Changing house from PPR to Investment Property

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Youngowner

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Hi all,

I want to change my house from PPR to an Investment Property - what are the first steps I have to take-do I have to contact solicitor/bank/revenue or all? I bought my house in October 2003 so presume I should wait until October so I dont have to pay stamp duty?

Many thanks in advance for your help.
 
Stamp Duty clawback period was reduced to 2 years recently so you don't need to worry about that.

Banks charge higher rates (generally) for investment properties but your loan agreement will dictate whether you need to make them aware of the change of use of the property.

You probably need to contact Revenue to make them aware as they will need to stop your TRS payments (if you are receiving them).

No need for solicitor as far as I can tell.
 
Youngowner said:
Hi all,

I want to change my house from PPR to an Investment Property - what are the first steps I have to take-do I have to contact solicitor/bank/revenue or all?
Click to expand...
This issue is covered in many, many existing threads. Do a search.
I bought my house in October 2003 so presume I should wait until October so I dont have to pay stamp duty?
Click to expand...
No - the SD clawback period is 2 years (was 5 years) since the last budget.
 
Thanks ButtermilkJa and ClubMan - I wasn't sure if the 2 year SD was effective only on the houses purchased since the last budget. Thanks for clarifying...suppose I better read my mortgage contract and contact revenue!

Thanks again.
 
You should also consider getting independent professional tax and investment advice on this issue.
 
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