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Trading Up or Trading Down Purchasers, Investors & Re-Mortgagors

The 8 steps listed above for First-Time Buyers are also applicable for persons who wish to Trade Up (buy a bigger house) or Trade Down (buy a smaller house) and for persons who wish to buy an Investment Property to rent out.

Other points to Consider:

First-Time Buyers and Investors are generally free from the extra burden of having to sell a property to finance their purchase as in the case of a person who is Trading-up or Trading Down. You may have heard of the term ‘a chain’ in respect of multiple buyers who are each dependent on their own property to Sell so as to enable them to Purchase their new Property.

Delays can sometimes occur with the signing of Contracts due to this ‘chain’ as your solicitor must ensure that you are adequately protected and bound into your sale contract before allowing you to enter into a contract to Purchase.

Sometimes, a position may arise where a buyer’s purchase property closes before their Sale closes. In this situation your solicitor will advise you of the implications of such a situation and the buyer may need to consider bridging finance as a short-term solution until their Sale closes. High Interest rates are charged by lending Institutions on Bridging Finance.

Extra attention should be paid by the Solicitor and also the Client to ensure that all matters are in order for a client who is relying on selling their current property to purchase another. This will prevent delays and much anxiety on all parties concerned.

Stamp Duty Changes in 2011 Budget

The rate of stamp duty on residential property has been reduced to 1% on all properties valued up to €1 million,
A rate of 2% is applied to property valued over €1 million.

The changes take effect from 8 December 2010

All stamp duty reliefs and exemptions listed below are abolished

* • First time buyer relief

* • Exemption for new houses under 125 sq m in size

* • Relief on new houses over 125 sq m in size

* • Consanguinity relief for residential property transfers

* • Exemption for residential property transfers valued under €127,000

* • Site to child relief

Current stamp duty levels are zero on values below €125,000, 7% on the next € 875,000 and 9% on the balance.