Ownership on rental property

[popol]

Hi

Maybe someone can offer a little advice - wasn't sure which forum to post on (tax or property)
Prior to getting married I had an appartment which I now have a rental income from. Up to now I have just completed a normal tax return at the end of every year.
My wife is now going to quit work so I am looking as ways of reducing the tax liability and I think (!!!) that I should be able to transfer ownership of the appartment to her name and therefore avail of the tax credits that would otherwise go to waste. I understand that I can only take a portion of her tax credits (9K ish) anyway the the remaing 19K (ish) effectively goes to waste if she isn't working.
As a follow query, of this is the correct thing to do then does anyone know what the process is to change ownership and what costs I should expect

Thanks in advance

 

[ClubMan]

Please don't duplicate posts as per the .

 

[delgirl]

As a follow query, if this is the correct thing to do then does anyone know what the process is to change ownership and what costs I should expect

If there is still a mortgage on the property, you will need to contact your mortgage lender to see if they have any objection to the change to 'joint mortgage, sole title' status. If they have no objection, you can go ahead and instruct a solicitor to do the transfer from joint ownership to sole ownership.

It takes a while, I think this is down to the land registry - they appear to be incredibly slow - and should cost in the region of €500. Make sure you ask your solicitor what his/her fee will be upfront.