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Site In 1 Name Mortgage In 2 Names! Help!

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  • 25-05-2006 1:38pm
    #1
    irishchris
    Registered Users Posts: 3,209 ✭✭✭


    hi need help! i was gifted a site in my name from my father. therefore it is free from cg tax/acquisitions tax and stamp duty as is from father to son.Now the problem is myself and my girlfriend are approved for a mortgge and before drawdown the iib bank informed us they can not give us the mortgage if site is only in one name. they require it to be in both names however the tax liability would be extreme if i was to do that. does anyone know which banks allow a joint mortgage with only 1 name on site deeds. i know bank of ireland do but i was not approved by them.


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    #2
    Salmon
    Registered Users Posts: 680 ✭✭✭Salmon


    Anyone got any info on this? OP what did you do in the end?


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    #3
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    I'm told that most solicitors won't touch this arrangement with a barge pole.

    I'm guessing that having one person on a mortgage agreement when they have no claim to the site is possibly contestable in court - if you have no equity (i.e. the site), then how can you held for liability on the mortgage?


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    #4
    charlo_b
    Closed Accounts Posts: 54 ✭✭charlo_b


    I was in a similar situation....i.e. Girlfriend was given site.

    We applyed for the mortgage in the girlfriends name with me as guarantor, the bank accepted this, on the condition that we transferred it into both names when we got married.

    Bank was EBS by the way


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    #5
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    charlo_b wrote:
    I was in a similar situation....i.e. Girlfriend was given site.

    We applyed for the mortgage in the girlfriends name with me as guarantor, the bank accepted this, on the condition that we transferred it into both names when we got married.

    Bank was EBS by the way

    Sounds fair enough.
    Transferring from one spouse to another would thus not trigger a taxable gain....


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    #6
    knighted_1
    Closed Accounts Posts: 870 ✭✭✭knighted_1


    get ur solicitor to draw up a lease agreement to lease the site or part of it to ur girlfriend for the full term of the morgage for a one euro charge -most propertys nowadays are leaseheld and doesnt cause a problem with banks -

    if u give her half it has tax implications

    or just drop on one knee and make an honest woman of her lol


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