House Deeds / Mortage advise needed please

Coogee

Hi all, apologies if posting in wrong forum etc. I require any advise on the following situation please.

I have a property which is in three names - my own name and my two parents. I now require my name to be taken off the deed and revert to just being in my parents name only.

There is a mortgage of approx €30K on the property which is worth approx €200K. I will still be soely responsible for paying this €30K mortgage monthly myself but simply require my name off the house deed. The continued payment of this by me is not an issue at all.

Is this possible? or are there any catches that mean I cannot have my name taken off the house deed while there is a mortgage outstanding?

Any advise would be much appreciated. Thanks a lot.

boAds_user

Coogee wrote: »

Hi all, apologies if posting in wrong forum etc. I require any advise on the following situation please.

I have a property which is in three names - my own name and my two parents. I now require my name to be taken off the deed and revert to just being in my parents name only.

There is a mortgage of approx €30K on the property which is worth approx €200K. I will still be soely responsible for paying this €30K mortgage monthly myself but simply require my name off the house deed. The continued payment of this by me is not an issue at all.

Is this possible? or are there any catches that mean I cannot have my name taken off the house deed while there is a mortgage outstanding?

Any advise would be much appreciated. Thanks a lot.

Who's name is the current mortgage loan in?
All 3 of you are on the title? but are 3 on the loan?

not even wrong

You own one third of the house so you are effectively making a gift of €66,666 => €33,333 to each parent. This is just above the €33,208 threshold for capital acquisitions tax on gifts to parents so there is potentially a tax liability here, seek professional advice.