Buying a house benefit married or single name

jackeen2000

Hi there,

We are in the process of buying a house and am wondering if there is any advantage of doing in in joint names or just one of us. No Mortgage needed.

In the event if either of us kick the bucket it is handled via our wills to the surviving spouse.

We have no property currently in Ireland but probably will make an additional purchase in future.

so is there any future advange or disadvantage.

Cheers

Jackeen

killers1

jackeen2000 wrote: »

Hi there,

We are in the process of buying a house and am wondering if there is any advantage of doing in in joint names or just one of us. No Mortgage needed.

In the event if either of us kick the bucket it is handled via our wills to the surviving spouse.

We have no property currently in Ireland but probably will make an additional purchase in future.

so is there any future advange or disadvantage.

Cheers

Jackeen

At the moment there is no advantage or disadvantage to buying the house in sole or joint names. I would be inclined to suggest going in one persons name only now in case the other persons first time buyers status (providing you both haven't owned property previously?) attracts any future advantages due to changes in government/bank policies in the years to come.... if you're not both first time buyers it's irrelevant...

How Strange

Afaik, it's not that simple and the revenue preempted such a loophole and firmly closed it. If you are a married couple and your partner buys a property in the future there could be a stamp duty implication.

I'd definitely chat to your solicitor about it rather than presuming its as easy as that.

killers1

How Strange wrote: »

Afaik, it's not that simple and the revenue preempted such a loophole and firmly closed it. If you are a married couple and your partner buys a property in the future there could be a stamp duty implication.

I'd definitely chat to your solicitor about it rather than presuming its as easy as that.

Stamp duty is based on the purchase price only and is 1% irrespective of whether there is one owner or 10! There is no stamp duty implication buying in sole or joint names as the stamp duty liability is the same in either case...

How Strange

I'd still get legal advice considering you're a married couple

riclad

IF you had a mortgage ,theres an advantage in joint purchase ie you get twice as much trs,
but trs tax credit is being phased out.
disadvantage is you partner cant be a first time buyer ,in say 3 years time ,
If she goes now as a joint owner on this transaction
if you buy ,now.ask your solicitor to make out a will for ,you ,
he,ll likely charge you zero as you are paying 1k plus for conveyancing.

jackeen2000

Thank you Guys,

We have 2 gaffs in the UK in our individual names for tax reasons on Cap gains.

So If the purchase in Ireland is put in just my name then would she going forward as you say in 3 years be classed as a first time buyer as she has one in UK.

My Solisitor could'nt see any reason to stick it in one name and was a little surprised in us asking the question.

Ta

Jackeen

killers1

jackeen2000 wrote: »

Thank you Guys,

We have 2 gaffs in the UK in our individual names for tax reasons on Cap gains.

So If the purchase in Ireland is put in just my name then would she going forward as you say in 3 years be classed as a first time buyer as she has one in UK.

My Solisitor could'nt see any reason to stick it in one name and was a little surprised in us asking the question.

Ta

Jackeen

As your wife owns property already she will never be classified as a first time buyer irrespective of where the existing property is. Its Irrelevant now whether you buy in single or joint names without a mortgage.

retroactive

In the event that you wish to mortgage the house or use it as collateral for something, you need your wife's consent is required as per Family Home Protection Act 1976.

Should one of you own a business and that business goes somewhat south, depending on the liability of business, your house may be threatened. However, if the house is in anothers name this isn't an issue.

Then theres judicial separation and divorce concerns...


Edit - also.. CONTACT A SOLICITOR

riclad

ASK your solicitor, is she classified as 1st time buyer in ireland ,if she bought a house in the uk.I Thought the tax office would know if you buy a house here ,cos you have to pay stamp duty ,even if you buy a house with no loan.