Land transfer gift Uncle to Niece

Mulla85

Hi all,
Maybe someone can shed some light on this for me.
My wifes uncle generously offered to gift a site to her so we can build our first home for us and our two small kids in Co Kildare.
Its 0.6 acre, value 30k (pre-planning approval) As I am not a direct relative I have been told it would make financial sense for me to stay off the deeds for the time being as her uncle would have to pay a Capital Gains Tax.
Thankfully we have got Planning Permission now (in my wife & mother-in-laws name) after a stressful two year arm wrestle with KCC. We are nearly ready to go with the banks for mortgage as we have been saving for a couple of years. Im told the bank will look for their own valuation now, and am guessing it may be considerably higher value now that the site has PP attached. EBS have told us provisionally that we may not need to save the full 10% contingency due to the site being good colatteral now
My question is,
Would it be better for me to go on the deeds now and what kind of figure could i be facing as I wouldnt expect her uncle to pay any costs ?
Also is their any way to keep a site valuation low incase their is a hefty bill incoming ?

Thanks in advance,
C

TeaBagMania

Here s a question for your question If you re legally married does it really matter whose name is on what? I thought marriage trumps all

Let s say hypothetically 10 years down the road your wife wants to split, just because her name is solely on the deeds doesn t mean she alone owns it, or does it?

Michael D Not Higgins

Mod: This is skirting around dodging tax. I'm willing to leave it open for the time being if anyone has any useful information but this should really be going through professional advice. Any advice on dodging tax due will be deleted/infracted.

athtrasna

Also legal advice may not be given on boards.

Mod

Mulla85

TeaBagMania wrote: »

Here s a question for your question If you re legally married does it really matter whose name is on what? I thought marriage trumps all

Let s say hypothetically 10 years down the road your wife wants to split, just because her name is solely on the deeds doesn t mean she alone owns it, or does it?

I would have presumed that this was the case, but it may not be this straightforward.
I suppose it would be best to go to an Accountant to clarify the issue before we go any further, thanks for input anyway

Mulla85

athtrasna wrote: »

Also legal advice may not be given on boards.

Mod

Apologies Mods, I'm new to these parts.

I may have worded wrong, not looking to dodge any potential taxes just interested in people's opinions and similar experiences in dealing with this type of issue.

phormium

Get advice but no need to do more switching around now until at least you have mortgage approved. Mortgage is going to have to be in both yourself and your wife's name anyway so when the deeds of house are being sorted it will then be put into both names, not sure of the legal procedure around same but it's going to end up in joint names at that stage anyway.

Get proper advice on the tax issue.

Ayuntamiento

Tax avoidance is hardly the same as tax evasion.
I imagine that the bank won't grant a mortgage to both of you unless the site is in both your names. And she won't be able to get a mortgage in her name only if you're married to each other.