FTB only lives in the property for a year

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Darth Vader

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You qualify for first time buyer status if you have no other property in your name and if you live in the property as your family home for 5 years. What if you only intend to live in it for a year or two. Should you be classed as an owner occupier instead?
 
Darth Vader said:
You qualify for first time buyer status if you have no other property in your name and if you live in the property as your family home for 5 years.
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There is no 5 year time limit on obtaining FTB benefits. You must be confusing this with the fact that if you buy as an owner occupier and subsequently rent the property out within the first five years of ownership then a clawback of stamp duty applies. Owning and living in a property as one's PPR for less than five years before selling doesn't matter and does not affects one's FTB or non FTB owner occupier status (e.g. with regard to stamp duty, owner occupier mortgage interest tax relief, CGT exemption etc.).
What if you only intend to live in it for a year or two. Should you be classed as an owner occupier instead?
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This does not make sense. A FTB is an owner occupier.
 
Darth Vader said:
You qualify for first time buyer status if you have no other property in your name and if you live in the property as your family home for 5 years. What if you only intend to live in it for a year or two. Should you be classed as an owner occupier instead?
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"Clawback will not arise where the property is sold to an unrelated 3rd party during the 5-year period"
Taken from http://www.revenue.ie/

Clawback only applies if you rent it out during the 1st 5 years.
 
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my dilema is that i have been offered work up the country and would have to rent

therefore i have to rent out my own house ..... what defines you as owner occupier , could i lock one room in the house keep as my own --- in reality i would think i would only spend one/two weekend a mth at most in my own house

legally if im renting two rooms to value of 600 euro ...... could i be subletting the house as opposed to renting

need to rent out the house, i dont want to run into any issues or problems down the line
 
If you keep a room yourself technically it can still be your PPR and if the rent received is below the rent a room relief everything should be a o.k. for you
 
Rhino 1 said:
If you keep a room yourself technically it can still be your PPR
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This is not necessarily true. A property is normally your PPR only if you live there most of the time. Just "keeping a room" doesn't necessarily make it your PPR. Be careful to get independent, professional advice before acting on such suggestions.
 
considered owner occupier but renting elswhere???

ok an awful lot of people must be in this boat

basically there must be documentation which states that if you spend more than X amount of days in the year in accomomdation, it considered to be your primary residence???
just like being resident / non-resident
 
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