my age, believe me this is excellent. I went to view a house a couple of weeks ago that was advertised on the EA site at 75K. When I got there the EA gave me a print out the particulars and the price on the details say 'in excess' of 75K? It is a repossessed ex rental property (built before 1900) At first glance it doesn't appear in bad condition - Nothing that a few gallons of paint, carpets, new kitchen and new windows to the front of the property wouldn't sort. When I asked the EA "What would buy the place" I was told they were hoping for offers in excess/around 85K???? ( Why advertise it at 75K???? The same EA was advertising another property at 85K a couple of months ago and has now relisted it at 95K??? (still not sold though) I'm meeting the EA on Monday and I'd really like some help and advice please. I've been gifted 25K as a deposit (which will be returned as a gift) in the next couple of years. I'm hoping to hold back 5K to cover survey, solicitor, stamp duty etc., and have been advised by friends and family who dabble in property to go in to the EA on Monday and offer 70K - When I rang earlier this week and spoke to the receptionist, she advised me that they have not yet received any offers - it's only been on the market for about a month. It's a house but because of parking issues and a busy road, it would not be suitable for a young family. I don't think that renters would be crazy about it either as only 1 parking permit for roads surrounding it is issued. I'm nervous now and would like some advice on what to expect on Monday? Would I be cheeky or appear not serious if I offered 70K??? I could at a really tight squeeze (if I live on bread and water for the next couple of months) push myself to the 75K - I apologise if this sounds cheap or silly but I'm a one income person so 75K at my age after renting for years is more than enough. Also, If the EA did accept my offer? would I be expected to pay any sort of deposit when meeting him? Any advise would be really welcome

johnnyk66 · 22-05-2014 8:43pm

Girl about Town wrote: »

Hi There, I've been following posts on buying a property for the last few months - May I say 'Killers' advice and comments on this forum have been excellent. I was approved yesterday on a relatively small mortgage of 50K. At my age, believe me this is excellent. I went to view a house a couple of weeks ago that was advertised on the EA site at 75K. When I got there the EA gave me a print out the particulars and the price on the details say 'in excess' of 75K? It is a repossessed ex rental property (built before 1900) At first glance it doesn't appear in bad condition - Nothing that a few gallons of paint, carpets, new kitchen and new windows to the front of the property wouldn't sort. When I asked the EA "What would buy the place" I was told they were hoping for offers in excess/around 85K???? ( Why advertise it at 75K???? The same EA was advertising another property at 85K a couple of months ago and has now relisted it at 95K??? (still not sold though) I'm meeting the EA on Monday and I'd really like some help and advice please. I've been gifted 25K as a deposit (which will be returned as a gift) in the next couple of years. I'm hoping to hold back 5K to cover survey, solicitor, stamp duty etc., and have been advised by friends and family who dabble in property to go in to the EA on Monday and offer 70K - When I rang earlier this week and spoke to the receptionist, she advised me that they have not yet received any offers - it's only been on the market for about a month. It's a house but because of parking issues and a busy road, it would not be suitable for a young family. I don't think that renters would be crazy about it either as only 1 parking permit for roads surrounding it is issued. I'm nervous now and would like some advice on what to expect on Monday? Would I be cheeky or appear not serious if I offered 70K??? I could at a really tight squeeze (if I live on bread and water for the next couple of months) push myself to the 75K - I apologise if this sounds cheap or silly but I'm a one income person so 75K at my age after renting for years is more than enough. Also, If the EA did accept my offer? would I be expected to pay any sort of deposit when meeting him? Any advise would be really welcome

If offer accepted then expect to pay booking deposit of about 10% within a few days.

Buying a house 2012

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