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Purchasing house from parents

  • 31-01-2019 6:15pm
    #1
    himalayan_joe
    Registered Users, Registered Users 2 Posts: 8 ✭


    Hi all,

    My fiance and myself are looking to purchase my parents home as they want to downsize.

    What are the legal implications I should consider?

    Joe


Comments

  • #2
    nuac
    Registered Users, Registered Users 2 Posts: 6,769 ✭✭✭nuac



    Mod
    Suggest you discuss these issues with your solicitor. Will leave open for general comment subject to forum rule on legal advice


  • #3
    Homer
    Registered Users, Registered Users 2 Posts: 4,372 ✭✭✭Homer


    As far as I am aware they will need to sell it to you at an approximate market value. As in, if the property was worth say €300k and you buy it for €150k because its your parents and they want to look after you, then there are tax implications as a result. Your solicitor will be able to advise you on this.


  • #4
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Speak to a solicitor. You will need solid legal and tax advice particulary consanguity stamp duty planning


  • #5
    ohnonotgmail
    Registered Users, Registered Users 2 Posts: 40,638 ✭✭✭✭ohnonotgmail


    Not forgetting you will need a separate solicitor to your parents.


  • #6
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Mr. Incognito wrote: »
    Speak to a solicitor. You will need solid legal and tax advice particulary consanguity stamp duty planning

    Consanguinity relief only applies to land specifically farm land.


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