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Inherited house thinking of buying apartment

jay core · 2012-11-28 12:49:01

For a while now i have been thinking of buying a two bed apartment, i have been waiting for the prices to drop, in the mean time I have jointly Inherited my parents old house, I consider this to be my brothers and so still want to buy my own place. What I’m wondering is does will the fact that I jointly own a house affect…

28-11-2012 12:49pm

#1

jay core

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For a while now i have been thinking of buying a two bed apartment, i have been waiting for the prices to drop, in the mean time I have jointly
Inherited my parents old house, I consider this to be my brothers and so still want to buy my own place.
What I’m wondering is does will the fact that I jointly own a house affect first time buyers mortgage relief or does it make me liable for any other tax?

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#2 28-11-2012 1:45pm

djimi

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http://www.boards.ie/vbulletin/showthread.php?t=2056815170

should give you some answers.

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#3 28-11-2012 1:50pm

Spindle

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My advice to you on this matter is seek the opinion of a professional tax consultant. It might cost you 100 euro or so, but it is money well worth it. To ensure you have everything correct. From personal experience this is what I know.

You may be liable for Capital Acquisitions Tax based on the value of the estate if you go above a certain threshold see the link(http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html)

Even if you are not liable for Capital Acquisitions Tax you may still have to submit a return if you hit a certain threshold. I can't find those thresholds.

Previously you may have had to pay capital gains tax on selling of the property if it increased in value to the valuation as per was stated in the estate (in this market that is less likely).

As far as I know you should still be able to claim interest relief on your Mortgage as it is applied at source by your lender on your first Mortgage.

Also in might be worthwhile to get a solicitor that is not connected to your brother just to deal with him taking your ownership of the house. In some cases money and family don't mix, hopefully there will be no such issues with you.

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