Buying with boyfriend
- Thread starter Rebelette
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Same solicitor, since it'll be a single transaction. I very much doubt, in fact, whether you'd be able to get separate solicitors to act for you.
It's advisable, as well as agreeing division of costs, etc., to have some sort of agreement in place on what happens if you break up after a relatively short time - does one of you have the right to buy out the other (if so, which), do you automatically sell, that kind of thing. Naturally you never expect to be in the position - otherwise you wouldn't be making this big step! - but it's better to agree something amicably rather than have to deal with it in an emotionally traumatic situation later.
Best of luck!
It's advisable, as well as agreeing division of costs, etc., to have some sort of agreement in place on what happens if you break up after a relatively short time - does one of you have the right to buy out the other (if so, which), do you automatically sell, that kind of thing. Naturally you never expect to be in the position - otherwise you wouldn't be making this big step! - but it's better to agree something amicably rather than have to deal with it in an emotionally traumatic situation later.
Best of luck!
Ask your solicitor to help you draw up a co-ownership agreement. They are very standard - but not yet, as far as I am aware, legally binding in Irish law. That should change when the government introduces its new cohabitation legislation. For the time being they will probably be taken into account in the event of any legal dispute.
moneygrower
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Be careful if you have doubts, you don't want to loose your first time buyer status for a place you might only have for a short time. Stamp duty second time round will set you back about €30,000.
No, we plan to sell both houses and buy this new one between us. Although having said that, the advice we are getting at the mo is to sell one and keep one (keep mine as it is a better house). I'd prefer to sell both and have some money to play with - we might regret this in the future though?
The advantage of keeping one house is you cut down on stamp duty and transaction costs. The disadvantage is it's potentially messier -- your boyfriend presumably wants to own part of your house, and you want to ensure you are fairly rewarded for transferring that ownership to him. It's cleaner if you both buy another house jointly and contribute 50:50.
A friend who works with the bank.
And people who had houses years ago, sold them to buy bigger houses, and now regret not keeping the original house.
Excuse my ignorance mugsgame, but how does keeping one house cut down on stamp duty and transaction costs? Thanks
