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Valuation of land.

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  • 11-07-2012 8:18pm
    #1
    lollymob
    Registered Users Posts: 68 ✭✭


    Hi all,
    I will be applying for a mortgage soon with Bankof Ireland. I have been gifted a site from a family member. The site is 1.38 acres. I have to state the value of the land on my application but I'm wondering how do I go about getting it valued. Do banks have their own valuers or can any auctioneer value it? Also I heard I should try and keep the value below a certain amount to avoid paying loads of tax??? I would be very grateful if anyone can shed any light on the situation.
    Thanks in advance for any replies!


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    #2
    phormium
    Registered Users Posts: 3,337 ✭✭✭phormium


    Has the transfer of the land gone through as you will need a valuation for that anyway so may as well get one done by some valuer. It might be convenient to use a valuer that is on the BoI panel and do a deal for both valuations you will need rather than pay out separately for them. Alternatively maybe you would prefer two independent valuations.


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    #3
    lollymob
    Registered Users Posts: 68 ✭✭lollymob


    Thanks for your reply. No the land transfer hasn't gone through yet as I'm waiting until I apply for mortgage. It's a little complicated as I may only be able to get a mortgage on my own. Obvioulsly we would want a joint mortgage but my partner's finances would not be as strong as mine. Therefore if the mortgage is in my name only the land too has to be in my name only. I don't know if this makes sense I can barely make sense of it myself!


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    #4
    phormium
    Registered Users Posts: 3,337 ✭✭✭phormium


    Makes perfect sense, your partner would obviously be liable for gift tax on the site as well and would have far less of an exemption as not a relative of the person giving you the site. It may make much more sense to transfer the site into your name only, then obviously you would have to apply for the mortgage in your own name although it is possible to have two people named on the mortgage and one on the deeds but if I was advising your partner I would advise against it as it gives them all the disadvantages of the debt and none of the advantages of ownership. Having said that lots of people do it.


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