buying the other half of my own house!

W

wexford

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My partner and i bought a house as ftbs. Now we are going our separate ways. the house has been valued at 215. As i already effectively own 50% of the house, and his share is therefore valued at market price of 107.5, if i buy him out, am i liable for stamp duty? apparently even though both of our names are on the title deeds and mortgage, if i buy him out, i am classed as a second time buyer...i can't afford this, so i will lose my home.


Advice greatly appreciated!
 
Hi,


I was in the same situation a few years ago. Partner bought me out of my half of our house and I'm afraid he had to pay stamp duty on 50% of the house, so yes, you will have to.

Livvy
 
Hi Wexford,

You will pay 107.5 to buy your partner?
its there not an exemption Up to 127,000 euro irrespective of whether you are a ftb or not ?


ring the tax office they will tell you straight away
 
From a logical point of view I think you will be liable for SD.
Mary and John sell house.
Mary buys house
= sale of house
Therefor SD is owed unless the buyer Mary = FTB
Mary in this case is not a FTB
Hence my assumption.
Ths only thing I can think of is the exceptions for married people splitting up or common law as in this case. Worth a shot but you'll need to get clarification from revenue plus you probably have to have been together a certain time.
 
elcato said:
Therefor SD is owed unless the buyer Mary = FTB
Marty in this case is not a FTB
Hence my assumption.
Click to expand...

Zardebt seems to be correct - even for non FTBs there is an exemption threshold of €127K which, in this case, would seem to suggest that no SD would be due.
 
I'm going through the same thing at the moment. And zardebt is right, if half the value of the house is less than 127,000 euro you don't have to pay stamp duty.

AQ
 
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