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I'd assume that we have to use a solicitor anyway to draw up a transfer of ownership. Is this correct? If so, how much as a rough estimate will this cost?
... my plan is to pay my mother a 'deposit' of €30,000 along with monthly payments of €1,000 over 10 years (i.e. €30,000 + €120,000 = €150,000). The reason for this is because I'm unable to get a mortgage for the value of the house (€190,000).
Thanks very much for both replies.
Just to clarify, if I was to purchase with a deferred payment (as detailed above), I would have to pay stamp duty of 1% (of €190,000) and my mother would have to pay capital gains tax of 25% (of €190,000). Would we not be better off treating it legally as a gift and avoid these taxes? Not that we would evade tax, but just hypothetically...
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