c_donno2001
Registered User
- Messages
- 14
. Sub sequentially the land has been sub divided into three individual lots and the house remains jointly in our three names.
I really want to have the house but I’m not in a situation where I can fund buying the other two people out without selling the land that I inherited, not really a thing that I'm in a mad rush to do as it surrounds the house. .
Make sure you investigate the capital gains tax implications of selling the house.
If you inherited the house fourteen years ago and you are not living in it
now, the capital gains tax rate is 33%.
If you have been living in the house for a portion of the 14 years, that will lower the CGT bill
In regard to getting a mortgage jointly with the remaining family member, Im not sure thats going to work as they have currently got a mortgage for a property and they are after getting another mortgage to build on said land mentioned above. If he goes into the bank again looking for more money they will think hes a spaceman.
It's only going to lead to more problems down the line. And has all the halmarks of turning into a nasty family feud if anything goes wrong with one of your finances never mind marriage, divorce and children.
And has all the halmarks of turning into a nasty family feud
I know I'm putting a big mill stone around my neck by doing this but if I really get into financial trouble, I could sell some land and keep the house.
.What's the best way to get amv? I generally dislike estate agents varied opinions.
Will they have to pay cgt of 30% no matter what way we do the transaction? Or is there a more cost effective means of transfer?
Are you sure the house is worth €450K. Unless its rented well below market rates a house that is rented for €6K could not possibly be worth anywhere near €450K (although I understand the relationship between prices and rents in rural areas may be more elastic than in urban areas)
- ideally buy out your 2 brothers at the same time, less mess legally.
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