Signing names onto existing house deeds

[carrownina]

My parents own a second house which they inherited over 10 years ago. They want to add the names of my sister and I to the house. The house is currently valued at approx €250,000. I have joint tenancy on another house with my partner. My sister doesn't own any property. What are the tax liabilities and legal costs that all parties are likely to incur. Can one party then release equity from the house through a mortgage with the agreement of the other parties or do all parties to the deed need to be on a mortgage? Thanks C

 

[PM1234]

My parents own a second house which they inherited over 10 years ago. They want to add the names of my sister and I to the house. The house is currently valued at approx €250,000. I have joint tenancy on another house with my partner. My sister doesn't own any property. What are the tax liabilities and legal costs that all parties are likely to incur. Can one party then release equity from the house through a mortgage with the agreement of the other parties or do all parties to the deed need to be on a mortgage? Thanks C

Do your parents want to have four names on the title deeds or just transfer it into you and your sisters names?

Whatever names are on the title deeds will have to agree in order to release equity and therefore be on the mortgage.

Your sister should also look out for her FTB's status.

 

[carrownina]

That is what they are suggesting .. my concern for all involved is that there is a limit costs. If they transfered the house to my sister and I do we have to pay stamp duty. Are they liable for any costs other than legal fees. If its our two names does my sister lose her FTB status in terms of tax relief, mortgage etc. So many questions ... I appreciate the response I'm new to this and not great on the technicalities of finance and legal stuff