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‘IF YOU had not committed great sins, God would not have sent a punishment like me upon you.” Genghis Khan
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Originally posted by DeadParrot View Postah that reminds me, I had a question.
I'm in the process of getting our shit together to buy a house.
As Mrs DP's dad is on his own, we were planning on selling that house and using the money + whatever we borrow to get somewhere where we can all live together. Aside from the culture shock of have a 70odd yr old housemate, I'm all for this as he's pretty isolated at the moment.
I'm not sure how to go about it in such a way that wont cost us all a bomb in tax and mess up first time buyers stuff as well.
The gift will be taxable depending on the amount and any prior benefits. Your wife will be entitled to receive €310,000 from her father over her life, while you can receive €16,250 from him tax free. Also €3k per year small gifts exemption. So if the transfer was all in one go €313k + €19,250.
Will depend on how you wanted to structure the transaction. Could be scope for getting enough for deposit and hoping the thresholds go up for the rest.
Could be scope for a more complicated agreement with him retaining a limited interest etc. also.
Would need to look into if you providing him rent free accommodation would be viewed as a gift also. I believe in practice this probably be ignored.
Worth getting some formal advice.
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Originally posted by Hitchhiker's Guide To... View PostPlaying absolute extremes here, but is there no way of protecting the father-in-law, or he needs to write off everything? Let's say, for example, MrsDP was to pass away and DP tells the father-in-law to gtfo as he needs a harem to replace the one-and-only MrsDP - whats to protect the father-in-law in that case?
Obviously this isn't going to happen, but we do try and legally protect ourselves from all types of highly unlikely situations.
The problem is the Help-To-Buy scheme which only applies when its one or two people purchasing for the first time. If the father in law is in on the purchase then that's off the table. Of course if he gifts the money to MrsDP and it exceeds the lifetime gifts threshold then the tax might be more than the HTB scheme but that seems unlikely.
They might try giving him an irrevocable, non-transferable lease over one room in the house although that won't help him if Mr and Mrs DP ever try and sell the house as the lease would be completely void as against anyone who bought the house.
Basically, this would all be really simple if DP didn't want to avail of the Help to Buy Scheme. But if he does, then it gets tricky sorting out protections for the father in law beyond trusting his daughter and son-in-law.You are technically correct...the best kind of correct
World Record Holder for Long Distance Soul Reads: May 7th 2011
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Originally posted by jack90210 View Post
Worth getting some formal advice.You are technically correct...the best kind of correct
World Record Holder for Long Distance Soul Reads: May 7th 2011
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Originally posted by V for Vendetta View PostYour FIL sells up and gifts his daughter an amount of money (which will count against her inheritance limits). She then combines this with your family savings and gets mortgage approval with you and you buy somewhere. FIL has no claim on the new house but does come and live with you both.
The tricky thing is to make sure that your FIL is happy and mentally capable to decide to do this (that is to have no formal entitlement to live in the new house etc) and that no other siblings are in the mix to get upset about an inheritance "loss" and get it all done legally in advance of making any house bids etc.
The other challenge is your FIL will have to come live with you before ye buy the new house and that could be a period of 6-12 months before you actually buy a place. You may need to rent a bigger place in the interim in the interests of domestic harmony.
Cheers for the advice all.
Yeah no other siblings and MIL passed away a few years back.
Yeah 6-12 month thing is a stumbling block alright. I've a fairly sizable 3 bed apartment rented so maybe no a huge issue. My missus seems to be of the opinion we decide to move, and presto 2 weeks later we have a housePeople say I should be more humble I hope they understand, they don't listen when you mumble
Get a shiny metal Revolut card! And a free tenner!
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Also - VforV hits on a really important point. If MrsDP has any siblings then you're going to need the entire family to agree to any arrangement like the one proposed and preferably in writing or you could spend a long time arguing about this when the father-in-law has passed on.You are technically correct...the best kind of correct
World Record Holder for Long Distance Soul Reads: May 7th 2011
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Originally posted by Hitchhiker's Guide To... View PostMaybe CNBC thought: hey a big sanctions news event just happened that might affect companies. We're a stockmarket news organisation so we should report on that. How about we do up a chart of how the market reacted to this news?
