GrizzlyAdams
Registered User
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Option 1 - You and partner buy house for €250k i.e. €200k under value
You will be deemed to have received a gift of €100k and so will pay CAT of €33,000 on it.
I don't think you will avoid this by putting the house in your partner's name only. Even if it does work it's risky - you would have a mortgage for a house you don't have any entitlement to. So if you split up, you would be in trouble.
Option 2 - You and your partner buy the house for €450k with a mortgage of €250k and a gift to your partner of €200k.
You will own 28% (125k/450k) of the house.
Option 3 - The parents simply sell their house on the open market and buy a house for €250k.
They gift your partner €200k which she puts towards the house you want to buy.
Option 4 - You and your partner buy a house jointly which you let to her parents.
They let theirs to the two of you.
Whatever you do, you must do an agreement for what happens if you and your partner split
As you are bringing less to the table, you should bring this up. She might not want to. It might not be romantic. But it solves so many problems later if you do split.
Thanks Brendan and Zacchaos,
Really helped clear that up for me a bit in my head.
The option you mentioned regarding half gift and remaining in a joint mortgage seems like the best route. If we were to ever split up it wouldn't be fair for myself to get a 50% share in the property anyway unless I paid that, as it is her family home at the end of the day.
We've booked a meeting with the solicitor for during the week
I'll keep you posted
It will be your new family home if you buy it.
I fully understand where you are coming from and if you do split, you probably won't want to live there anyway, but don't leave yourself wide open. Have some sort of agreement in place as to what you get if you do break up.
Enough negativity, best of luck with it. Make sure you get tax advice on it first to ensure all taxes are paid and everything is in order.
Steven
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