Gift Tax on new Mortgage

J

joewicklow

Guest
I bought a house in 2003 on my own with my own mortgage. The current mortgage balance is 210k. My girlfriend moved in with me in 2003 and since then has been paying rent each month.
My problem is that we have decided to extend the house and we are going in on the new mortgage together. Our solicitor has said that since I am the only person currently on the title deeds that my gf will have to pay almost €50,000 in gift tax as essentially I am giving her half the house, (currently valued at €450k). Please tell me there is away out of this. We have discussed the marriage option but thats not for now and time is not on our side.
 
You can get a mortgage in joint names with just you on the title deeds of the house. This means you are still the owner of the house and your girlfriend is not.

Liam D. Ferguson
www.ferga.com
 
Banks don 't like doing joint mortgage, single title unless you are married.

They may consider it if you are getting married.

Bob
 
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