Stamp duty query

V

vasso15

Guest
My fiancee and I our selling our house. The house is in her name. We recently re-mortgaged to pay-off both of our debts. If I obtain a mortgage in only my name for a new house, am I liable for stamp duty or not, given that the proceeds of a previous sale have indirectly financed the new purchase?
 
From Revenue.


What is the position where the purchase monies are not provided entirely by
the first time buyer?

To qualify for the relief the entirety of the purchase monies, including any borrowings, must be provided by the first time buyer. Any person, who provides part of the purchase monies or who is a party to any borrowings relating to such purchase, is also regarded as a buyer of the house and the relief will not be available unless that other person is also a first time buyer. …
The basis for this treatment is that, in such circumstances, the house is held for the person providing the monies used in the purchase of the house by way of a resulting trust presumed in favour of that person. This treatment applies whether or not all the parties providing the purchase monies, or all the parties to any borrowings, are actually named in the deed of transfer.


mf
 
What effect does the above have on those whose parents supplied the deposit mf1? Presuming the deposit wasn't gifted and the parents expected to be repaid.

Vasso15, mf1 is correct and both parties taking out the mortgage should be FTBs if you don't want to pay stamp duty.
 
AFAIK if your fiancee and you are going to be on the Deeds then you won't qualify for FTB relief anyway as your fiancee is not a FTB.
If you can afford it maybe you could bank the sale proceeds, get a mortgage in your name only for the new house - with only you on the title. Then you would qualify for FTB relief.
After you're married, you can add your wife to the title and use the proceeds to paydown the mortgage........
Need to wait 3yrs before transferring title to avoid CGT/CAT issues.
Would require (a) ability to get large mortgage on your own and
(b) a trusting fiancee!!!:D
 
Last edited:
Thanks All,
My intention was to do exactly what big M suggested given that I do trust my fiancee. The three yr waiting time was exactly the sort of info i was looking for.
 
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