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Legal Fees for Property Ownership Change

DAZZ83 · 2011-03-09 22:31:09

Hello, my fiances mother is signing her house over to her now while she is still alive so we can build an extension onto the existing house allowing us to live there, along with her mother...we are wondering how much the legel fees should cost for simply signing over the house to my finance..also will there be any other…

09-03-2011 10:31pm

#1

DAZZ83

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Hello, my fiances mother is signing her house over to her now while she is still alive so we can build an extension onto the existing house allowing us to live there, along with her mother...we are wondering how much the legel fees should cost for simply signing over the house to my finance..also will there be any other fees incurred ie inheritance tax etc..thanking you all in advance

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#2 10-03-2011 9:30am

djpbarry

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Moved from Postgraduates.

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#3 10-03-2011 12:01pm

johnfás

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We don't give any legal advice on this forum but we do discuss legal issues.

When conveying a house as a gift between a parent and child there are alot of issues to consider. Gift tax is applicable where the value of gifts from a parent to a child exceeds a certain threshold. The thresholds have been reduced quite considerably over successive budgets in recent times.The current threshold is €332,084. Therefore, if a property transferred from a parent to a child was valued at €432,084 they would have received a gift worth €100,000 in excess of the threshold and would be liable to capital acquisitions tax of 25%. Therefore they would have to pay €25,000 CAT on the transaction. It is important to note that gifts are aggregated over the lifetime of the donor so if substantial gifts have been granted by the donor parent, or indeed the other parent, in the past this is likely to have an effect on the thresholds - i.e. more tax will be payable if other gifts have been received in the past.

Stamp duty may arise and the level of stamp duty is dependent on a number of issues such as whether the property is still mortgaged and who will be paying the mortgage following the transfer of the asset.

There is some discussion on this thread regarding fees http://www.boards.ie/vbulletin/showthread.php?t=2056105543. In any case you will certainly need to talk to a solicitor because as you can see above the costs which your fiance will incur are dependent on several variables that would need to be considered by your solicitor. Ask for a few quotes when considering your solicitor - it is a buyers market at present.

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