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Originally posted by Raoul Duke III View PostDP - fast forward 6/7 years. You're pushing 40 and have 2 or 3 kids.
Do you really want three generations under that roof you're buying? Because it's going to get crowded....
Ah look, the fella is on his own, there are no other siblings and he's visibly wilting on his own. I'd have to be some fucking cunt to be against this. It was my idea, the hardest part was convincing him.People say I should be more humble I hope they understand, they don't listen when you mumble
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Originally posted by jack90210 View PostWithout looking too much into it assuming your the house been sold is his principal private residence for his whole life he should be exempt for capital gains tax on its sale.
The gift will be taxable depending on the amount and any prior benefits. Your wife will be entitled to receive €310,000 from her father over her life, while you can receive €16,250 from him tax free. Also €3k per year small gifts exemption. So if the transfer was all in one go €313k + €19,250.
Will depend on how you wanted to structure the transaction. Could be scope for getting enough for deposit and hoping the thresholds go up for the rest.
Could be scope for a more complicated agreement with him retaining a limited interest etc. also.
Would need to look into if you providing him rent free accommodation would be viewed as a gift also. I believe in practice this probably be ignored.
Worth getting some formal advice.‘IF YOU had not committed great sins, God would not have sent a punishment like me upon you.” Genghis Khan
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Originally posted by Kayroo View PostBasically, this would all be really simple if DP didn't want to avail of the Help to Buy Scheme. But if he does, then it gets tricky sorting out protections for the father in law beyond trusting his daughter and son-in-law.he amount that you can claim is the lesser of:
€20,000
5% of the purchase price of a new home. For self-builds this is 5% of the completion value of the property
the amount of Income Tax and Deposit Interest Retention Tax (DIRT) you have paid in the four years before your purchase or self-build.People say I should be more humble I hope they understand, they don't listen when you mumble
Get a shiny metal Revolut card! And a free tenner!
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Originally posted by Hitchhiker's Guide To... View Postright. Here's Bloomberg[/URL] using the exact same style of chart, albeit updated as its a more recent chart so accounts for overnight recovery. Thats Bloomberg the worlds main provider of professional financial news. Everyone uses charts like this.Last edited by Denny Crane; 06-04-18, 12:17.
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Originally posted by jack90210 View PostProperty must be a new build and less than €500k also. Must have at least a 70% mortgage too.
No new builds therePeople say I should be more humble I hope they understand, they don't listen when you mumble
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Originally posted by DeadParrot View PostCheers for the advice all.
Yeah no other siblings and MIL passed away a few years back.
Yeah 6-12 month thing is a stumbling block alright. I've a fairly sizable 3 bed apartment rented so maybe no a huge issue. My missus seems to be of the opinion we decide to move, and presto 2 weeks later we have a houseOriginally posted by DeadParrot View PostI'm pleased that you think I'll be pushing 40 in 6 or 7 years
Ah look, the fella is on his own, there are no other siblings and he's visibly wilting on his own. I'd have to be some fucking cunt to be against this. It was my idea, the hardest part was convincing him.
Of course there are challenges but it's also a chance to pay a bit back and it's nice to be able to do it before it's too late. It's also an example I hope sticks with my daughter when my own time comes! I still remember my grandmother living with us for 6 months before she got too unwell and had to go to a nursing home and died. It's a precious treasured memory tbh.‘IF YOU had not committed great sins, God would not have sent a punishment like me upon you.” Genghis Khan
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Originally posted by DeadParrot View PostI'm pleased that you think I'll be pushing 40 in 6 or 7 years
Ah look, the fella is on his own, there are no other siblings and he's visibly wilting on his own. I'd have to be some fucking cunt to be against this. It was my idea, the hardest part was convincing him.
Sure, fair play to you. I wouldn't do it myself!"We are not Europeans. Those people on the continent are freaks."
