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Cost of getting my site registered in my boyfriend's name

  • 31-08-2012 3:49pm
    #1
    GALWAYGIRL27
    Registered Users, Registered Users 2 Posts: 56 ✭✭


    Hi all. I am in the process of applying for a mortgage to build my house. I have a site which is registered in my name. The bank are saying we will need to get the site registered in my boyfriends name also. Does anyone have any ideas on how much this could cost. Thanks.


Comments

  • #2
    mathepac
    Banned (with Prison Access) Posts: 4,991 ✭✭✭mathepac


    Either get married first or consult a tax specialist. If you choose not to get married first then draw up an agreement detailing what happens if the relationship goes tits up in the future - have a look on www.askaboutmoney.com for endless (well almost endless) tragic stories about people who believed that love conquered all.


  • #3
    Outkast_IRE
    Registered Users, Registered Users 2 Posts: 7,516 ✭✭✭Outkast_IRE


    GALWAYGIRL27 wrote: »
    Hi all. I am in the process of applying for a mortgage to build my house. I have a site which is registered in my name. The bank are saying we will need to get the site registered in my boyfriends name also. Does anyone have any ideas on how much this could cost. Thanks.
    Yup honestly , cover yourself here, especially if its your site, get a firm agreement in writing covering yourself if things go tits up. It happens all the time.


  • #4
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    Is this house going to be your house or both your house? (it's not clear from your post). I don't know about the costs but I would seek some legal advice before doing it. You will be (by the sounds of it) gifting your BF half your property, so assuming you are ok with that (I presume you are as you are building a house together, but a solicitor can point out anything you may have overlooked) then you need to see what tax implications there are for your BF upon receiving this gift.


  • #5
    DAT64
    Registered Users, Registered Users 2 Posts: 67 ✭✭DAT64


    GALWAYGIRL27 wrote: »
    Hi all. I am in the process of applying for a mortgage to build my house. I have a site which is registered in my name. The bank are saying we will need to get the site registered in my boyfriends name also. Does anyone have any ideas on how much this could cost. Thanks.

    We recently had to do this for our mortgage. Our total cost for solicitor fees was about E1500 (which included self build mortgage case also) and I had to pay gift tax of about E5-6k as i was a non relative being gifted a site with by boyfriend. Thresholds for gift tax:

    http://www.revenue.ie/en/tax/cat/thresholds.html


  • #6
    the_syco
    Registered Users, Registered Users 2 Posts: 37,316 ✭✭✭✭the_syco


    If it goes tits up, ensure you have a way to get your property back. Have a read of http://www.boards.ie/vbulletin/showthread.php?t=2056733100 of something similar.


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  • #7
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    AIB are still doing joint mortgage/sole title. Of the posters who had to go joint title route were you with Ulster or BOI/ICS?


  • #8
    DAT64
    Registered Users, Registered Users 2 Posts: 67 ✭✭DAT64


    killers1 wrote: »
    AIB are still doing joint mortgage/sole title. Of the posters who had to go joint title route were you with Ulster or BOI/ICS?

    Boi :)


  • #9
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    DAT64 wrote: »
    Boi :)

    Yeah BOI have really clamped down on that unfortunately....


  • #10
    GALWAYGIRL27
    Registered Users, Registered Users 2 Posts: 56 ✭✭GALWAYGIRL27


    Thanks guys for all the help. it was the mortgage advisor in aib who said we would need to get my bfs name registered. but hopefully when it comes down to it we wont have to. It looks like it'll be expensive and thats the main worry we have. Thanks again.


  • #11
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    Expensive now. But cheap later if it goes to the pictures!!

    I'm with the others. Get legal/tax advice before you do anything...


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  • #12
    mathepac
    Banned (with Prison Access) Posts: 4,991 ✭✭✭mathepac


    GALWAYGIRL27 wrote: »
    ... it was the mortgage advisor in aib who said we would need to get my bfs name registered. but hopefully when it comes down to it we wont have to. ...
    I'm kinda puzzled by people who ask for advice and then post something along the lines of "ah grand thanks but shure i'll do me own thing anehwehs".

    All AIB want is to get two signatures on the mortgage agreement so they can pursue either or both of you in default / arrears. They don't give a flying fiddlers you-know-what once their asses are covered. Mortgage advisor, yeah right like Hitler hired "relocation advisors."


  • #13
    GALWAYGIRL27
    Registered Users, Registered Users 2 Posts: 56 ✭✭GALWAYGIRL27


    mathepac wrote: »
    I'm kinda puzzled by people who ask for advice and then post something along the lines of "ah grand thanks but shure i'll do me own thing anehwehs".

    All AIB want is to get two signatures on the mortgage agreement so they can pursue either or both of you in default / arrears. They don't give a flying fiddlers you-know-what once their asses are covered. Mortgage advisor, yeah right like Hitler hired "relocation advisors."[/QUO

    On my original post i asked for an idea on how much it would cost to get my bfs name registered. I didnt ask for anything else. I think I know at this stage (after 7 years) that I want to build a house with my boyfriend. We are not worried that things will go "tits up". I'm kinda puzzled by people who spend their time on boards posting unhelpful replies. Such as your last one. Just dont bother, that way everyones happy. And if I dont want to take someones advice I wont. I asked for advice, not orders.


  • #14
    GALWAYGIRL27
    Registered Users, Registered Users 2 Posts: 56 ✭✭GALWAYGIRL27


    DAT64 wrote: »
    We recently had to do this for our mortgage. Our total cost for solicitor fees was about E1500 (which included self build mortgage case also) and I had to pay gift tax of about E5-6k as i was a non relative being gifted a site with by boyfriend. Thresholds for gift tax:

    http://www.revenue.ie/en/tax/cat/thresholds.html


    Thanks a million for that. It was exactly what I was looking for:)


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