Farm transfer

happylad

Hi all.

My parents are looking at transfering the farm over to myself. I am just wondering whats associated with it. I am over 40, have my green cert and also have an off farm job.

I am thinking I would like to have a partnership with my parents but not sure whats best.

Who's needed. I assume an accountant, valuer an a solicitor.

Is there anyone else needed. I assume at this stage I am not eligible for any grants.

All advice greatly appreciated.

Thanks

Cavanjack

happylad wrote: »

Hi all.

My parents are looking at transfering the farm over to myself. I am just wondering whats associated with it. I am over 40, have my green cert and also have an off farm job.

I am thinking I would like to have a partnership with my parents but not sure whats best.

Who's needed. I assume an accountant, valuer an a solicitor.

Is there anyone else needed. I assume at this stage I am not eligible for any grants.

All advice greatly appreciated.

Thanks

First thing go with your parents to your solicitor and accountant and they’ll tell you everything you need. Your parents will also have to go to another solicitor to get separate advice and to complete the sign over but this will be further down the road. Could take 6 months to get sorted.
You’ll need to get the land valued also but solicitor will go through all this. Depending on your own assets and size/value of the farm you could be liable for cat (tax). There will be stamp duty to be paid which is 1% of the value of the land being transferred.
Partnership is an option but all depends on your own and parents circumstances. Talk to a good Ag advisor or teagasc in regards to this. As I said first thing to do is make an appointment with a solicitor and accountant.

happylad

Cavanjack thanks very much for your reply.