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Originally posted by jack90210 View PostProperty must be a new build and less than €500k also. Must have at least a 70% mortgage too.
All the extras like installed floors, kitchen, mature garden etc etc and the smaller pool of potential buyers overrides the 5% saving upto 20k imo
People rarely get back more than 50% of what they spend making a house into a home I'd say.‘IF YOU had not committed great sins, God would not have sent a punishment like me upon you.” Genghis Khan
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Originally posted by Keane View PostHas anyone watched Sense8? I just saw it mentioned on Twitter and see that the writers/directors of the Matrix are involved along with the creator of Babylon 5. Seems to have good reviews also...
Originally posted by DeadParrot View Postah that reminds me, I had a question.
I'm in the process of getting our shit together to buy a house.
As Mrs DP's dad is on his own, we were planning on selling that house and using the money + whatever we borrow to get somewhere where we can all live together. Aside from the culture shock of have a 70odd yr old housemate, I'm all for this as he's pretty isolated at the moment.
I'm not sure how to go about it in such a way that wont cost us all a bomb in tax and mess up first time buyers stuff as well.
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Originally posted by V for Vendetta View PostGood point Jack! You'd think I'd have remembered that considering it was the reason I didn't take advantage myself. I honestly think you get the FTB 20k back in savings on a second hand purchase anyway.
All the extras like installed floors, kitchen, mature garden etc etc and the smaller pool of potential buyers overrides the 5% saving upto 20k imo
People rarely get back more than 50% of what they spend making a house into a home I'd say.
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Originally posted by Hitchhiker's Guide To... View PostAh this is part of your typical meandering argument style. I post a general chart about the market reaction to a news event and you through a series of convoluted arguments end up arguing that its not valid as a professional trader would not use that chart to trade. Who the fck said 'hey traders you should trade on this'. Its a news story not professional trading advice. And markets falling 2% or so whenever a president speaks is definitely a news story. Hence why every financial news organisation, both popular and professional, finds it noteworthy.
You got excited because it confirmed your belief that Trump is setting fire to US markets. It's 1%, negligible, and mostly recovered before markets opened. The chart is a joke, it's pure click-bait, it's impossible to discern anything useful from it, no one trying to get an accurate view is looking at anything like that. This is what people who aren't relying on clicks post on twitter
We've both made our predictions about how successful the stable genius is going to be in this trade war, no need in wasting energy in the initial ebbs and flows, just wait for it to play out.
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Originally posted by V for Vendetta View PostGood point Jack! You'd think I'd have remembered that considering it was the reason I didn't take advantage myself. I honestly think you get the FTB 20k back in savings on a second hand purchase anyway.
All the extras like installed floors, kitchen, mature garden etc etc and the smaller pool of potential buyers overrides the 5% saving upto 20k imo
People rarely get back more than 50% of what they spend making a house into a home I'd say.
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Originally posted by Denny Crane View Post
We've both made our predictions about how successful the stable genius is going to be in this trade war, no need in wasting energy in the initial ebbs and flows, just wait for it to play out.
Not just a superficial win as Hitch alluded to earlier - a genuinely substantive win.
Conversely I'd love to know what Hitch and you think a loss looks like for Trump.You are technically correct...the best kind of correct
World Record Holder for Long Distance Soul Reads: May 7th 2011
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Originally posted by Keane View PostI think it was fairly well documented that the average price of new builds increased by 20% overnight when this scheme was rolled out?
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Originally posted by brady23 View PostI made a similar point to someone looking to avail of HTB recently. I imagine if you did a comparison of cost per sqft of new builds vs 2nd hand homes with controls for variables making certain houses more attractive such as BER etc that new houses surely have approx 20% premium over 2nd hand homes.
We looked around a lot before buying new and everything was either a) wrecked b) out of touch with the market or c) both! And this is in Waterford.May you live in interesting times!
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Originally posted by bp_me View PostYou might be right... but anecdotally you will need to spend a lot of that 20% to bring the s/h house up to the standard of the new house you could have bought.
We looked around a lot before buying new and everything was either a) wrecked b) out of touch with the market or c) both! And this is in Waterford.
