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Gifted a property

  • 24-11-2021 10:23am
    Registered Users Posts: 675 ✭✭✭ dazzday

    We may be in a position to be gifted a property from my wife's parents (probably valued approx 200k).

    It would require rennovations and we would proably look into a small extenstion - budgeting approx 150k. We would likely take out a small mortgage to cover this.

    A few things i am looking for clarification if any one has experience:

    (1) As i understand, this gift would need to be to my wife only to avoid any tax liability on my part? Therefore she would be the only one on the deed correct?

    (2) In case of the above, is there anything i can do to protect myself legally just in case something happend in the future?

    (3) Would there be any complications in applying for a mortage (joint or single in my name) to rennovate the property if it is my wifes name only?

    (4) Would applying for a mortage in this case stiill fall under first time buyers? I am assuming we would need 10% on the planned rennovation costs

    (5) Would we better off just getting a loan for approx 100K?