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Property trransfer of title query ?

  • 19-08-2012 11:40AM
    #1
    Darsad
    Registered Users, Registered Users 2 Posts: 679 ✭✭✭


    This has prob been asked before so apologies if I am duplicating !
    My father is living on his own and was looking to down size and as a result the family home has been for sale for some time with no luck thus far.
    As a result I might look at selling my smaller house and my family move in with my dad taking out a new mortgage to pay my three siblings their share of the family property with my dad staying put .
    So to my question/s in such a scenario would I get a mortgage if the property remained in my parents name ( no mortgage outstanding ) Do I need to transfer title to my name or could my dad simply leave the property to me and my wife in his will . If I transfer title am I liable for stamp duty. what would be the most efficient / effective way to process such a scenario from a cost point of view . Many thanks for any opinions/ advice .


Comments

  • #2
    234
    Registered Users, Registered Users 2 Posts: 1,529 ✭✭✭234


    Those are all very specific questions with serious implications so you should go see a solicitor. The charter prohibits legal advice.


  • #3
    Darsad
    Registered Users, Registered Users 2 Posts: 679 ✭✭✭Darsad


    234 wrote: »
    Those are all very specific questions with serious implications so you should go see a solicitor. The charter prohibits legal advice.
    Tks I fully intend to go see a solicitor would just like to know what the possible options available would be , forewarned is forewarned as they say !


  • #4
    nuac
    Registered Users, Registered Users 2 Posts: 6,769 ✭✭✭nuac


    In fairness what you propose has it's complications.

    If one started a post advising on same, could be here all afternoon

    As advised talk to a solicitor


  • #5
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,768 ✭✭✭✭Marcusm


    You and your dad will likely need separate solicitors.

    Finance provider will likely want title to bein the name of the borrower or guarantor (eg your dad). As he is not working,I doubt he'd meet the income requirements for a mortgage.

    It's not sufficient to rely on a will written nw, it can be changed.

    I believe stamp duty On a sale from parent to child is at half usual rate.

    In summary, you borrow to buy whole house perhaps at a discount I f you anticipate permitting him to live there. Make sure he's advised separately and that your siblings don't feel they're being diddled (doesn't sound like it).


  • #6
    Victor
    Registered Users, Registered Users 2 Posts: 78,652 ✭✭✭✭Victor


    Darsad wrote: »
    As a result I might look at selling my smaller house and my family move in with my dad taking out a new mortgage to pay my three siblings their share of the family property with my dad staying put
    Are you/they making an assumption of inheritance?

    If I may ask, I realise it may seem insensitive, but has your mother passed away?
    So to my question/s in such a scenario would I get a mortgage if the property remained in my parents name ( no mortgage outstanding ) Do I need to transfer title to my name or could my dad simply leave the property to me and my wife in his will .
    Anything is possible, but may not be practical. Banks will only tend to give you a loan on something you own.
    If I transfer title am I liable for stamp duty.
    Yes, but only 1%, I think.
    what would be the most efficient / effective way to process such a scenario from a cost point of view . Many thanks for any opinions/ advice .
    There are too many permutations for a once size fits all answer. You need to get advice, in particular on how the banks will view the transaction(s).


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