Buying the house off my ex and valuation

[monia]

Hi there,

I am in the process to buy a house we bought together off my ex. As I will retain FTB status, my solicitor is telling me that Revenues will need an official valuation of the property to assess my personal situation (ie to check if I am liable of stamp duty).

Is this normal process? What about the valuation from the bank?

Kind Regards
Monia

 

[mf1]

This is normal. You presumably will be claiming the first time buyers relief for buying out your ex's interest. One of the important issues is the value being placed on the property and the share that you are buying. To prove that value, Revenue will require a written valuation - if the bank's valuation is in writing, that should be acceptable. Show that to your solicitor.

mf