Hi,
My partner is a farmer and he jointly/equally owns and farms his land with his sibling. My partner and I jointly got planning permission for a house on a 1 acre slot on the farm. The acre is still in joint ownership of my partner and his sibling. We need to transfer the plot either into just my partners name or into both our names in order to be able to get a mortgage to build. I am aware we may have done things backwards. As we are in a scenic location, we were unsure whether that part of the farm would be granted permission.
The sibling has expressed willingness to transfer but is concerned about tax implications. I have savings, so I am willing to cover tax costs but obviously would like to keep them at a minimum as we need money towards the build too. I would also be willing to purchase the half ownership of the 1 acre - so long as priced at agricultural rate rather than typical site value. Not sure if a gift or sale is best way to go. The plot is in a scenic location in Wicklow where planning is effectively limited to very local workers with history in the area, so I don't think the planning permission has value to anyone else. I don't have experience in property transactions or tax or even farming etc. I know farmers transfer sites to relatives all the time, so it can't be that unusual but I am not sure where to start and what the costs involved might be. I'd appreciate any advice.
(if relevant, my partner and I are not married, haven't gotten around to it, but could do)
Thanks!