Gifted land

Amlin

Good evening all.

I was wondering, if someone had any advice or help with this.

10 years ago my father gifted myself & my husband some land 0.7 of an Acer, so we could build a house.
We moved back home to the republic of Ireland from the UK, we had sold up our home in the UK & had enough to build a small house, which we did with the help of my brother & dad who are both quite handy, hubby also helped a little lol!
The building of the house took us almost 2 years & during this time we lived with mum & dad which was great. Anyway we moved in 8 years ago & all good.
However, we never done any legal stuff with regard to the land, i.e. dad just gave it to us & we built. So we are now in our lovely home but we do not have any deeds or anything like that, lucky we done have a mortgage, but we would like to borrow some money to extend the small cottage we built as our family is growing with kids coming along. The thing is, we have nothing to show the bank that we have security i.e. the house. My hubby & I are both self employed & don't earn enough to borrow just on the strength of income. The question is, do we need to get dad to sign something? Do we need to see a solicitor & if so how much would something like this cost? Any advice would be helpful. Kindest regards Lin.

Squatter

First thing is that from what you say, it appears that although your family know that you've been gifted the site on which your house stands, Official Ireland (i.e. the Land Registry) doesn't know that! So it's still registered to your father.

You will need to register the transfer and thus become the legal owners of the site. To do this you will need a solicitor and your father will need a separate one so that there isn't a conflict of interest. There will be legal costs and stamp duty. The solicitor will advise you of the fees involved before agreeing to act for you. You will need to have the site valued by an auctioneer or valuer and will also need to have maps drawn by an engineer or surveyor.

Good news is that in all probability no Capital Gains Tax liability will arise as the site is a father - child gift.

As a matter of interest, did you get planning permission? If not then you'll need to apply to your local Council for retention. But that's down the line.

Disclaimer - I am not a solicitor.

whippet

It really is solicitor time ... I didn’t think it was possible to get planning permission unless you owned the land ... and if you don’t have permission I don’t think you will be able to borrow against it

Amlin

Squatter wrote: »

First thing is that from what you say, it appears that although your family know that you've been gifted the site on which your house stands, Official Ireland (i.e. the Land Registry) doesn't know that! So it's still registered to your father.

You will need to register the transfer and thus become the legal owners of the site. To do this you will need a solicitor and your father will need a separate one so that there isn't a conflict of interest. There will be legal costs and stamp duty. The solicitor will advise you of the fees involved before agreeing to act for you. You will need to have the site valued by an auctioneer or valuer and will also need to have maps drawn by an engineer or surveyor.

Good news is that in all probability no Capital Gains Tax liability will arise as the site is a father - child gift.

As a matter of interest, did you get planning permission? If not then you'll need to apply to your local Council for retention. But that's down the line.

Disclaimer - I am not a solicitor.

Thanks for your help here, When we built, I got planing in my own name, so no issue there so to speak. I hope. What kind of money would one be talking with solicitors?

Kind regards Lin

Squatter

Amlin wrote: »

Thanks for your help here, When we built, I got planing in my own name, so no issue there so to speak. I hope. What kind of money would one be talking with solicitors?

If the title is clean and there's no extra work, you'd probably be looking at a fee in the region of: €750-1,000 plus VAT (23%)

Then there would be extras like Land Registry fees of around €200 and Folios and searches and maps too. There's also stamp duty at 1% of the value of the site (this is a tax collected by the solicitor for Revenue).

Overall, you should probably budget for around €2,000-€2,500.

Bear in mind that every solicitor is a separate business so charges their own fees, hence you'd be well advised to shop around and ask around.

Also see these threads: https://www.boards.ie/vbulletin/showthread.php?p=86854868

https://www.boards.ie/vbulletin/showthread.php?p=100368613

Bopidyboo

Squatter wrote: »

If the title is clean and there's no extra work, you'd probably be looking at a fee in the region of: €750-1,000 plus VAT (23%)

Then there would be extras like Land Registry fees of around €200 and Folios and searches and maps too. There's also stamp duty at 1% of the value of the site (this is a tax collected by the solicitor for Revenue).

Overall, you should probably budget for around €2,000-€2,500.

Bear in mind that every solicitor is a separate business so charges their own fees, hence you'd be well advised to shop around and ask around.

Also see these threads: https://www.boards.ie/vbulletin/showthread.php?p=86854868

https://www.boards.ie/vbulletin/showthread.php?p=100368613

Hi Squatter. Just wondering would you have any idea what I need to do next...I bought land about 20 years ago and now wish to transfer a part of that land to my child. My solicitor is now asking for the death certificate of the previous owner. How would I go about sourcing this? All I have to go on is the person's name. Not sure if the person lived/died in this country. TIA

august12

Bopidyboo wrote:

Hi Squatter. Just wondering would you have any idea what I need to do next...I bought land about 20 years ago and now wish to transfer a part of that land to my child. My solicitor is now asking for the death certificate of the previous owner. How would I go about sourcing this? All I have to go on is the person's name. Not sure if the person lived/died in this country. TIA

I don't understand why a solicitor needs death cert of previous owner for land you purchased, have you a folio number for the land in question with you registered as owner?

Victor

whippet wrote: »

I didn’t think it was possible to get planning permission unless you owned the land

If the applicant doesn't own the land, a letter of permission from the owner is usually required by the council.

Bopidyboo

august12 wrote: »

I don't understand why a solicitor needs death cert of previous owner for land you purchased, have you a folio number for the land in question with you registered as owner?

Hi August12,

Yes, we have the folio number. They require a death cert or photo of the person's grave "for the purposes of lodging a deed of discharge in the Property Registration Authority." I'm not sure what that means really.