Removing - house ( shares) owner

deco87

Registered User
Messages
284
A house is owned by theee parties 33 ...shares each -
The house was bought to assist a person to buy a house after divorce,

it’s parents and a son - the parents want to remove their 33x2 shares to allow the son to be “ full owner”
Is this a complicated matter ? Parents have a relation- solicitor- doing the shares removal , the son has to engage an independent solicitor - what’s involved I wonder - would the sons solicitor have to go through the conveyance procedure again ? It was only bought two and a half years ago ?
 

deco87

Registered User
Messages
284
Thank you for quick reply Brendan - just to clarify , the parents have 67 shares - son 33 shares -all as , “ full owners as tenants “
STAMP DUTY - again ?
When this house was bought the son covered the full stamp duty fee due -
If he now formally takes full ownership will he have to pay two thirds full stamp duty again ? Taking the 67shares from the parents ?
seems a double tap for the tax man if so - seems unfair if so
 
Last edited:

mf1

Registered User
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4,398
Three people own the house. Two of them are selling their shares to the third.

Stamp duty is payable on the value of the two X one third shares.

If the parents had lent the money to their son to buy the house and he bought it in his sole name, the issue would not arise.

mf
 

deco87

Registered User
Messages
284
Ok thanks a mill
It was to be willed to the son , initially -
I think the parents want to finalise the matter presently for him -
The only other matter then arises if I understand it correctly is that the son has utilised 200 k which they used to buy house with him - under the 325 k limit for inheritance
 

deco87

Registered User
Messages
284
Three people own the house. Two of them are selling their shares to the third.

Stamp duty is payable on the value of the two X one third shares.

If the parents had lent the money to their son to buy the house and he bought it in his sole name, the issue would not arise.

mf
They are not actually selling their shares - they are gifting them. - does that make a difference ?
 

jpd

Registered User
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2,661
No, not for CAT. The transaction is deemed to have taken place at market value
 
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