transfer of family home

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newbie1234

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hi
newbie to the site - a friend recommended it so fingers crossed on getting some usefull info!

I'm currently the sole occupier of what was the family home and have been for the past 5 years. My parents now live in another part of the country.

I pay the mortgage on the property.

Is there any facility to allow the transfer of this property into my name that does not involve CGT or inheritance tax etc as this would be a unique situation in that I never knew any other home, and have been responsible for the upkeep and payment of outstanding mortgages on the property.
A friend mentioned that if you were in possession for a certain period of time that you do then have rights but this may have been "bar stool" talk.


thanks for your time

Dave

update - in peoples opinions would I qualify for Tax Exemption on a dwelling house cat 10 - is on the revenue website but I cant post a url as not enough posts done
 
Last edited:
Hi.

Provided they haven't lived in the house with you in the last 3 years, and provided you haven't got a beneficial interest in any other houses, then it looks like you qualify for the exemption.

Even if you weren't entitled to the relief, any moneys you've paid towards the mortgage could be considered consideration (i.e. you continued paying the mortgage on the basis that the house will become yours), and the value of the gift would be reduced accordingly.

As regards CGT, your parents will only be liable for CGT for the period that they have occupied the house as their principal private residence - so say if they've owned it for 30 years, and moved away 6 years ago, then they are only liable for CGT on 6/30 of any gain. Also, this is probably a good time to be doing the transfer, as the value for CGT purposes will be the deemed market value of the house, which could be quite low in the current market...
 
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