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Joint mortgage, single name on deeds

  • 18-02-2018 9:17pm
    #1
    Kitkitty
    Registered Users, Registered Users 2 Posts: 21 ✭


    Hi all, I'd appreciate your advice on this.. I have been gifted a house from my mum. There is no gift tax due. To avoid my husband being liable for gift tax, we were advised that the deeds must go into my name only. After 3 years I can transfer the deeds to both our names & avoid gift tax. Is this correct? To get a mortgage we need to apply jointly, but will there be an issue with the property being in my sole name?


Comments

  • #2
    893bet
    Registered Users, Registered Users 2 Posts: 9,372 ✭✭✭893bet


    If it's being gifted what is the mortgage for?

    3 year thing is correct. Recently did the same for a house site.


  • #3
    Ggkoy
    Registered Users, Registered Users 2 Posts: 11 ✭Ggkoy


    Kitkitty wrote: »
    Hi all, I'd appreciate your advice on this.. I have been gifted a house from my mum. There is no gift tax due. To avoid my husband being liable for gift tax, we were advised that the deeds must go into my name only. After 3 years I can transfer the deeds to both our names & avoid gift tax. Is this correct? To get a mortgage we need to apply jointly, but will there be an issue with the property being in my sole name?

    Hi, did you proceed with a mortgage application? In a similar scenario where my partner will be added to the deeds of her parents home & we will be extending on to the house. Looking to get a joint mortgage to fund this but not sure if it will be an issue as my name won't be tied to the house?


  • #4
    Kitkitty
    Registered Users, Registered Users 2 Posts: 21 ✭Kitkitty


    Hi Ggkoy, we just moved in last week! Yes we got mortgage. Our situation was maybe slightly different. My mum signed house completely over to me, and waived all rights of residence. i.e. if things were to go pear shaped, the bank do not need to make allowances for her right to live here.. they wanted legal clarification on a few things, but the joint mortgage issue didn’t seem to be a problem for them; despite my husband being the main earner and deeds in my name.


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