I agree and I'm not necessarily back-tracking but I do think that premium is certainly more evident in some areas.
It's relative though.
As an example GF's bro bought a house recently in Waterford, house lists at 80kish and sells for 120k.
He maximises the limit of the extension for 400 sqft taking total cost to 160k, house up to 1000sqft five mins drive from motorway.
GF and I viewing some new builds out near Tramore similar size, next phase will be 210-220k.
50-60k isn't a lot of money per se but 25%+ in effective cost is big.
I'm not saying that's the case every time and there is certainly some intangible benefits of a new house but the premium is certainly there.
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...Last edited by Hitchhiker's Guide To...; 06-04-18, 13:59."We're not f*cking Burundi" - Big Phil
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Originally posted by brady23 View PostAs an example GF's bro bought a house recently in Waterford, house lists at 80kish and sells for 120k.
He maximises the limit of the extension for 400 sqft taking total cost to 160k, house up to 1000sqft five mins drive from motorway.
GF and I viewing some new builds out near Tramore similar size, next phase will be 210-220k.
50-60k isn't a lot of money per se but 25%+ in effective cost is big.
I'm not saying that's the case every time and there is certainly some intangible benefits of a new house but the premium is certainly there.
but remember that new build will be A2 rated BER. The cost to do that to an older house would be insane (probably another 20k-40k just pulling numbers out of my backside... might be a lot more).
Im guessing for 80k that he bought somewhere around the top of the city... most of those houses are heading on (or well past) 100 years old which presents all sorts of fun and unique challenges. It's also probably mid-terrace vs a semi-d that you are looking at in tramore. Also for some reason tramore typically asks about a 5-10% premium on city prices.
Then there's the stuff that's hard to quantify but actually important. Things like an ensuite or consideration given to where a wardrobe will go. These make a huge difference to the practicality of a house but it's stuff you don't actually notice is missing until you spend a while living without it.
Also new build prices are distorted by first time buyers help to buy scheme which further throws the numbers out.May you live in interesting times!
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Originally posted by bp_me View PostAlso new build prices are distorted by first time buyers help to buy scheme which further throws the numbers out.
I think the premium even controlling for the benefits such as BER as well as those more intangibles is close to 20%.
Either way we'd be splitting hairs as value with houses is so perceptive.
My point to that person I was chatting to was in the situation whereby if you buy a new house while primarily competing with FTB using HTB scheme that you're immediately technically entering into negative equity.
If you decided to immediately sell the house for example you lose a huge portion of potential buyers and although it's obviously purely hypothetical you would probably fail to recoup the full purchase price.
That would in essence truly determine the incentives premiumLast edited by Guest; 06-04-18, 14:53.
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The way you win a trade was is by not taking part: https://mobile.nytimes.com/2018/03/0...rade-wars.html
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Originally posted by Hitchhiker's Guide To... View PostThat photo of the two lads from Malone rugby
Whats the point of the trophy?People say I should be more humble I hope they understand, they don't listen when you mumble
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Originally posted by Ed View PostHolloway out of UFC main event tomorrow, some week they're having
Hope Khabib calls out and trolls conor big time now.
Well at least we still have Rose Vs Joanna thats a fight ive been looking forward to with a long time.
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Originally posted by Hooch View PostMedically unfit, really has turned into a joke week.
Hope Khabib calls out and trolls conor big time now.
Well at least we still have Rose Vs Joanna thats a fight ive been looking forward to with a long time.
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Originally posted by Ed View PostIf that Pettis fight happens it'll be painful watching but there's definitely some good fights left, the Felder Iaquinta one will be interesting
Im personally looking forward to the 3 women fights look great on paper and Iaguinta Vs Felder should be a cracker, but all the drama with the main event has turned it into a circus. Think ill be cheering on Felder hes kinda won me over with his commentating skills.
Edit: not sure Felder fights Iaguinta now
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Originally posted by Hooch View PostNot bizarre at all, they see it as a saftey concern that the skill gap is to big and that he will get seriously hurt.
