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price of getting a site registered

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  • 31-08-2012 3:08pm
    #1
    GALWAYGIRL27
    Registered Users Posts: 56 ✭✭


    Hi all, I am applying for a mortgage at the moment to build my house. I have a site which is registered in my name. But the bank is saying they need the site to be registered in my boyfriends name also. Does anybody know how much this could cost? All help greatly appreciated. Thanks.


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    #2
    its baltic
    Registered Users Posts: 58 ✭✭its baltic


    Bank is trying to do same to me at the minute, they have calculated as costing me a minimum of 8 grand.
    I am shopping around to see if I can get mortgage elsewhere as this use not be necessary for people who were apply for joint mortgage with sole title on holding.


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    #3
    fealeranger
    Registered Users Posts: 196 ✭✭fealeranger


    I had a site transferred to me last year and here are is the run down of what I know to be true as of november 2011. This has not changed in the budget as far as I am aware. Feel free to correct me if I'm wrong.
    If the site is tansferred to a blood relative(father to son) the stamp duty which is usually 2% is halved to 1%. As far as I'm aware the site must be less than 0.75 of an acre for this to come into effect. Gift tax comes into the scene if it is not a blood relative or the value being transferred is over €250,000. Gift Tax is 30%. get an auctioneer to value the site. Sites nowadays are between €30-€60,000. The amount of stamp duty to be paid is calculated on the value of the site. Solicitors can vary with price but you have to open a new folio get OS maps among other things. Make sure you have planning before you proceed with all this. Signing land into joint names is a waste of your time and money if planning is not granted. I am certain you can apply for planning in both names. I did before I got married. It is the mortage and the land ownership that will need the legal side to be sorted.


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