Building New Home on Husbands Site

A

AnneD

Guest
Hi

My friend has recently married and is building a new home. Her husband owns the site and it is registered in his name for tax reasons. However, the mortgage will be in both of their names and will be paid for by both my friend and her husband. The bank and her solicitor have both advised her to get legal advice about this. Does anyone know what the risk for my friend might be with this? Is this an arrangement that she should be concerned about??
Thanks for any advice provided.
 
Her husband owns the site and it is registered in his name for tax reasons.

It may have been gifted to him and that's what you mean by the above but he can now (as married) transfer into joint ownership no problem. This is easily done when taking out a mortgage.

A married person would have certain automatic rights over property owned by the spouse (especially the family home) "Family Home Protection Act" so she should not be unduly worried but the best thing would be to now put the site in joint names.

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Thanks for the resonse. This is actually what she needed to know!
 
For some strange reason my brain read the title as "building new home on husband's grave"! :eek:

Sarah W
 
"it only costs 44 euro to put her name on the title deeds, with no other costs"

Not really true in most cases. However, most solicitors will arrange a transfer of a family home into joint names for fairly small money - probably less than €500. (I usually do it for €181.50, for example - though this might not be representative)
 
it only costs 44 euro to put her name on the title deeds, with no other costs


Not true at all! Its not expensive if the transfer/conveyance is done at the same time as a remortgage but there is a cost and its not something that should be attempted by the layman.

As a by the way and, to answer the OP's question, my advice to men is keep everything in your sole name. My advice to women? Get everything in joint names. If ever there is a scrap and there is going to be a divvy-up in the context of a Divorce or separation, far better for the disadvantaged party to be on title.

mf
 
hi there, just found this post. My fiance and I are getting married later in the year and he has been gifted a site. From what I understand above, once we are married I can put my name on the title deeds also. Can I apply for a mortgage then in my sole name as my h2b is not a first time buyer and would have difficulty getting a mortgage at present. Thanks in advance for your comments.
 
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