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Originally posted by jack90210 View PostHe has 10 UFC fights under his belt including 7 wins. You do know the rankings have no meaning? "Rankings were generated by a voting panel made up of media members. The media members were asked to vote for who they feel are the top fighters in the UFC by weight-class and pound-for-pound."
Would be shocked if the NYSAC knew any of that
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Originally posted by jack90210 View PostHe has 10 UFC fights under his belt including 7 wins. You do know the rankings have no meaning? "Rankings were generated by a voting panel made up of media members. The media members were asked to vote for who they feel are the top fighters in the UFC by weight-class and pound-for-pound."
His 3 losses are more significant.
He lost to Pearson#36 Trinaldo#15 and Barboza#4
Pearson then lost to Trinaldo who then went and got beat by Vick#12, won against Miller #17 and lost to lee#7.
Barbozas last two losses are against Ferguson#1 and Khabib#2.
So if the NYSAC look into these things themselves, im sure they see a big skill difference/gap hence the decision. Just my 2 cent.
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Originally posted by oleras View PostI see a pattern emerging...
Completely forgot about the New Model Army tickets for this day week. Do you know of anyone that would use them, FOC. I would need to be posting them by Monday. If not i will stick them on a fan forum for free.Originally posted by shrapnel View Posti'll ask around this morning and will let you know by lunchtime!!
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Originally posted by shrapnel View PostForgot to get back to you on this earlier, but unfortunately no takers,but thanks for the offer, looks like a great concert/experience in a great hallThis too shall pass.
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Originally posted by brady23 View PostThat's what I was saying, the premium is caused primarily due to the incentives.
I think the premium even controlling for the benefits such as BER as well as those more intangibles is close to 20%.
Either way we'd be splitting hairs as value with houses is so perceptive.
My point to that person I was chatting to was in the situation whereby if you buy a new house while primarily competing with FTB using HTB scheme that you're immediately technically entering into negative equity.
If you decided to immediately sell the house for example you lose a huge portion of potential buyers and although it's obviously purely hypothetical you would probably fail to recoup the full purchase price.
That would in essence truly determine the incentives premium
Also I note that while there is planning granted for 60 more houses immediately behind me for about 6 months now there isn't a hint of ground works which means it's at least 12 months before any more houses are handed over here after the current phase finishes.May you live in interesting times!
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Originally posted by Hooch View PostFelders top ranked opponent that he beat was Oliverira at #25.
His 3 losses are more significant.
He lost to Pearson#36 Trinaldo#15 and Barboza#4
Pearson then lost to Trinaldo who then went and got beat by Vick#12, won against Miller #17 and lost to lee#7.
Barbozas last two losses are against Ferguson#1 and Khabib#2.
So if the NYSAC look into these things themselves, im sure they see a big skill difference/gap hence the decision. Just my 2 cent.
That been said Felder was unranked in UFC rankings and Al laquinta who now got the fight is ranked 11. In MMA Junkie rankings they have Al Laquinta 13 and Felder 15.
Al laquinta has got the fight over Felder who everyone would have preferred as he hit championship weight. Felder is now left without a fight totally because of this bizarre decision.
NYSAC are noobs when it comes to MMA and it shows, would have been allowed in Nevada or California without even been questioned.
Demetrious Johnson the widely regarded pound for pound best in UFC faced unranked 2-5 in UFC Tim Elliot in December 2016 in Vegas. Elliot went full 25 mins.
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Originally posted by Hitchhiker's Guide To... View PostHave a health question.
Someone my mum knows went to the doctor with pains in chest. Its an ongoing on-again off-again thing. Doc said it's anxiety and go and see a therapist. He's convinced it's an actual heart thing. What does he do in that situation. There's no emergency here he thinks, so A&E wouldn't be appropriate. Can you just go somewhere and be hooked up to an ECG to verify you're fine without a doctor referral? Presumably it would be somewhere private if so. Anyone any ideas?You are technically correct...the best kind of correct
World Record Holder for Long Distance Soul Reads: May 7th 2011
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