Splitting from boyfriend and house in common

M

monia

Registered User
Messages
18
All,

as unfortunately I am splitting from my boyfriend, I need some advice on the best move to buy a property for myself. We've bought a house 2 yrs ago valued 150K more than the purchased price. He wants to buy my quote of the house, which will give me some cash to buy something else. However I will lose my First Time Buyer status which means I will need to pay stamp duty on 2nd hand houses and less TRS on the mortgage.

Is there any chance to retain my First Time Buyer status?

Is there any advice on what is the best to do? It seems that all the properties are around 400K in North Dublin and I am quite desperate to take the right decision.
M.
 
Sadly unless you were married you cannot retain your FTB status. However the very fact that you are losing this should be taken into account in the buyout from your ex. Also if you buy a new house you might not have to pay SD.
 
Your FTB TRS status remains for the first seven years of home ownership, regardless of how many times you move home during the period. You do, however, lose your FTB status with regard to Stamp Duty and there's no way around that. You could argue that you should be entitled to a larger buyout of your current house but that's really between yourself and your ex boyfriend.

Sarah

www.rea.ie
 
What is my TRS as not First time buyer? I think only 600EUR per year...correct?
 
See [broken link removed]. Individual non FTB TRS is a maximum of €2,540 (2006) or €3,000 (2007) interest p.a. at 20% which equates to a €508 p.a./€42.33 p.m (2006) or €600 p.a/€50 p.m. (2007) reduction of your mortgage repayment.
 
Can your boyfriend comfortably afford to buy you out of the house?

You could move out of the house without actually selling your share. This would keep you in the housing market if that's what you want. In the meantime you could rent elsewhere.

Brendan
 
With the stamp duty is this not only if the house is over a certain size and over 317,500? Or is it on all property purchases after you lose your ftb status
 
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