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Transferring site to build

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  • 07-07-2014 4:05pm
    #1
    blindside88
    Registered Users Posts: 1,968 ✭✭✭


    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


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    #2
    jlm29
    Registered Users Posts: 3,818 ✭✭✭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.


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    #3
    alan partridge aha
    Registered Users Posts: 3,209 ✭✭✭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.


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    #4
    blindside88
    Registered Users Posts: 1,968 ✭✭✭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


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    #5
    bee06
    Registered Users Posts: 4,514 ✭✭✭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.


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    #6
    alan partridge aha
    Registered Users Posts: 3,209 ✭✭✭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.:)


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    #7
    blindside88
    Registered Users Posts: 1,968 ✭✭✭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


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    #8
    blindside88
    Registered Users Posts: 1,968 ✭✭✭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


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    #9
    alan partridge aha
    Registered Users Posts: 3,209 ✭✭✭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.


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    #10
    blindside88
    Registered Users Posts: 1,968 ✭✭✭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


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