Land Transfer

davinlarkin

Hi all,

Myself and partner are in a bit of a weird one. I'm wondering if anyone can help before we go spending money on solicitors..

We are looking to build on the side of her mothers house (my partners mother has parkinsons and she acts as her carer). I will have to take out mortgage in my own name to build as my partner has bad credit rating. Planning permissions have already been granted.

Her mother is more than happy to transfer the land to me at no cost.

There is €10k left on the current property mortgage, will this affect transferring land?

I am wondering what the best and most cost effect manner is in approaching this, if anyone has been in this scenario before and can shine some light I would be eternally grateful lol....

D

Kings Inns or bust

You and your partner's mother will both need different solicitors.

I would suggest transferring the parcel of land required for the €10K even if reality she then essentially pays you back. I can't see the mortgage holder being happy about a portion of the land being transferred with the mortgage in place, but then I'm far from an expert. It strikes me that certain tax implications may also arise as to avail of relief on tax the child of the person concerned is going to need to be involved in the transaction.

This is not meant as legal advice. Both parties need proper, independant, legal and tax advice - that is a complete given. You may as well bite the bullet and just go and get it rather than pondering it on the interweb.

nuac

Mod
Sorry forum rules prohibit legal advice
As KIOB advises you the parties involved need to consult solicitors
Thread closed