Castle Rock, Midleton

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Art

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The original post on this seems to have disappeared - I have looked for it on the search engine to no avail.

Was just wondering if anyone realised that as these houses are over the 125 square metres (1346 square feet), we will therefore be liable for stamp duty despite the fact that we are owner occupiers - this fact has just dawned on me now:( .
 
Art said:
The original post on this seems to have disappeared - I have looked for it on the search engine to no avail.

Was just wondering if anyone realised that as these houses are over the 125 square metres (1346 square feet), we will therefore be liable for stamp duty despite the fact that we are owner occupiers - this fact has just dawned on me now:( .
Click to expand...
 
Stamp duty on new houses and apartments
Owner-occupiers of new houses/apartments are exempt from stamp duty, provided that the area of the house or apartment does not exceed 125 sq. metres (1,346 sq. feet) and a Floor Area Compliance Certificate has been issued. The house or apartment must not have been occupied prior to its purchase. It must be occupied as the owner's main place of residence for a period of five years from the date of the purchase deed. However if you sell the house during this period you do not have to repay stamp duty.

Rates of stamp dutyfor new houses and apartments with a floor area greater than 125 sq. metres and a Floor Area Compliance Certificate.
Follow this link.... [broken link removed]
 
Apologies - I looked at the revenue website yesterday and was confused. The myhome explanation is much clearer - we will have to pay nothing. Apologies again for any angst caused.
 
Don't worry about being confused - I also checked the Revenue website, which I usually find quite helpful, but the links for Stamp Duty were confusing to say the least!
 
OT: Does anyone know where the other thread re: Castlerock disappeared to?

Has anybody been contacted yet by the electricians etc..?
 
Tina,

Don't know where the oroginal thread disappeared to. I looked for it using the search function and it seems to have gone.

Were you talking to anyone there or just looking? Has any one else got any indication as to when they may be in there??
 
I can confirm that Castleland are keeping their lips sealed about possible completion dates it's "company policy". However they are progressing well and beginning to finish out the first of the houses. I have purchased in "The Orchards" and currently all the electrical, plumbing, painting, kitchen, fireplace and most recently (this week) granite worktop in kitchen have been completed.
Everyone of the sub contractors have been very accomodating.
For those of you who may not have been past the site this week - the road work it proceeding well and they have started what looks like a roundabout at the town end of the road.
My experience of Castlelands to date has been excellent, particularly Jill in the Mallow office.
 
hi all, have purchased in castle rock also. count myself very lucky to have bought a house from castlelands. drove around to their finished sites......wow the attention to detail is fantastic. their creche in ballinacurra is a thing of beauty. would love to send my kids there but its booked up. great location. they even put in a pedestrian crossing for half a dozen car spaces.......no expense spared with these guys. spoke to jill in the office she is a joy to deal with. if only all builders could be like them.the dont plant a few trees the plant a forrest..lol.
has anyone spoken to site mgmt yet????
 
Art said:
Apologies - I looked at the revenue website yesterday and was confused. The myhome explanation is much clearer - we will have to pay nothing. Apologies again for any angst caused.
Click to expand...

Art,
Had a look at the revenue site, - at a cursory look it appears to me that we would be liable for stamp as the floor area is over 125 sq metres. I'm sure I've missed some point along the line.
How do you make it that we have to pay nothing?
 
Al.r,

The revenue website is very unclear. I have copied and pasted below what I believe to be the correct explanation from the myhome.ie website.

"If the area of the house or flat is greater than 125 sq. metres (1,346 sq. feet), some stamp duty is payable if the Chargeable Consideration is above the relevant exemption threshold. (The stamp duty is assessed on either the cost of the site or 25% of the cost of the site plus the building costs (less VAT), whichever is the greater figure. This figure is called the Chargeable Consideration."

The chargable consideration will be less than €127k so we will therefore be exempt from stamp duty.

Hope this clears it up
 
Thanks for the info Art.

Hmmm, it seems that for Type A at least some stamp is payable, as the site cost is quoted at 142.5K. So, it would appear to be at least 3% of 142.5K for Type A.

The clause on chargeable consideration seems a little amibiguous.
"25% of the cost of the site plus the building costs (less VAT)".

It seems this could be interpreted in 2 possible ways:

1/ 25% X ( cost of the site + building costs (less VAT) )
OR
2/ ( 25% X cost of the site) + building costs (less VAT)

Any ideas as to the correct interpretation?
If it is interpreted as Number 2 the "chargeable consideration" could work out well over the minimum threshold.

Apologies for stirring up confusion here!
 
I didn't realise that they had actually given a specific figure for the site cost. Is this the same figure for both Type A and B?? If this is the case it would appear that we will be liable for SD at 3% as it is whichever is the greater figure.

As for your second question, I have no idea which interpretation is correct.

Do you still have the brochure? I am wondering if it says on this that the houses are stamp duty exempt assuming owner occupier - usually it does.
 
Check with your Solicitor, but I would assume all house types are the same and that seperate contracts exist for the site and house. This benefits the purchaser in relation to Stamp duty and the vendor/developer as they only pay 20% on the sale of development land.
 
Yes, in the documents from Castlelands, - the site cost is quoted seperately as above (142.5K) for Type A.
The balance of 480K price is quoted for the "works", but inclusive of VAT.
I have purchased type A, so can't comment on B,C,D. Quite possibly though, the site cost would be the same or similar since most of the sites are of similar size.

I had a quick look through the brochure and couldn't see any reference to Stamp duty
 
Looks like we'll be caught for stamp duty so in the region of about 4k..:(
 
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