Legal and financial costs

[seamus357]

My wife and I are building a new house on a site given to us by my father. We have full planning and are currently getting quotes from different builders. The land is still in my father's name. Does anyone know the legal and tax implications? Do we need a solicitor to draw up deeds for this new house? Do we have to pay stamp duty on it? My understanding is that stamp duty is paid on the transfer of ownership of property. In our case nothing is being transferred or sold (we will at some stage in the future buy the site from him).

 

[mf1]

Do the transfer now. It is the only sensible thing to do. You will save long term. If you don't do it now, you won't own the site and you won't own the house. If you don't do it now and your father dies, then you could be in a pretty pickle.

Yes, there will be legal fees - there may or may not be stamp duty and CAT implications. But they just get worser and worser if you don't address them now. Go get proper legal advice on your own particular circumstances.

This is one of the biggest single, most important transactions/commitments you will ever make - could you explain to me why you would not have the property transferred now?

mf

 

[carefree]

we are in same situation. get the site transferred NOW but into your name only. this way you will avoid the dreaded stamp duty as it will be a gift from father to son. You will not pay stamp duty as long as site is valued at less than 254k euro (get your wife put on there in 3 years time and no SD payable). your solicitor will need: 1) OS site location map, 2) original land certificate, 3) copy of folio and file plan 4) current market valuation done by a proffessional valuer 5) you and your dad's PPS numbers 6) parents marriage cert if site is in immediate vicinity to parents, 7) full irish address for both of you, 8) confirmation if the road abutting the site is in charge of local authority 9) your job description.
Costs: 800 for solicitor for land transfer + 295 land registry fee + 100 for land search + 100 for post/petties etc + VAT = 1500euro approx!
I know it seems a lot but believe me you will save a fortune in SDuty and you won't get a mortgage without it being done. Carefree