Letting out a house in the ROI

[nifan]

bogball - it seems like there will be aCGT complication here if i rent it out.
I guess im gonna have to do some serious research on this, as the second its rented it all comes into play.

[nifan]

Yeah 5times, but unfortunately none of the friends/family in the area are in need of it, so we wil have to rent to strangers if we go down that route.

Worst possible time too, with the market stagnant!

[blast05]

Blast/Nifan, it's 100% clawback if you let the place within the first 5 years.

I'll have to double check this but i know my solicitor was 100% about this and i am pretty sure i rang revnue directly to enquire, i.e.: it declines over time - although thankfully the transferring the property scenario i already outlined could also cover it.

[Canalman]

Stamp Duty is clawed back (if you claimed an exemption) if the property is let out in its entirety within 5 years of its purchase.
I am reliably told that the Revenue have all the info they need to go after those involved as all rent relief forms give the names of the landlords AND this rent relief can and is claimed back retrospectively by tenants even if they paid "cash" for rent and the lease was "off the books".
They are in no hurry as penalties are due anyway if the Stamp Duty is not paid within 1 mth of the letting.
You will also Nifan need to register with the Tenancies Board in order to sue a tenant for arrears of rent, eviction or damage to the property. An insurance company may also try not to pay out if your tenants burn the house down. You must also upgrade your insurance cover to a letting property level to cover personal injury claims made by your tenants.

Good luck but you will in all likelihood come across some bad tenants at some stage.