Advice on farm transfer

kerb

Hi all I'm looking for abit of advice my father has a small farm we keep 10 sucklers and sell weanlings at end of year, he has 20 acres and rents 20 he over 75 now and going well I help him with most of the work anyway he wants to leave the farm to me and I would love to have it, I work full time and will staying full time keeping the farm as a hobby interest wouldn't make much profit on that farm but I enjoy it, so I'm wondering what's the best way to transfer do it now or should he will it to me , we are going to put up a slatted house as keeping them every day and cleaning out every morning is a good bit of work on him and me working full time , thanks In advance

Muckit

No time like the present. If he's 75, I'm assuming you are no spring chicken either! And time waits for no man.

Ye are starting off on the right foot anyways. Ie ye both want the transfer to go ahead. Get yerselves 2 good solicitors (ye both need a different one). They will guide you through the process. With the farm being small, the taxes and fees will be relatively small.

Be decisive now and take action. Let 2018 be your year! You won't regret it.

The very best of luck with it!

Green&Red

Make sure and have your green cert. Also if you're under 35 (or maybe 40) you'll qualify as a young farmer and get a bonus for five years.
If you're building a slatted shed then you'll be applying for a TAMS grant and theres an extra 20% for young farmers AFAIK
Definitely do it why'll hes alive, you never know what can go wrong or what else can pop up, its a relief to have it all over and done with for both of you

Muckit

The gteen cert will take him a year and a half to complete and will be of little benefit from a tax point of view. Farm is small. Anyways I'd say he's over 35.

He wont get YFS as it's not a rolling 5 years and is finished by 2020. He wont have green cert before then.

kerb

thanks for posts lads im 40 and no green cert , I have the slatted house all priced at department costs and my Father would be entitled to 40 % grant but i would not. it would be me to cover the cost of building , so im wondering how that would work ,

Muckit

Why do you think you wouldnt get the 40%? All farmers qualify. Just get on with the transfer lad.

Make no mistake it will be you building this shed, not your father. But first you need to complete transfer. Don't go putting the cart before the horse.

tanko

Muckit wrote: »

No time like the present. If he's 75, I'm assuming you are no spring chicken either! And time waits for no man.

Ye are starting off on the right foot anyways. Ie ye both want the transfer to go ahead. Get yerselves 2 good solicitors (ye both need a different one). They will guide you through the process. With the farm being small, the taxes and fees will be relatively small.

Be decisive now and take action. Let 2018 be your year! You won't regret it.

The very best of luck with it!

Are you certain about the two solicitor thing?
One of them sorted the transfer here.

Limestone Cowboy

tanko wrote: »

Are you certain about the two solicitor thing?
One of them sorted the transfer here.

You definitely need two now. It was brought in a few years ago.

Who2

tanko wrote: »

Are you certain about the two solicitor thing?
One of them sorted the transfer here.

Definitely two solicitors. It was a law that was brought in.

tanko

Fair enough, only one of them was needed thankfully, when the transfer here was done.

OrangeBadger

tanko wrote: »

Fair enough, only one of them was needed thankfully, when the transfer here was done.

Ya but wouldn't it be an awful shame not to pay two of them.

jimini0

OrangeBadger wrote: »

Ya but wouldn't it be an awful shame not to pay two of them.

Did the transfer 2 years ago. 2 solicitors are needed. It's only for a small piece of paperwork. The second one has to act on your behalf or your father's. If ye share the one solicitor ye will need to find another one. The second solicitor is only needed for a few signatures. Think it cost us 200 for the second fella.

Willfarman

Be cautious that you quote around a few reputable solicitors. Agree an all in price. A gorey town based firm of solicitors rode me bareback due to being charged a percentage value of the open market value of the farm rather than basis on the work involved.. (which was completely straightforward). Got 1000 off the bill after a very heated argument but was still outrageous. The Enniscorthy based solicitor representing me was very reasonable though by comparison.

Mac Taylor

Out of curiosity, what does it cost (solicitor wise) to transfer ~50 acres with nothing too complex involved?

john mayo 10

Just gone through this myself. Got farm transfered via solicitor. Cost was approx 980 euro's. This included professional fees. Land registry portfolios maps etc. Stamp duty was extra at 1% of the value of the farm. Fairly straightforward

degetme

john mayo 10 wrote: »

Just gone through this myself. Got farm transfered via solicitor. Cost was approx 980 euro's. This included professional fees. Land registry portfolios maps etc. Stamp duty was extra at 1% of the value of the farm. Fairly straightforward

Was it at an agreed price? Just going through the same at the present time

john mayo 10

degetme wrote: »

Was it at an agreed price? Just going through the same at the present time

We agreed price beforehand. Usually 750 plus vat for professional fees but i was getting farm transfered and a sister was getting a site transfered so he gave a deduction down to 500 plus vat for professional fees

noworries2004

Regarding TAMS 11 
IF i have an off farm income is there a max amount you can earn off farm to apply for TAMS or can  anyone apply for it?

john mayo 10

Sorry to hijack thread but anyone any idea how long it takes from when maps are sent to land registry to getting the transfer completed

FeelTheBern

noworries2004 wrote: »

Regarding TAMS 11 
IF i have an off farm income is there a max amount you can earn off farm to apply for TAMS or can  anyone apply for it?

Off farm income not relevant at all for Tams II.

FeelTheBern

john mayo 10 wrote: »

Sorry to hijack thread but anyone any idea how long it takes from when maps are sent to land registry to getting the transfer completed

Not sure what current timelines are but generally delays in registration will generally only come into it if queries arise on maps or title. Just on one point - the ownership is essentially transferred once the deed of transfer has been executed - it's registration then in the land registry. So if you need to show ownership for a grant or herd number application I think a certified copy of the deed of transfer is generally accepted. Would be different if waiting to borrow against the land where bank would likely want title to be registered in your name now id say.

Muckit

FeelTheBern wrote: »

Off farm income not relevant at all for Tams II.

Not to claim grant but v relevant to the overall costing of the project when u factor in term of loan and repayment capacity!!