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changing family home from joint to single ownership

  • 15-09-2014 12:25pm
    #1
    frenchmartini
    Registered Users, Registered Users 2 Posts: 198 ✭✭


    is this complicated?
    we are co-habitating, he wants to transfer the house to my name only.
    will ring my solicitor, just wanted the heads up.


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    frenchmartini wrote: »
    is this complicated?
    we are co-habitating, he wants to transfer the house to my name only.
    will ring my solicitor, just wanted the heads up.

    Is there a mortgage? Are you married or single?


  • #3
    Sala
    Registered Users, Registered Users 2 Posts: 1,494 ✭✭✭Sala


    frenchmartini wrote: »
    is this complicated?
    we are co-habitating, he wants to transfer the house to my name only.
    will ring my solicitor, just wanted the heads up.

    It will be difficult if there is a mortgage. Also if he wants to transfer to avoid creditors it may be reversible.


  • #4
    Bepolite
    Closed Accounts Posts: 2,737 ✭✭✭Bepolite


    frenchmartini wrote: »
    is this complicated?
    we are co-habitating, he wants to transfer the house to my name only.
    will ring my solicitor, just wanted the heads up.

    It's as complicated as it is depending on the circumstances. It will definitely need to be handled by a trained legal professional. You won't only have issues at common law but in equity as well, in most situations.


  • #5
    frenchmartini
    Registered Users, Registered Users 2 Posts: 198 ✭✭frenchmartini


    Ok thanks. It's not as straight forward as I thought. There's still a mortgage and we aren't married.


  • #6
    huskerdu
    Registered Users, Registered Users 2 Posts: 1,932 ✭✭✭huskerdu


    frenchmartini wrote: »
    Ok thanks. It's not as straight forward as I thought. There's still a mortgage and we aren't married.

    In which case, he is gifting you half the house, and as you are unrelated in law, there might be a CAT liability.


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  • #7
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    Are there other liabilities associated with the property? Examples would be pollution or a listed building needing substantial repairs.


  • #8
    frenchmartini
    Registered Users, Registered Users 2 Posts: 198 ✭✭frenchmartini


    huskerdu wrote: »
    In which case, he is gifting you half the house, and as you are unrelated in law, there might be a CAT liability.


    Yeah, it would be gifting. Sorry, what's CAT?


  • #9
    frenchmartini
    Registered Users, Registered Users 2 Posts: 198 ✭✭frenchmartini


    Victor wrote: »
    Are there other liabilities associated with the property? Examples would be pollution or a listed building needing substantial repairs.

    Nope. All straight forward.


  • #10
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    frenchmartini wrote: »
    Yeah, it would be gifting. Sorry, what's CAT?

    capital acquisitions tax

    You would have to pay 33% of the value of the gift above 15,075


  • #11
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,998 ✭✭✭✭Peregrinus


    Plus, as the transferor and the transferee are unmarried, won't there be stamp duty on the value of the interest transferred?

    Definitely get a solicitor, both for the conveyancing and to address the tax issues.


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  • #12
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,552 Mod ✭✭✭✭johnnyskeleton


    frenchmartini wrote: »
    Ok thanks. It's not as straight forward as I thought. There's still a mortgage and we aren't married.

    Can you comfotably afford the mortgage on your own? Speak to the bank about that because regardless of the legal and tax issues if they bank (or another bank) dont agree to refinance the property in your name only you will have to pay off the mortgage in cash.


  • #13
    frenchmartini
    Registered Users, Registered Users 2 Posts: 198 ✭✭frenchmartini


    Thanks guys. Insightful and helpful as always :-)


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