I believe so but possibly on the appreciation bit only see below. You will be a second time buyer at 6% I'd say.Jada said:Do I have to pay stamp duty on my friend’s half of the house I will be purchasing
Who knows, there are so many variants, do try to continue because 3.75% is good and get the full mortgage assigned to you from your friend rather than cash in pay penalty and remortgage.What is the likely penalty for coming out of a 5 year fixed mortgage @ 3.75% We have 3 years left and mortgage was taken out over 30 years. Or will our mortgage company waive this fee if I continue my mortgage with them?
its only 1k @20% , least of your worries. It may be the 'same' mortgage if the reassignation works. You get 4k for second home @20% and 5k @ 20% for FTB so thats €200 per annum.Do I lose out on my preferential FTB mortgage tax relief as I will have to take out a new mortgage?
with no searches involved as you already have part title and a flat fee type solicitor suchas dermot deane I would say c.€400-€500 if the mortgage continues in place as is only minus yours friends name but they need to come off the title at some stage. They may leave and sign the paperwork and leave you in situ for 3 years with their name on the title. Thast messy but could be in the form of an option where you pay them €65k now and 'buy' the house off them for €1 in 3 years time. Thats a binding contract and you hold the option to exercise at your whim. You avoid the legal fees now and stamp duty . It avoids mortgage grief.What kind of legal fees would I be looking at?
perfect. that what I would say. also see overall costs, allow €1k and who 'wants' to leave and who 'wants' the house and split.I have a cash lump sum I can use to pay my friend. Would €65,000 be the correct settlement figure?
340,000-210,000= 130,000/2 = 65,000 ??? (ignoring contents for the moment)
mortgage still 210k , if a civil servant then absolutely and if your record is generally good and you found 65k along the way then yes.Also, I have a gross salary of 45k with no loans etc., so would I get approval for a mortgage on my own?
no major item and you asked the right questions pretty clearly the stamp duty calculation means a lot though.Is there anything obvious I have over-looked?
2Pack said:They may leave and sign the paperwork and leave you in situ for 3 years with their name on the title. Thast messy but could be in the form of an option where you pay them €65k now and 'buy' the house off them for €1 in 3 years time. Thats a binding contract and you hold the option to exercise at your whim. You avoid the legal fees now and stamp duty . It avoids mortgage grief.
absolutely so dmkelly . Its more to preserve the 3.75% mortgage in situ and to ensure finality......eg that the title transfer will go smoothly when the option is exercised . stamp duty will be exercised at the appropriate rate at the then full value of the house , whether today or in 3 years timedmkelly said:Although I generally agree with 2packs comments, you should check with your solicitor re the above. Contracts which are designed to avoid the payment of stamp duty or other taxes are considered a sham and are generally not enforceable.
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