do i have to pay stamp duty?

J

johnsmith

Guest
i bought a house with my brother a year and a half ago. it helped us both get on the property ladder. problem was he moved his fiancee in 2 months after i moved in. i tried to put up with the situation but am finding it difficult to live with them.

i told him i wasn't happy and wanted to sell the house. he is currently looking for a new job outside Dublin and told me i could buy him out when he finds one.

my question is do i have to pay stamp duty on his half when i buy him out?
 
Were you both ftb's when you orginally bought? What is the value of the half share now? How much is the mortgage -capital? Have you acquired any other property since then? In certain circumstances Revenue will regard you as a continuous ftb where you buy out a share of a property originally purchased by you as a ftb.

mf
 
we were both ftb's, the house is worth about 430k the mortgage about 295k and i/we haven't invested in any other properties.

thanks
 
You should be okay then but take specific advice from your solicitor. After you complete, your solicitor will need to have the Deed adjudicated to confirm the position.

mf
 
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