Transfer of land

[frankoo]

Hi all

Weve just got married a couple of months ago, as a present we were given a plot of land to build a house on, this was a gift from my wifes parents.

Could anyone enlighten us as to whats involved in getting the land put in my wifes name, and to what is involved in getting planning permission etc, do we need a solicitor

thanks in advance

frank

 

[mf1]

Lots of issues.

Site transfer to child depending on value may have no stamp duty or tax implications. But if transfer is into both names benefits may be lost.

You need a solicitor.

You need to work out how you would raise finance to build on the site - would wife have sufficient income to raise a mortgage on her own?

Planning is a whole big area - talk to people locally about their experiences. Is planning hard to get? Do you use an Architect/Engineer? Etc.,etc.

mf

 

[ramble]

Transfer of a site to a child carries certain tax exemptions, transfer between spouses is not a taxable event. If site is transferred to your wife and then immediatly to joint names the tax exemptions are not lost. If the land is transferred without planning you will probably be out of the tax net anyway but this will depend on value. You should contact a solicitor before you go any further to make sure you go about the transfer in the most tax efficient manner

 

[aislingkelly]

yes u do need a solicitor.Im in that situation myself I was gifted land from my father and mother and have recently got planning on it,we are going through the transfer stage at the minute,you will not have to pay those taxes if you leave the name in just your wifes name but if you want both names on it you will have to pay stamp duty,I think its something like 9% of the value of the land which does end up being a good bit that you can put into something else.If I were ye I would leave the land in your wifes name and you'll have to get an independant solicitor just incase you and your wife split up??Your first step is to get a solicitor to do the transfer for ye