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Transferring House into Joint names

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  • 09-06-2007 6:29pm
    #1
    dolles
    Registered Users Posts: 13 ✭


    I want to buy into a house owned by my partner, which he bought before we meet. He borrowed the deposit for the house from his parents and has re-payed them back half of the loan now. We have agreed that if I pay his parents the remainder of what he owes from my savings then we can transfer the house and mortage into joint names. I know we'll have to go a solicitor to arrange all the legal side of things but was wondering if anyone has experience of a similar situation and could let me know whats involved. Is it a lengty or costly process?? any advice would be much appreciated


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    #2
    Victor
    Registered Users Posts: 78,299 ✭✭✭✭Victor


    It can be done, you may have to pay some stamp duty on your share, but I'm not sure. You might want to consider what is the most tax-advantageous way to do it.

    Get advice from your own solicitor (each), but you probably only need one to do the paperwork.

    You will need to consider what happens in the event of a break-up or death. Who inherits and will there be a tax bill.

    Oh, without wishing to presume, you could get married, but that has its own costs. ;)


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    #3
    Iago
    Registered Users Posts: 6,638 ✭✭✭Iago


    we looked into this but it can't be done easily. In effect the owner of the house has to put it up for sale and then both parties buy it. As it's no longer a first time buy you are liable for full stamp duty on the cost of the house that you already own, as well as legal fees etc.

    In the end we decided to just leave it as is, it makes no real difference to either of us and when we decide we need a bigger place we'll buy it between us then.


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