Stamp Duty Query

[jello1000]

Hi,

Just a quick query in relation to Stamp Duty. If two people are listed on the title deeds of a property, (both first time buyers), what is the stamp duty liabiltiy? if at a later date one party involved wishes to be removed from the deeds. If so at what rate is it applied? or how is it calculated?

Also if two names are listed on the mortgage application but only one is listed on the title deed, is stamp duty liable?, again if one party wishes to exit from the mortgage.


Regards,

 

[ClubMan]

If both joint buyers are FTBs then the appropriate FTB rate (e.g. 0% on new houses under 125sqm or second hand houses under €317,500 etc.) will apply. Not sure about the relevant rate for a subsequent transfer of one joint buyer's share/half to the other joint buyer.

If two names are on the mortgage but only one on the deeds then the individual not named on the deeds technically has no beneficial ownership of part of the property (even though Revenue may well adjudge that they have) and is thus exposing themselves to the risk of losing out - e.g. if the other joint buyer, for some reason, claims outright ownership of the property which they would have in the eyes of the law.