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Transfer house into my name

  • 02-10-2014 5:38pm
    #1
    BnB
    Registered Users, Registered Users 2 Posts: 1,091 ✭✭✭


    I built a house on my fathers land and have been living in it for the last 4 years. I have got full & correct planning permission etc and it is all above board, but the one thing that I never got around to doing was transferring the site into my own name. So technically it is still in my Fathers name.

    I built the house using term loans (because I couldn't get a mortgage at the time) and there is still no mortgage on it.

    All is great with my parents but God forbid anything did happen to them it could become a bit of a legal mess. Or, along the same lines, if anything happend to me, it would become a mess for my wife.

    Also, hopefully in the next 12 months I will eventually be able to get a mortgage, so this is something I will have to sort out before then.

    What is the cheapest way to do this and is it possible to do it without having to involve any costs ?

    As well as the cheapest way, I'd also be looking at it tax-wise. Will there be a tax implication on me to transferring the site. Ideally, I would rather transfer it jointly into myself & my wifes name. But I could just leave it at myself if there were tax implications to that.

    One small thing to note. The house is built in an existing field. I don't have the proper term for it, but in terms of deeds, that field will have to be split to give me 1 acre of it and leave the rest in my Fathers name.

    Thanks in advance.


Comments

  • #2
    Pat Mustard
    Registered Users, Registered Users 2 Posts: 9,554 ✭✭✭Pat Mustard


    You need a solicitor to act for you. Your father needs his own solicitor, due to new regulations.

    The usual setup is that the person receiving the land pays the costs of the solicitors and the cost of engineers to map the property being transferred.

    There will also be stamp duty and registration fees.

    You can ask your solicitor or tax advisor about the tax implications re CAT/CGT etc.


  • #3
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,628 ✭✭✭✭Marcusm


    You'll need to talk to a tax adviser, likely in addition to your solicitor. You have "improved" the land by building the house on it. As it's fixed to the land, it belongs to the owner of the land and attaches to its value. This will have significant CAT, and stamp duty considerations for your family.


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