I have been told by my mortgage broker that the only way possible I can get a mortgage is for my father to go on the mortgage as well as on the deeds. This is non negotiable if I want to get the required mortgage and this is the only institution prepared to give me a mortgage on any basis. The house will be my principal private residence in about 1 year's time when I move back to Dublin and I plan to live there for at least 5 years. I plan to rent it for the next 6-12 months.
My concerns are as follows:
Firstly if my father dies, will I be liable for CAT for his half of the property - we have agreed that he will leave it only to me. His other assets would already push me over the CAT threshold of 450k
Secondly if I was to sell on the property while my father was still alive would he be liable for CGT on his half of the gain.
My father will be making no contribution to the house in any shape or form apart from allowing his name to go on the deeds. Also I don't want to get my father to "sell" it to me in a year or two's time because I will incur a stamp duty charge and he will most likely incur a CGT liability
Any thoughts/advice on this would be appreciated......
My concerns are as follows:
Firstly if my father dies, will I be liable for CAT for his half of the property - we have agreed that he will leave it only to me. His other assets would already push me over the CAT threshold of 450k
Secondly if I was to sell on the property while my father was still alive would he be liable for CGT on his half of the gain.
My father will be making no contribution to the house in any shape or form apart from allowing his name to go on the deeds. Also I don't want to get my father to "sell" it to me in a year or two's time because I will incur a stamp duty charge and he will most likely incur a CGT liability
Any thoughts/advice on this would be appreciated......