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Joint Mortgage/Sole Title

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  • 11-03-2012 4:23pm
    #1
    DAT64
    Registered Users Posts: 67 ✭✭


    Hi all,

    I was wondering has anyone recently got approval for Joint Mortgage, Sole Title???
    We are FTB looking to build on a site that has been gifted to my boyfriend by his parents, but the bank want us to have title passed to both names, which will have a tax liability for me!

    Any help would be great thanks.


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    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    DAT64 wrote: »
    Hi all,

    I was wondering has anyone recently got approval for Joint Mortgage, Sole Title???
    We are FTB looking to build on a site that has been gifted to my boyfriend by his parents, but the bank want us to have title passed to both names, which will have a tax liability for me!

    Any help would be great thanks.

    It will really depend on what lender you're with as some banks are more open to offering joint mortgage/sole title than others. I'd suggest appealing it with them again and mention that it's your intention to get married further down the road at which time you'll transfer title to joint names. Some banks just don't like to assist people to avoid tax...


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    #3
    rosehip
    Closed Accounts Posts: 166 ✭✭rosehip


    DAT64,

    If you go to the revenue site and look under the CAT (Capital Acquisitions Tax) you will see that there is a proviso made for your situation. Just look under gift of site. You should not be liable. It mentions wife/husband but partner should also be included.

    Regards,
    Rose


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    #4
    rodneytrotter15
    Registered Users Posts: 408 ✭✭rodneytrotter15


    It's really easy. I asked the bank about it when buying our house. I had a house prior to this and would have been caught for stamp duty. You solicitor should be able to facilitate it, mine did no problem.


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    #5
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    rodneytrotter15 wrote: »
    It's really easy. I asked the bank about it when buying our house. I had a house prior to this and would have been caught for stamp duty. You solicitor should be able to facilitate it, mine did no problem.

    Your solicitor can't register the title in either party's sole name without the agreement of the Bank. By the sounds of it you did this a few years ago (stamp duty implications?). Banks have changed their stance on this issue, some lenders are happy to allow it & some are not.


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    #6
    DAT64
    Registered Users Posts: 67 ✭✭DAT64


    Thanks everyone.
    We have approval for the funds but the title is the issue. They have changed their policy and will rarely do joint mtg/sole title apparently. We are appealing the decision through our solicitor hopefully it will turnaround for us. Thanks for the advise Killers. May have to go to another bank.

    Rosehip can you give me a link to that info i have browsed revenue website but cant locate the info you are referring to.


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    #7
    rosehip
    Closed Accounts Posts: 166 ✭✭rosehip


    http://www.revenue.ie/en/tax/cat/guide/gift-splitting.html


    Tell the truth ... you didn't look :D


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    #8
    DAT64
    Registered Users Posts: 67 ✭✭DAT64


    rosehip wrote: »
    http://www.revenue.ie/en/tax/cat/guide/gift-splitting.html


    Tell the truth ... you didn't look :D

    :D I did i promise!!
    Thanks so much, I'm not sure that I would be classed as his civil partner though, but i'll show my solicitor, thanks again :)


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    #9
    rosehip
    Closed Accounts Posts: 166 ✭✭rosehip


    You're very welcome. Hope it helps BUT - a word of caution - your solicitor should know this - the Capital Acquisitions Act would be relevant to property purchases, transfers, conveyancing and estate planning, ie disposing of property legally to avoid tax after death etc -

    So if they don't know the basics OR how to ring revenue and it's dedicated CAT section and ask a question .... i would be worried.


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