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Transfer of Deeds from single person to joint deed

  • 10-01-2010 9:27pm
    #1
    Nelbert
    Registered Users, Registered Users 2 Posts: 1,341 ✭✭✭


    Hi,
    I'm hoping someone may know the answer to this.
    If my girlfriend has a property in her name what sort of legal and revenue implications are involved in transferring the deeds into our joint name when we are married? She has the property a few years and got it as a first time buyer, I also have another property for a number of years. We will be using her house as our principal residence and will be sharing the mortgage payments.
    Does stamp duty apply when you transferring names on deeds without any money changing hands? I won't be paying but we would then look to change the mortgage over to reflect co-ownership and co-paying?
    Where do we stand legally and revenue wise? Any help or previous experiences is greatly appreciated.


Comments

  • #2
    dermot_sheehan
    Closed Accounts Posts: 2,062 ✭✭✭dermot_sheehan


    It's exempt from capital acquisitions tax and stamp duty if you're transferring a property to your spouse.


  • #3
    Laura79
    Closed Accounts Posts: 12 ✭Laura79


    But, if she owns the property as a FTB and transfers to you within 2 years of the purchase, a clawback on stamp duty will occur, so you may be liable for stamp duty.


  • #4
    maidhc
    Registered Users, Registered Users 2 Posts: 7,722 ✭✭✭maidhc


    Laura79 wrote: »
    But, if she owns the property as a FTB and transfers to you within 2 years of the purchase, a clawback on stamp duty will occur, so you may be liable for stamp duty.

    Not if a transfer into joint names where both parties are married.


  • #5
    Laura79
    Closed Accounts Posts: 12 ✭Laura79


    Unfortunately the Revenue reserve judgement until they see the transfer - I have seen opinions saying that any transfer for less than full value within 2 years of purchase, even between spouses, will trigger a clawback. Unfair, but that is what the Revenue site also advises.


  • #6
    maidhc
    Registered Users, Registered Users 2 Posts: 7,722 ✭✭✭maidhc


    Laura79 wrote: »
    Unfortunately the Revenue reserve judgement until they see the transfer - I have seen opinions saying that any transfer for less than full value within 2 years of purchase, even between spouses, will trigger a clawback. Unfair, but that is what the Revenue site also advises.

    Don't see how the Revenue can have a say when they have never needed to get sight of the deed. It did not need adjudication, nor did it need to be PDd.

    Not sure how it might be dealt with under the new self assessment regime... but this still applies I assume:
    http://www.irishstatutebook.ie/1976/en/act/pub/0027/sec0014.html#zza27y1976s14


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