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stamp duty for couple (but only one 1st time buyer)

  • 10-10-2007 2:47pm
    #1
    hunnymonster
    Registered Users, Registered Users 2 Posts: 5,365 ✭✭✭


    Hi Folks,
    I'm sure this question must have been asked and ansered before but I couldn't find it in a search.

    If a couple want to buy a house and one half has already owned property but the other is a first time buyer, what are the implications for stamp duty? I've heard rumours (probably of the urban myth variety) that the 1st time buyer can "buy" the house and the other half gets a kind of "pre-nup" in case they split?


Comments

  • #2
    mathie
    Registered Users, Registered Users 2 Posts: 5,103 ✭✭✭mathie


    Is it new / old?
    Whats the square footage?

    If its new and under a certain size (125 sq metres?) its stamp duty free :)


  • #3
    juke
    Registered Users, Registered Users 2 Posts: 1,673 ✭✭✭juke


    If you buy jointly, then full stamp duty must be paid.

    If you buy in the name of the ftb, you would need to ensure a good agreement is in place.

    The difficulty is the mortgage. If you get a joint mortgage, (and the bank have to agree that the ftb will be sole legal owner), revenue have stated full stamp duty is still payable, as the the non ftb is also contributing to the payments of the mortgage.

    technically, then, the non ftb also can't be on the mortgage, which would likely lower the amount you can borrow.:mad:

    Check out revenue.ie, leaflets and guides, for individuals, stamp duty, first time buyers faq july 2007


  • #4
    Glenbhoy
    Registered Users, Registered Users 2 Posts: 1,853 ✭✭✭Glenbhoy


    See this thread:
    http://www.askaboutmoney.com/showthread.php?t=57231

    particularly the later pages, basically, you will not be able to avail of any exemptions unless it is a new build.


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