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Up to date land transfer process

  • 24-07-2012 9:30pm
    #1
    its baltic
    Registered Users Posts: 58 ✭✭


    Some advice would be greatly appreciated here guys, if anyone has recent experience similar to what im heading into!


    Hope to have planning sorted on a site at home in the next few weeks, so I want to go about getting the site transferred into my name from my father.

    I have the green cert done and eventually will get all land transferred into my name but at the minute just want the site.

    Do we need a solicitor to complete this transfer?

    Do we need two solicitors?

    Will I have to pay tax on the land?

    Roughly what costs will we incurr in doing this transaction?

    Thank ye for your help.


Comments

  • #2
    DMAXMAN
    Registered Users, Registered Users 2 Posts: 328 ✭✭DMAXMAN


    i think that you need two solicitors now ,or will very soon.you would probably be better off getting a whole field transferred as the value per acre will be lower than just a site,useful for your overall valuation for transfer purposes. remember that all gifts are added up over the years and to get agricultural relief your assets have to be 90%agricultural.as regards costs they are negotiable but i think a general rule is approx 1% of value of aaset plus outlay costs, could be a little more now.also you will have to pay stamp duty and get a valuation on the site/asset being transferred


  • #3
    maidhc
    Registered Users, Registered Users 2 Posts: 7,668 ✭✭✭maidhc


    its baltic wrote: »
    Do we need a solicitor to complete this transfer?

    In theory, probably not if you are not getting a loan and if you are versed in conveyancing practise. But I mean this in the same way that you probably don't need a builder either if you are compentent at building.

    its baltic wrote: »
    Do we need two solicitors?

    Yes, which is something (as a solicitor) I can't quite fathom, it assumes the person getting land for "free" is exerting undue influence on a parent, when often it was the parents solicitor was doing the work.
    its baltic wrote: »
    Will I have to pay tax on the land?

    Interesting question. Id suggest you bring it up with your solicitor. More information here (http://www.revenue.ie/en/tax/stamp-duty/certificates/young-trained-farmers.html). It doesn't immediately suggest a minimum amount that can be transferred, however there are conditions you need to be briefed on.

    Duty is 1% where you are getting an asset from a parent. If however you are not married and it must go into joint names you are looking at 2%.


    its baltic wrote: »
    Roughly what costs will we incurr in doing this transaction?

    Thank ye for your help.

    Solicitor (one side of transaction): 700-1500+VAT
    Land Reg: €375 + €125 to register a mortgage + €60 to open a new folio
    Engineer to mark site & map: €200-€400
    Stamp duty as applicable
    Give another €150 for other outlays for the solicitor (searches commissioners fees etc).

    Only thing negotiable are the professional fees of the Solicitor and Engineer.


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