Deeds of house

channaigh

Can anyone tell me how much it costs to change name on deeds of a house?

the_syco

Is the mortgage fully paid off?

channaigh

There is no mortgage on the house

the_syco

Maybe €50 ? Dunno. See if one of these forms is what you need: http://www.landregistry.ie/eng/News/News_2007-2008/Registry_of_Deeds_Forms_.html

Fol20

It will cost much more than that. Sure your changing ownership of the house so youl have to pay gift tax

ShadowHearth

Fol20 wrote: »

It will cost much more than that. Sure your changing ownership of the house so youl have to pay gift tax

Gift tax? I am not being smart here, but is there really a fecking gift tax?!?!?!

the_syco

Fol20 wrote: »

It will cost much more than that. Sure your changing ownership of the house so youl have to pay gift tax

Hrm. It wonder does it depend on whether the property is changing hands, or if the name on the deeds is being changed due to marriage/divorce/etc?

bath handle

ShadowHearth wrote: »

Fol20 wrote: »

It will cost much more than that. Sure your changing ownership of the house so youl have to pay gift tax

Gift tax? I am not being smart here, but is there really a fecking gift tax?!?!?!

It is formally styled Capital Acquisitions Tax.

channaigh

hi thanks for replies story is mothers partner is giving me his house. Now it's need of total refurb he said to just give him a token like a tenner and then pay for solictor to change name on deeds. He lives in different part of country to house and is just to old to be dealing with it. Was recently broken into so I think he just not able for it anymore

the_syco

channaigh wrote: »

hi thanks for replies story is mothers partner is giving me his house.

Pretty sure gift tax applies in that case. Maybe leave it looking like hell when the assessor comes out to assess the house to tell you how much it's worth, and how much tax you must pay.

dearg lady

ok, there's 3 potential issues that I can see here, Capital Gains Tax, Capital Acqusitions Tax, and Stamp Duty. I'm not sure how much detail I can go into here, you might be better off gettin professional advice.

Fol20

You won't be able to get the house for a token amount of 10e and if you did you'd be screwed in tax if you ever wanted to sell it again

what you should do is get a ea who knows your situation to evaluate your house. He will then gift you this amount. I'm not sure what the story is with your in laws giving you something but if it's a parent to a child, you have a threshold of a few hundred k. Hope this helps

channaigh

Hi thanks for the replies a lot of info to try and get head around. just wondering does anyone know if I was to put my name on the deeds and keep my mothers partners name on it what would be the tax implications then, or do I just have to pay to get my name on to the deeds. Hope I'm explaining myself properly

dearg lady

channaigh wrote: »

Hi thanks for the replies a lot of info to try and get head around. just wondering does anyone know if I was to put my name on the deeds and keep my mothers partners name on it what would be the tax implications then, or do I just have to pay to get my name on to the deeds. Hope I'm explaining myself properly

I'm not sure about this, but I would imagine it would depend on what % of the house is being gifted to you, eg, you now own half the house, your mums partner retains half. The same taxes would apply but it would apply only to the part that has been gifted, ie 50%.

dazed+confused

You will still be liable for most of the solicitors stanard conveyancy fee.

I wouldn't be at all surprised if this came in at €500-€800.

I know a guy whose grandad sold him him house at one third of its value and they ran into huge legal problems because the valuation and the sale price did not match up.

The grandson had to prove that he was not trying to take advantage of his grandad by buying the house at a reduced price.

channaigh

I thought that. I don't mind having to pay the tax there's no way around it it seems but I don't have that kind of money. Plan was just to clear it out paint it and put it up for sale for around 60 to 70k. Nothing ever easy.

dazed+confused

Clear it out, paint it and sell it without transferring it into name your at all.

You could split the proceeds with your mother's partner or whatever.

knotknowbody

Fol20 wrote: »

Y I'm not sure what the story is with your in laws giving you something but if it's a parent to a child, you have a threshold of a few hundred k. Hope this helps

What if the mothers partner gifted the house to the OP's mother and she in turn then gifted it to the OP, I know the threshold between a parent and child is pretty high but what about between partners. Obviously this might look suspect so maybe not worth the hassle and suspicion it would raise.