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Transfer of house deeds

  • 11-07-2017 8:24am
    #1
    Antoinette001
    Registered Users, Registered Users 2 Posts: 6 ✭


    Hi all,

    My parents have passed away and the house has been willed to all 3 children. I want to buy out my two siblings. We have not yet transferred the house and are wondering what is the best way to do this. Should we transfer it into all of our names and then I get a mortgage and officially buy them out or should we transfer it into my name only and then I get a mortgage and just give them the money. Is it possible to not transfer it until I get a mortgage and do it all at once to reduce legal fees? The value of the house is less than 150K so there should be no issue with inheritance tax. Would anyone know the cost of transferring the property? Also when applying for a mortgage is it possible to use my equity in the house as my deposit? Is there anywhere I can go to find out this information?
    Tagged:


Comments

  • #2
    Ri_Nollaig
    Registered Users, Registered Users 2 Posts: 2,297 ✭✭✭Ri_Nollaig


    Sorry for your loss.

    But you will need a solicitor to organise all of this for you.
    You are right about the inheritance tax but you might still need an auctioneer and account to value and sort this for you.

    As for cost, I am not 100% given the situation but you may need to get 3 different solicitors each with their own legal fees. Each could easily be ~€1,500. I guess the first person to talk to you would your parent's solicitor. As if you transfer to all three of your names and then you buy back there would be a lot of legal costs. Ofcourse they might do a set price for the whole thing.

    Mortgage broker would also be able to help you with the last part, but I don't think it will be a problem just a bit more paper work on their side.


  • #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Hi OP-

    Condolences on your loss.
    Unfortunately you *need* professional advice on what you're proposing- and we are not allowed to give professional advice here. As per Rí Nollaig's advice- you and you siblings will all require different solicitors to represent you (and their) interests. No solicitor will represent both (or multiple) parties to a transaction any longer- that has been formally closed off.

    Thread closed.


This discussion has been closed.
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