....Its a first time buyers house so i'll defo get another buyer...
Hi - we are sale agreed on our house (of which we were owner occupiers) and will make a profit of approx 200k. we are probably going to rent while we wait to buy something at reasonable prices and hopefully house prices will drop as we do so.
We will use the 200k in the following way (very rough figures):
My question is, because we are not buying straight away will the profit made from the sale of our current house be liable to CGT?
- 30k for new car (never had a nice new car before!!)
- 20k to rid of all loans
- 50k on stamp when we eventually buy
- 100k on house price
surely €10k of that bottom line is not worth
And i think i will be getting a friend of mine in the black magic game to put a curse on the house. That will make me feel a little better.
@ Streets. I am going through a very similar situation as yourself.
My house went Sale Agreed 10 weeks ago. The buyers put a booking deposit down but since then have been giving me the run around. Every other day there was a new 'problem' and any time they were due into the EA offices to give them a update on the situation they would never turn up.
The latest was this week when the EA rang me to tell me that the buyers had decided to get rid of their broker as he wasnt doing their job and they had gone to the bank themselves but could only get mortgage approval in principle for 10 grand less than the price they agreed to buy the house for (280,000 instead of 290,000)
I agreed to this on codition that the contracts were signed ASAP. This mornign I rang the EA and was told that buyers broker had been on to say that the mortgage pack should issue in about a week... which is funny as they buyers were meant to have gotten rid of the broker this week.
I got the EA to ring the buyers and they said that they were using the buyers AND the bank to get the best deal.
Its all very stressfull and I am at the stage where I feel like pulling out of the sale and just renting the house out.
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