Transferring site to build

blindside88

Hi guys,

I don't know if this is the correct place to ask. My wife and I put in planning permission in January and have been back and forth to the council with amendments. We seem to have gotten in sorted now and planning should be granted in the next month. The site is a present from my wife's parents. My question is if we just transfer it to my wife's name (for tax reasons) will a bank allow a joint mortgage to build on the site? Or does this vary from bank to bank?

Thanks

Blindside

jlm29

blindside88 wrote: »

Hi guys,

I don't know if this is the correct place to ask. My wife and I put in planning permission in January and have been back and forth to the council with amendments. We seem to have gotten in sorted now and planning should be granted in the next month. The site is a present from my wife's parents. My question is if we just transfer it to my wife's name (for tax reasons) will a bank allow a joint mortgage to build on the site? Or does this vary from bank to bank?

Thanks

Blindside

I know my brother and his partner have a joint mortgage on a house they renovated which is in his name alone. Not sure of the bank, but I think it's boi.

alan partridge aha

blindside88 wrote: »

Hi guys,

I don't know if this is the correct place to ask. My wife and I put in planning permission in January and have been back and forth to the council with amendments. We seem to have gotten in sorted now and planning should be granted in the next month. The site is a present from my wife's parents. My question is if we just transfer it to my wife's name (for tax reasons) will a bank allow a joint mortgage to build on the site? Or does this vary from bank to bank?

Thanks

Blindside

My wife and I got a mortgage in 2010 in my name only as I acquired the site from my parents.

My bank AIB bank as the ad goes.

It also depends how long the site is in your wife's name. If it is over a certain time period (I think 3 years+) you pay not be liable for tax. Your solicitor will tell you this.

blindside88

alan partridge aha wrote: »

My wife and I got a mortgage in 2010 in my name only as I acquired the site from my parents.

My bank AIB bank as the ad goes.

It also depends how long the site is in your wife's name. If it is over a certain time period (I think 3 years+) you pay not be liable for tax. Your solicitor will tell you this.

We haven't transferred the ownership from her dad yet as we weren't sure if we'd get the planning permission and may have to choose a different site. We were hoping to transfer it to her name only as she wouldn't be liable for tax on it. If we transfer it to both names then I am liable for tax on my half

bee06

We're with AIB as well and they do sole title, joint mortgage ... Site and deeds are in my name and mortgage is in mine and my fiancé's name.

alan partridge aha

blindside88 wrote: »

We haven't transferred the ownership from her dad yet as we weren't sure if we'd get the planning permission and may have to choose a different site. We were hoping to transfer it to her name only as she wouldn't be liable for tax on it. If we transfer it to both names then I am liable for tax on my half

Very good they had a name on that in the bank, something like joint mortgage in single name. Unless AIB have changed since 2010/11 then everything should be fine. They took both our wages savings etc. into account when applying for the mortgage but in by name only. Hope this helps.:)

blindside88

bee06 wrote: »

We're with AIB as well and they do sole title, joint mortgage ... Site and deeds are in my name and mortgage is in mine and my fiancé's name.

That's great to know, thanks

blindside88

alan partridge aha wrote: »

Very good they had a name on that in the bank, something like joint mortgage in single name. Unless AIB have changed since 2010/11 then everything should be fine. They took both our wages savings etc. into account when applying for the mortgage but in by name only. Hope this helps.:)

Very helpful thanks

alan partridge aha

blindside88 wrote: »

Very helpful thanks

No bother glad to see young people applying for a mortgage, I really hope you get it and go on to build a house. It will be so rewarding. BEST OF LUCK TO YOU BOTH.

blindside88

alan partridge aha wrote: »

No bother glad to see young people applying for a mortgage, I really hope you get it and go on to build a house. It will be so rewarding. BEST OF LUCK TO YOU BOTH.

Thanks very much