Splitting house after break up

Jamie5dt68

Looking for some advice for a friend who is recently going thru a break up. Owns a house with his partner (not married) mortgage was in one partner's name, house is now currently paid off, but deeds are still in one partner's name. Mortgage payments were made thru the back account of then named party, with payments towards the mortgage been sent from the other party. They are in agreement that house was 50/50 paid for.

The break up is fresh and they are trying to figure out what to do regarding the house. One is happy to leave so It looks like one will buy the other out, if not they will sell the house. They are very amicable at the moment and don't want to involve lawyers ECT. But I reckon one simply cannot write the other a cheque? Would there need to be taxes paid ECT ?

I want to help my friend out as this is very sudden, and I don't think they are fully seeing the completions of splitting the house, And I believe since they are not married and only one name on the house this will be completed, even if they are in full agreement. Any advice or links to where I can research this would be appreciated

https://www.boards.ie/discussion/2058333899/splitting-house-after-break-up

They need a solicitor. Not advice from friends.

Jamie5dt68

https://www.boards.ie/discussion/comment/121695247#Comment_121695247

I have said that, I'm sure he eventually will. I'm Just trying to highlight why he dose, and warn him of problems. Head probably wouldn't be in the best place to make official legal decision or make the most of professional advice at this time anyway,So trying to help him see / plan / prepare

Lenar3556

Both parties should take legal advice before advancing any plan, but it sounds pretty straightforward.

It is to their credit that they have approached the matter as they have. I wouldn’t see there being any tax implications based on what you have said. This is their principle private residence, and is except from CGT if they was your concern?

Peregrinus

They definitely need a solicitor, if only so that this gets properly documented and recorded and registered and there are no hanging threads left to cause problems in later years. Any dealing with interests in land always requires a solicitor. And, even if it wasn't a legal requirement, you'd be mad to deal with something as valuable as a share in a house without proper professional advice and support.

(Plus the solicitor will advise on how to handle this in a way that avoid any tax liablity.)

You don't say whether the person who is going to to end up with the house is the partner who is currently on title or the other partner. The technical way in which this is done will vary, depending on the answer to that question. But the solicitor will advise on all that.