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Site, mortgage, ownership rights

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  • 18-01-2021 2:32am
    #1
    shellmc
    Registered Users Posts: 4 ✭


    My fiance owns land. We are going building a house (before we are married). I understand that if site is in his name then mortgage can be in both our names but, in event of splitting up or his death, I would be liable for mortgage but not entitled to house! I dont want to risk entering a mortgage on a site (and therefore house?) I dont own incase anything happens between getting mortgage and getting married (which would grant me some rights to house)
    What is the best way around this? Get him to gift me half of site (@33% tax) or can he sell me 1/2 the field for a small price? Will we need to get a new folio number for this part of the field?


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    #2
    Peregrinus
    Registered Users Posts: 26,141 ✭✭✭✭Peregrinus


    Use part of the loan to buy a share in the site from him (at full value, so there is no element of gift). Between you you still have the full amount of the loan available, so you can still spend it on building the house.


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