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Adding a name to a mortgage - not married

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  • 19-08-2017 1:22pm
    #1
    deebee08
    Registered Users Posts: 75 ✭✭


    Hi,

    My partner is in the process of applying to get his ex's name off their mortgage (she's in agreement) and mine added. They were never married (were engaged) and we aren't either.
    Will we/I be liable to stamp duty or any other taxes?
    Thanks.


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    deebee08 wrote: »
    Hi,

    My partner is in the process of applying to get his ex's name off their mortgage (she's in agreement) and mine added. They were never married (were engaged) and we aren't either.
    Will we/I be liable to stamp duty or any other taxes?
    Thanks.

    The mortgage is one side of the equation- the title deeds and who they are registered to- is quite another.

    It is entirely foreseeable that stamp duty will be due (as stamp duty is a transactional tax)- thereafter it depends on whether there is a realisable gain for your ex- exactly when the property was originally bought and other considerations.........

    E.g. your ex- could theoretically claim half the property- as indeed could you (if you are living with your partner).

    Wholly aside from possible taxes due- there are other legalities- and all 3 parties need to get proper advice on this- as you don't want a fight somewhere down the road over the property.


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    #3
    deebee08
    Registered Users Posts: 75 ✭✭deebee08


    She doesn't want anything to do with the property and it's in negative equity so she's hapy to just walk away and let us take over the mortgage. I'm not sure if there's any plans for my name to go on the deeds, just to get hers off.

    The_Conductor wrote: »
    The mortgage is one side of the equation- the title deeds and who they are registered to- is quite another.

    It is entirely foreseeable that stamp duty will be due (as stamp duty is a transactional tax)- thereafter it depends on whether there is a realisable gain for your ex- exactly when the property was originally bought and other considerations.........

    E.g. your ex- could theoretically claim half the property- as indeed could you (if you are living with your partner).

    Wholly aside from possible taxes due- there are other legalities- and all 3 parties need to get proper advice on this- as you don't want a fight somewhere down the road over the property.


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    #4
    Mrs OBumble
    Registered Users Posts: 25,955 ✭✭✭✭Mrs OBumble


    deebee08 wrote: »
    She doesn't want anything to do with the property and it's in negative equity so she's hapy to just walk away and let us take over the mortgage. I'm not sure if there's any plans for my name to go on the deeds, just to get hers off.

    Why on earth eould you be happy to take on the debt but not be sure you will benegit from it????

    Get yourself some decent independent legal advice ...quickly!


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    #5
    cornflake1
    Registered Users Posts: 225 ✭✭cornflake1


    My sister and I bought a house together and a few years ago she bought me out. The mortgage was moved into her sole name and she had to pay stamp duty for half the value of the property. To determine the value we got three auctioneers out and took the middle value. We had to get a solicitor each too.


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    #6
    jimmycrackcorm
    Registered Users Posts: 14,339 ✭✭✭✭jimmycrackcorm


    cornflake1 wrote: »
    My sister and I bought a house together and a few years ago she bought me out. The mortgage was moved into her sole name and she had to pay stamp duty for half the value of the property. To determine the value we got three auctioneers out and took the middle value. We had to get a solicitor each too.

    The cheapest, most secure and most effective option is for the OP to get married.

    Mrs O'B is quite correct, it would be crazy to take on the debt responsibility without any recourse to the asset.


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