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My name on the mortgage?

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  • 17-09-2008 9:10am
    #1
    THE STUNNING
    Closed Accounts Posts: 4 ✭


    Hi,
    My boyfriend are waiting to see if we've been granted planning permission to build a house on land given to him by his parents. Next step is the mortgage but there's a prob! It turns out that unless my name is on the land the mortgage can only have his name on it? If he was to sign over half the land to me it would involve a LOT of extra tax. I intend on paying half the mortgage but that now seems unfair as I would have nothing legal in my name! We do intend on getting married in the future and once we have been married for three years my name can go on the mortgage but as we all know these things do not always work out! He's a good guy but you just never know if things could turn nasty should we break up!

    Any advice or insights?


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    #2
    Dammer
    Registered Users Posts: 343 ✭✭Dammer


    My Sister was in the exact same situation about 5 years ago

    Her boyfriend got some land from his parents and they intended to build a house on it. At the time they were engaged. This did not mean anything to the Taxman :mad: In the current climate, don't expect any favours....

    In the end, to get her name on the land she had to pay approx €7k in Stamp duty. My mother insisted on it, as it was the only way at the time to get her name on the title.

    On the plus side their mortage is only about €100K now, they got to build their dream home and as it is a Timber frame, it is much warmer. Maybe this will help offset the initial pain in paying more Tax on it.

    The only way around it I think is to get married before the land is transferred to him. I realy don't think there is another way around it, unless you can make some legal agreement with your other half prior to building.

    Good luck :)


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    #3
    dan_d
    Closed Accounts Posts: 2,819 ✭✭✭dan_d


    You can get a co-ownership agreement drawn up when you get a mortgage for a house stating how things are to be divided if it all goes wrong, and you're not married.I would probably think you should get something along these lines drawn up when you talk to your solicitor about the mortgage, and include clauses about this in it. The solicitor will give you exact advice, but I shouldn't think it'll be too much hassle. I do think it becomes void if or when you marry though.


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    dan_d wrote: »
    You can get a co-ownership agreement drawn up when you get a mortgage for a house stating how things are to be divided if it all goes wrong, and you're not married.I would probably think you should get something along these lines drawn up when you talk to your solicitor about the mortgage, and include clauses about this in it. The solicitor will give you exact advice, but I shouldn't think it'll be too much hassle. I do think it becomes void if or when you marry though.

    While you can do this- it is an understanding between 2 parties, and is not recognised in law (despite the fact that its drawn up by solicitors etc). If you want to be legally recognised as the co-owner of the property, and are not married, you have to bite the bullet and pay whatever stamp duty might be applicable to the Revenue Commissioners.

    If you have any doubts whatsoever about the transaction- do not go ahead......


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