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Adding third name to final contract before buying

Moyglish · 2019-09-05 13:24:48

A couple I know recently bought a house at auction and on the day signed some paperwork in both their names and paid the deposit on the day. Now that closing is coming to an end, they have decided that they want to include their eldest child as a joint owner on the property and advised their solicitor of sale who said "no…

Comments

#32 06-09-2019 05:40PM

Dolbhad

Registered Users, Registered Users 2 Posts: 782 ✭✭✭

Join Date: April 2019

Posts: 777

He may be entitled to dwelling house relief in the future but there are conditions attached to it. It used to be more lenient but tax man felt it was being abused and tightened it. If he meets the criteria now the risk is if it tightens further in the future. Under the circumstances they should take legal and tax advice. I’ve heard of trust being set up for adult children with disabilities to deal with future medical costs and can get tax exemptions on some circumstances. They should ask their solicitor for a tax advisor and all three work together on a plan.

Yes auctions are a different beast and usually best avoided.

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