Splitting up. Ownership Issue.

floyd333

I recently split up with my long time Girlfriend. Both our names are on the deeds of our house. However I paid the entire mortgage. My ex has said that I can have the house. She just wants her deposit back ( she paid half) . She paid a small amount to me every week for general house expenses. I don’t know how to approach this. I want to get the names changed on the deeds ASAP. I’m not sure if I will have to pay stamp duty or capital acquisitions TAX. Has anybody else gone through this?

Cantab.

floyd333 wrote:

I recently split up with my long time Girlfriend. Both our names are on the deeds of our house. However I paid the entire mortgage. My ex has said that I can have the house. She just wants her deposit back ( she paid half) . She paid a small amount to me every week for general house expenses. I don’t know how to approach this.

I want to get the names changed on the deeds ASAP. I’m not sure if I will have to pay stamp duty or capital acquisitions TAX. Has anybody else gone through this?

Sounds messy.

Is there a negative equity risk? You should sell up asap cos the market is tanking. If this is the case, make sure she gets her fair dosage of negative equity too.

If she's agreeable (to letting you have the house in return for 50% of the deposit), and you can trouser any price appreciation without having to go to court, well then it sounds like plain sailing.

Calina

Cantab. wrote:

Sounds messy.

Is there a negative equity risk? You should sell up asap cos the market is tanking. If this is the case, make sure she gets her fair dosage of negative equity too.

If she's agreeable (to letting you have the house in return for 50% of the deposit), and you can trouser any price appreciation without having to go to court, well then it sounds like plain sailing.

As advice, this is absolutely atrocious.

OP, if you want to keep the house to live in there is absolutely no need for you to sell regardless of what the market is doing. Negative equity is of zero importance if you can continue to finance the mortgage on it.

You need to consult a solicitor to sort out the transfer of ownership and to identify any stamp duty issues. I don't know if there are any, but regardless, you probably can't do this without the aid of a solicitor.

Cantab. Advising him to pass on any negative equity at the same time as also advising him to hold on to any capital appreciation is imo an unfair position to take. The couple have come to an agreement. He wants advice on how to implement it. Anything else is irrelevant.

Zambia

Ok sounds like she has given you a figure half the deposit.

I would go to routes

1: Go to your solicitor and have this agreement drawn up for half the deposit. Then set about re-mortgaging or finding that money.

Find the value of the house now compared to what it was take the % increase.

2 : Add that % to her deposit and draw up that figure. Go to your solicitor and have this agreement drawn up for that amount. Then set about re-mortgaging or finding that money.

I would go the latter as spilts are bad enough without a bitter taste afterwards.

I would negate the money she paid you as that was just bills and from what you imply it was not much.

I dont claim to be any expert on this that just what I would do. Best of luck to you if your near Limerick I can PM you an excellent brief.

tHE vAGGABOND

You should sell up asap cos the market is tanking. If this is the case, make sure she gets her fair dosage of negative equity too

IMHO thats the worst peice of advice anyone has given anyone, under any circumstance, ever..

I would go to a solicitor, and talk to them. Tell them what she said, and what you think she would agree to. They will have been thru similar situations before. Let the experts sort it out for you.

A mate of mine tried to sort a similar situatiuon himself, where 'she' just wanted what she had put into the house back. But alas my mate made a mess of it, and she made him sell the house and took him for half the house and all costs! It cost him a fortune, and he was back living with his ma at the end!

If my mate had got a solicitor on-side from the start it would have been over quickly and easily! Everyone would have been happy.

jhegarty

Zambia232 wrote:

Ok sounds like she has given you a figure half the deposit.

I would go to routes

1: Go to your solicitor and have this agreement drawn up for half the deposit. Then set about re-mortgaging or finding that money.

Find the value of the house now compared to what it was take the % increase.

2 : Add that % to her deposit and draw up that figure. Go to your solicitor and have this agreement drawn up for that amount. Then set about re-mortgaging or finding that money.

I would go the latter as spilts are bad enough without a bitter taste afterwards.

I would negate the money she paid you as that was just bills and from what you imply it was not much.

I dont claim to be any expert on this that just what I would do. Best of luck to you if your near Limerick I can PM you an excellent brief.

Sounds like a good plan to me....

homeOwner

floyd333 wrote:

I recently split up with my long time Girlfriend. Both our names are on the deeds of our house. However I paid the entire mortgage. My ex has said that I can have the house. She just wants her deposit back ( she paid half) . She paid a small amount to me every week for general house expenses. I don’t know how to approach this. I want to get the names changed on the deeds ASAP. I’m not sure if I will have to pay stamp duty or capital acquisitions TAX. Has anybody else gone through this?

You dont have to pay anything other than what you agree with your other half (provided it is mutually agreed) and what the solicitor charges you to do the paperwork IF this is your only property and principal residence.

Regarding stamp duty, if you are taking someone's name off the deeds you dont need to pay stamp duty if you qualified for the first time buyer's stamp duty relief when you bought the property.

Look at www.revenue.ie->taxes and duties->duties->stamp duty
scroll down to First Time Buyer section and click on additional information and FAQ.

"What is the position where a person, who had obtained first time buyer relief on the joint purchase of a house with another first time buyer, subsequently acquires the other joint owners interest in the house?

A person who obtained first time buyer relief on the purchase of an interest in a house would not be precluded from obtaining first time buyer relief on a subsequent purchase of another interest in the same house provided that person has not purchased another house or part of another house in the intervening period. "

jimmycrackcorm

The op might have a problem on the mortgage front. I'd guess that the reason the girlfriends name is on the deeds was to bulk up the mortgage application earnings. In going solo, it might actually be a problem re-qualifying on a single income despite the fact the op has been single-handedly paying it.

seamus

jimmycrackcorm wrote:

The op might have a problem on the mortgage front. I'd guess that the reason the girlfriends name is on the deeds was to bulk up the mortgage application earnings. In going solo, it might actually be a problem re-qualifying on a single income despite the fact the op has been single-handedly paying it.

Ah, I don't think so. Once you have a mortgage and a property, getting a new or bigger mortgage is complete doddle. It's only your initial mortgage that's tough to get.

faceman

If its an amicable split then you should both go talk to your solicitor.

I dont think u have to worry about CGT, but you may have to worry about whether the bank will give you the money!