law

Budget 2011: Stamp Duty Changes

Budget 2011: Stamp Duty Changes

In yesterdays budget Stamp Duty on residential property has been completely reformed and simplified. Stamp duty has been reduced to a flat rate of 1% on property values up to €1 million and 2% on any amounts over €1 million. There will no longer be…
Sale price database: Will it provide much needed transparency?

Sale price database: Will it provide much needed transparency?

Sale price database: Will it provide much needed transparency?Minister for Justice Dermot Ahern announced earlier this week the long awaited initiation of a property sale price database that will be used to monitor market trends, house prices and ultimately create much-needed transparency in the property market. “I am very aware of the need for reliable and up-to-date data on house prices and other property,” he said.

Although the news has been welcomed by many organisations and agents who say the planned database would be of benefit to individual buyers and sellers as well as to agents and would provide an accurate picture of the market, the news has been met with mixed feelings by…

Property Market Clarity: Sale Price Database initiated

Property Market Clarity: Sale Price Database initiated

 Property Market Clarity: Sale Price Database initiated Justice Minister Dermot Ahern announced yesterday that under new legislation a database of property sales prices for both residential and commercial property is to be set up and made available to the public in order to (finally) provide transparency about what is going on in the housing market. The news has been welcomed by many organizations, agents and punters saying the planned database would bring much-needed and overdue clarity to the property market.

The responsibility for publishing the data will fall on the…

Household Waste: What’s with illegal dumping?

Household Waste: What’s with illegal dumping?

Household waste: What’s with illegal dumping?In a time when our economy is fairly broke and grasping at straws the last thing we need is a bill for illegal dumping totally €36 million – however it serves us right.

Between 2002 and 2004 some 250,000 tonnes of Irish domestic and commercial waste is believed to have been illegally dumped at 20 identified sites in Northern Ireland. To avoid large fines from the European commission, Environment Ministers from both sides of the border have agreed to “repatriate” the waste over a 5-year period to the Republic. More than 70 prosecutions involving the illegal dumping of waste from the South have already been taken by the Northern Ireland authorities, 4 landowners have received prison sentences for allowing Irish waste to be dumped on their lands and fines totaling about £800,000 (€965,000) have also been imposed.

While we are now taking responsibility, how did we allow the illegal dumping happen in the first place?

Property Tax: The never-ending story

Property Tax: The never-ending story

Property Tax: The never-ending storyCan we blog any more on property tax… yes we can! The subject of whether or not to introduce a property tax seems to be an on going and endless topic of conversation. Appearing in the paper again today ahead of this Wednesdays budgetary talks it now seems that a Property Tax is not on the agenda for the next budget – hip hip hooray!

Not even two weeks ago Taoiseach Brian Cowen told the Government that he had made no ‘Yes’ of ‘No’ decision on whether or not to introduce a property tax in the next budget BUT it now seems that the Government has ‘signaled’ such a tax will not form part of the next budget;

The Irish Planning Permission Process: Makes no logical sense?

The Irish Planning Permission Process: Makes no logical sense?

The Irish Planning Permission Process: Makes no logical sense? During the week Mr. Justice Edwards ruled, with ‘very great regret’ against a couple in County Meath and agreed that the local County Council were entitled to a demolition order for their two-storey home, which was built without planning permission.

Their house, which they have lived in since December 2006, is 6,229sq.ft house; more than twice the size of a previous planning application submitted by the couple for which permission was refused. The couple, who have three children, had been refused planning permission for a number of different sites and gave a sworn statement that they had become ‘totally frustrated’ with the planning process and went ahead with the building of the property.

Tough new rules for mortgage lenders

Tough new rules for mortgage lenders

Tough new rules for mortgage lendersIt is hard to believe but true that Ireland is one of the few countries in Europe where there are no rules limiting the overall debts that a household can accumulate – BUT that’s all about to change. Yesterday the Financial Regulator unveiled a sweep a new measures to put manners on Ireland’s financial institutions as part of a major clampdown on bank lending.

Regulators will now be keeping a very close eye on all lending by banks to households and potential homeowners will now find it even more difficult to get their hands a mortgage as tough new rules will make remove the ease of getting one that was there during the boom times.

Negative equity loans to be made available

Negative equity loans to be made available

Negative equity loans to be made availableThe idea of the negative equity mortgage for homeowners has raised its head and many lenders are planning to latch onto the controversial idea namely; Irish Nationwide, Bank of Ireland, Permanent TSB along with one or two others.

Currently if you are in negative equity it means that you cannot up sticks and sell your house. But under this new deal it would allow you take the negative equity portion of your current mortgage on to a new one when you move house.

Pros?

  • Supposedly it could help boost the slumped property market and provide a “lifeline” to those trapped in a location where they no longer want to live.

Cons?

Electricity Bills May Rise Over Levy

Electricity Bills May Rise Over Levy

Electricity bills may rise over levySurprise surprise but another household bill may just be on the rise again in the not so distant future. This time round our electricity bill is set to get slapped with an extra €40 a year due to a Government proposal to pay for green energy incentives and support of peat-fired power plants.

As it said in the papers every year the Commission for Energy Regulation imposes a public service charge on all electricity users to pay for incentives for renewable energy and to support peat-fired power plants.

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