Stuck in negative equity

[jcsmith]

Very interesting thread on Boards. In short:

• Poster and husband have a 2 bed house in D15.
• They need to move home for his job.
• Can’t sell as in negative equity.
• Have been advised by broker that “prices will go up in four years tops”(!)
• Want to rent out house in the meantime.
• But face stamp duty clawback if they are caught doing so.

Opinions?

[ewd3]

Out problem is that when we bought it we were first time buyers and would have to pay the stamp duty claw-back if we “officially” rented it out before October 31, 2008

short term time frame alright

Hang on

How long do you hold on to a gaff before claw back kicks in that will tell us when they bought.

doesn’t say they’re in negative equity just says

I am considering renting out my two bed house in Dublin 15 - I don’t want to sell it because **I wouldn’t get a great price for it **and I’d rather leave it for a few years.

[jcsmith]

It’s just as well for these people that the clawback period has been reduced to two years. Imagine if the old five year period was still in force.

[ewd3]

@jcsmith

It’s just as well for these people that the clawback period has been reduced to two years. Imagine if the old five year period was still in force.

OK

Obviously Neg Equity

[BrendanG]

Call me suspicious, but my guess is the OH has a bit on the side!

All those office crisis’ No one’s fault and the odd site visit aswell!

It ain’t the commute that will kill him, it’ll be her when the penny drops!

[BrendanG]

@ewd3

@jcsmith

It’s just as well for these people that the clawback period has been reduced to two years

. Imagine if the old five year period was still in force.

OK

Obviously Neg Equity

Iguana - I spoke to the broker who arranged our mortgage and he was saying for years tops for prices to starting coming up again. I’m in negative equity now, so I can’t sell. At least if I rent it out, and cover the mortgage it can tick over.

[ewd3]

sorry for my slopiness

[geckko]

One thing that hasn’t been pointed out yet. Even if prices do start rising again in4 years time (which I accept is a very real possibility) they are going to fall further between now and then.

Under the borker’s advice he might be even deeper into negative equity and wanting (or needing) to sell in four years’ time. But hey, prices will be rising right.

[groom1]

I think revenue in fairness have been pretty clever about preventing or catching black market landlords with rent relief. Its only €600 or so a year but its still €600 a year and you can shop your landlord if they are nasty to you.

I think anyone would be mad to landlord on the sly in this country. I would love to hear figures for those getting caught. I’m sure plenty will be trying it anyway out of desperation.

Are open expressions of glee allowed when it comes to tax evaders?

[A_Random_Walk]

They would be awfully stupid to think that they could get away with not telling revenue.

[superpiper]

inflation people, inflation, at 5% its caustic over 4 years

[PopeBuckfastXVI]

tyrrelstown.org/forum/viewtopic.php?t=2413

Seems to me the real problem is the working hours, not the commute.

And they’re not ‘officially’ in NE… they just won’t make a profit

[yoganmahew]

@superpiper

inflation people, inflation, at 5% its caustic over 4 years

Only if salaries rise at the same rate to cancel it out.