Transfer of House to son

BamesJond

Hi all, quick question.

Recently I've spoken with my father about transferring ownership of the family home to myself to allow us have it as our family home.
First question - from my understanding this can be done as long as I've lived there for the previous 3 years and the house doesn't exceed the approx. €300,000 valuation. The house wouldn't exceed this value, but it has not been my primary residence for some time. What impact does this have on the transfer? Is there no way around the 3 year rule?

Secondly, the reason for transfer would be to get a mortgage to allow me to renovate the home place and also to build a smaller holding for my parents to live in. Would there be any additional issues in getting a mortgage once the house is in my name?
I believe I would need the house in my name to get the mortgage for renovation, but again it's difficult to get information on this.

If anyone could provide any info or direct me to where I could read up on this I'd appreciate it

IAMAMORON

BamesJond wrote: »

Hi all, quick question.

Recently I've spoken with my father about transferring ownership of the family home to myself to allow us have it as our family home.
First question - from my understanding this can be done as long as I've lived there for the previous 3 years and the house doesn't exceed the approx. €300,000 valuation. The house wouldn't exceed this value, but it has not been my primary residence for some time. What impact does this have on the transfer? Is there no way around the 3 year rule?

Secondly, the reason for transfer would be to get a mortgage to allow me to renovate the home place and also to build a smaller holding for my parents to live in. Would there be any additional issues in getting a mortgage once the house is in my name?
I believe I would need the house in my name to get the mortgage for renovation, but again it's difficult to get information on this.

If anyone could provide any info or direct me to where I could read up on this I'd appreciate it

Just answer the following

a) is this the first substantial gift you have received from your father since you were born? If the answer is no please outline any other substantial gift your father has gifted you in your lifetime. I am not referring to pressies here either, I am referring to the transfer of valuable items in excess of € 3,600 per year.

b) have you siblings?

c) where our your parents going to live once he gifts you the property?

BamesJond

IAMAMORON wrote: »

Just answer the following

a) is this the first substantial gift you have received from your father since you were born? If the answer is no please outline any other substantial gift your father has gifted you in your lifetime. I am not referring to pressies here either, I am referring to the transfer of valuable items in excess of € 3,600 per year.

b) have you siblings?

c) where our your parents going to live once he gifts you the property?

A) Yes, this would be the first gift I would receive from them.

Yes, he does not want the family home.

C) The plan would be to build a small house on the same land as the family property for them to live in while I renovate and raise family in the original house. I do not plan to sell or move the family home once renovated.

Appreciate the reply and hope the above helps!

IAMAMORON

BamesJond wrote: »

A) Yes, this would be the first gift I would receive from them.

Yes, he does not want the family home.

C) The plan would be to build a small house on the same land as the family property for them to live in while I renovate and raise family in the original house. I do not plan to sell or move the family home once renovated.

Appreciate the reply and hope the above helps!

Sounds straightforward. See link, depending on the value of the property there may be stamp duty implications upon transfer of ownership.

See link have a look through.

https://www.revenue.ie/en/gains-gifts-and-inheritance/gift-and-inheritance-tax-cat/property-transferred-as-a-gift-or-adverse-possession.aspx

The current group threshold for a parent to child is € 335,000. I would get the property valued by an auctioneer now, otherwise the Rev might elect to do so themselves if they opted to inspect the disposal.

Another thing to consider - are your parents in good health?

If the Fair Deal Scheme was to become a factor for either of them, they will look at transfers of assets going back at least five years.