Joint mortgage - sole owner

Myselt and brother bought an apartment between us number of years ago.
We pay 50/50 on mortgage and no issues. We both named on mortgage.

Bought for : 320k
Current value: 270k
Loan outstanding: 200k ( tracker).

So my question is, how can I make my brother the sole beneficiary of any proceeds from sale of apartment in future years. I'm doing fairly ok and Would like to help him out a bit. So I,d continue to pay 1/2 the mortgage but would like to setup something where he gets sole benefit in future.

Is there any type of document or agreement we can sign to arrange this?
Obviously would like to keep tracker intact etc and have most tax efficient way of doing this.

suppose I'm trying to give him bit of a start, and trying to protect against maybe future scenario whereby if I married and passed away early, would a future wife be able to claim half apartment and force a sale.
I have a separate house also and no problem with future wife having that, but would just like to give family member a helping hand who hasn't been as fortunate as me in way things have worked out.

Above might seem "unromantic " to some but I've seen so much fighting over money in tragic circumstances after deaths etc, people can get really nasty about money.

What is the basis of the ownership?

Joint tenants v tenants in common? This will dictate what happens to your share.

Is he living in the property?

I genuinely don't know. Don't even know what the difference is. At the time we just happy to get loan approval and both names went on mortgage. We didn't sign any deal between us as such. Yes he lives in property and I often stay a night per week ( with work travel).
I'm happy for him to have my share (for free) in the future, just don't know how to go about doing that.

How would I go about finding out if joint tenants vs tenants in common? Would that be in some legal document. Would I need to go to original solicitor to find out?

Thanks for any advice.

The difference between Joint Tenancy and Tenants in Common is here:
http://www.askaboutmoney.com/threads/joint-tenancy-vs-tenancy-in-common.194981/

You could do up a contract now anyway, to give the other full ownership of the apartment on the death of one.

I think you can also give him ownership of the apartment now. You just can't take your name off the mortgage without the lender's approval.

As he has been living in the house, it would be exempt from Capital Acquisitions Tax - subject to some conditions.

You should probably do the transfer while it is worth less than you paid for it. Otherwise, you might be subject to CGT as it's not your principal residence.

Brendan

Interesting question what would the value of the gift be.

Current value €135k less loan of €100k ie €35k so that would be exempt.

If you continue to pay down the loan on your brothers property that's an annual gift the first €3,000 per annum is exempt is he married?

Thanks for responses and that link above is useful. I'll go to a solicitor to make sure I do it in the best way and at least I have some questions to ask them now based on some points you raised above.

Brendan , you make a good point and I think it might be good idea to do something now when place is worth less than paid for.

Joe90 - Never really thought of fact that if continuously contribute to mortgage it could be a taxable gift for anything above 3k. No he not married.
Maybe I could pay it as rent to him, under rent a room scheme, though I'm not sure if can do that with a relation.
Anyhow plenty to ponder and I'll setup a slot with solicitor to see how best to approach.