Q: We are thinking about trading up our family home in Co Limerick to be a little closer to the city. We are not in negative equity and have seen suitable properties for around €250,000. Our house is valued at €191,000. We have a balance of €91,000 left on our current mortgage. How much can we borrow as a second-time buyers, and what other costs do we need to consider in selling our home? A: A big challenge facing second-time buyers is getting the property chain to work for them. If you are relying on the equity in your current home as your deposit in your new home, banks will want you to sell your home before they will let you draw down a new mortgage, according to Joey Sheehan, head of credit at MyMortgages.ie. Even if they do approve the mortgage in advance, you will have to wait until your own home is sold before you can successfully complete the purchase of your new property, as you will need the funds for a deposit. Based on your figures, you are facing a … [Read more...] about Your Questions: How much can we borrow to allow us buy a bigger home?
Do tenants need home insurance
Insurance is a complicated business. Swapping details at the roadside and the responsible party's insurance company footing the bill might be how it's done when it comes to a bump on the road, but it doesn't quite work that way when it comes to your home. In light of Leicester man Iqbal Rafique trying to raise the funds to repair his fire damaged home after a blaze broke out at his neighbour's property, we asked an expert for some top tips. Gavin Dickson is a corporate team leader at BHIB insurance brokers. He answered some questions about what homeowners and tenants are covered for.... From an insurance point of view, what happens if my property is damaged when my neighbour's home catches fire? Assuming that you have insurance in place then in that scenario we would, ordinarily, expect your own insurer to respond and deal with the claim. The question of whose insurance will ultimately be responsible would depend on the cause of the fire and whether your neighbour was deemed to be … [Read more...] about Important insurance questions you might not know the answer to
Council tenant Shanley Wild has hit out at housing bosses - after claiming she has been left footing the bill following a devastating fire on her street. The 22-year-old has had to move in with a friend after the suspected arson attack which destroyed her next-door neighbour's property on Monday afternoon. She says the blaze has cracked the walls of her Norton home, left her with smoke-damaged clothes and her carpets have had to be ripped up. Now Shanley is angry that she has not received more support from Stoke-on-Trent City Council. The council visited her property yesterday and has deemed it habitable. She said: “I don’t know when I will be able to stay in my home again and I will have to wash all my clothes, pay for the gas and fuel and my garden is now a health hazard. “I’ve been told that sorting out my clothes and the carpets is up to us but I am struggling to get everything sorted. I don’t have spare money to do all of this washing and there are … [Read more...] about Tenant, 22, slams council after house fire leaves her out of pocket
Read the Prime Minister's full speech to the 2018 Labour Party Conference below. Kia ora koutou katoa, kia orana, malo e lelei, ni sa bula vinaka, fakalofa lahiatu, malo ni, namaste, ni hao and thank you for the warmth of that greeting. I'm really pleased to be here in Dunedin. For all of the creativity, history, and beauty that this city holds, you still had me at 'cheese roll'. I'm also pleased to be here because this is my first leader's speech at a Labour Party conference. That means my first order of business is a very simple one - to say thanks. When I took over the leadership from Andrew at the beginning of August last year, the election was seven weeks away. I said we'd run the campaign of our lives. And we did. To all those who worked the phones, pounded the pavements, stuffed the letterboxes, erected the hoardings, or did countless other tasks - thank you from the bottom of my heart. There are a few people I also need to pay special tribute to. To our president, Nigel. … [Read more...] about ‘Let’s keep doing this’: Watch Jacinda Ardern’s full speech at the Labour conference
A This is complex and I can see where your solicitor is coming from. Generally speaking, people who transfer money, gifts or wealth to each other, and who are not married, are subject to Capital Acquisitions, or Gift Tax on amounts over €16,250 (plus an annual €3,000 small gifts exemption). This would mean your boyfriend is in fact ‘giving’ you the €140,000, even though it is going into a property you jointly own. It isn’t distinguishable from a cheque or cash. As a result, the bill could be as high as €39,847.50 and would be payable immediately. Either way, it’s clearly not a good idea. However, Revenue tells me that a work-around is to purchase the property as ‘tenants in common’, i.e. you won’t own the house as ‘joint tenants’ or 50/50, but as owners reflecting the actual value you brought to the purchase. “If you own the property in proportion to the contributions in consideration paid, then there … [Read more...] about Home Economics: Our property finance expert answers your questions