getting married and property

T

techman

Registered User
Messages
307
I have a question on what happens to property you bring into a marriage.

I have read previous posts on this and the Revenue's guide.

Let's say future husband has a property which will be the couple's PPR and he has been living in this for a few years.

Future wife has her own existing PPR. She wants to keep her own house and possibly rent it out.

1. I know it's relatively straight forward and cheap to add the wife's name to existing PPR of husband.
2. But what about the future wife's PPR? Does the deed need to be changed? Will there be any stamp duty or other taxes?
 
good question. I am in exact same position.
Wife needs to pay stamp duty clawback if she rents out her PPR within 5 years of buying it. (lots of threads here already on that). Plus normal tax on rental income etc etc.

As to putting properties in each others names, I have to say I never even thought of that. I thought that once you got married then it's all automatically shared. we haven't changed any names on either house anyway, just kept them as is.
 
The transfer of property bewteen husband and wife can be done tax free. There are however registry and legal fees to be incurred.

In relation to the wifes own house, if this is rented out within 5 years of being bought there will be a clawback of SD. Solution - don't rent it out until after the 5 year period!

Really it makes no odds if it is in joint names or not. Just ensure that the will is correctly done to ensure the property is transferred on death (god forbid). As mentioned though there is no tax on a transfer between husband and wife.
 
You must log in or register to reply here.
Back
Top