Hi all, just wondering in a case where a mortgage is being transferred from joint owners (unmarried) to a single owner (so one person is coming off): The house was bought as a family home but is no longer principal private residence of either party. Neither party has any other properties. The house is being rented out now. Will this transfer attract stamp duty?
stamp duty
- Thread starter Lucuma
- Start date
This might help. Remember it's a transfer of a property AND a mortgage or a new mortgage.
It makes a difference if the owners were married rather than co habiting.
http://www.ohanlontax.ie/downloads/BreakupofaRelationship.pdf
mf
It makes a difference if the owners were married rather than co habiting.
http://www.ohanlontax.ie/downloads/BreakupofaRelationship.pdf
mf
Thanks for the link. I wonder if O'Hanlon's know that there is a typo where it says 'natural, love and affection' on the first page in the section under the bit about the 2 brothers!
From this leaflet it sounds like in our case - where we weren't married and also don't qualify under the cohabitant's act - in the case of the house being in positive equity the stamp duty will be assessed on whichever is greater out of:
- half the value of the loan taken over
- half the equity of redemption (market value less outstanding mortgage)
In the case of negative equity the stamp duty will be assessed on:
- half the market value of the house
The house is teetering between neg eq and pos eq at the moment so hard to say which one it will be.
From this leaflet it sounds like in our case - where we weren't married and also don't qualify under the cohabitant's act - in the case of the house being in positive equity the stamp duty will be assessed on whichever is greater out of:
- half the value of the loan taken over
- half the equity of redemption (market value less outstanding mortgage)
In the case of negative equity the stamp duty will be assessed on:
- half the market value of the house
The house is teetering between neg eq and pos eq at the moment so hard to say which one it will be.
mandelbrot
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I wonder if you know you've got at least two typos (superfluous apostrophes) in that post, one of which is in the sentence where you criticise O'Hanlon's grammar... people in glass houses etc...
I wonder if you know you've got at least two typos (superfluous apostrophes) in that post, one of which is in the sentence where you criticise O'Hanlon's grammar... people in glass houses etc...
Who said anything about Grammar??
It says this in their leaflet (presumably a joke or an accidental copy and paste):
''The property is being transferred on condition that the transferee assumes a debt of the transferer. The consideration may be stated to be 'natural love and affection' The amount of the debt is subtracted from the market value to establish the equity of redemption'
Do you think it meant to say natural love and affection in there !?
mandelbrot
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Sorry I'm confused - was your original comment not about the comma: ie "natural, love and affection" or did you insert a comma where o'hanlons didn't have one?!
If your issue is with the phrase itself, it's common in deeds/contracts effecting a gift. I assume it's because there is a requirement for there to be some form of consideration in order to effect the transfer, so in the absence of anything tangible, it is natural love and affection... maybe a legal eagle will be along to clarify.
If your issue is with the phrase itself, it's common in deeds/contracts effecting a gift. I assume it's because there is a requirement for there to be some form of consideration in order to effect the transfer, so in the absence of anything tangible, it is natural love and affection... maybe a legal eagle will be along to clarify.
I was talking about the phrase itself. You don't seriously think I'd bother my barney commenting on commas in a leaflet.....
Serious that wasn't a typo? I thought it was accidentally inserted in there!! It looked so out of place in the middle of a very legal, serious sentence.
That's hilarious in this case, as it sure ain't 'natural love and affection' that's affecting this transfer from my ex to me. More like years of animosity and solicitor letters !!
Serious that wasn't a typo? I thought it was accidentally inserted in there!! It looked so out of place in the middle of a very legal, serious sentence.
That's hilarious in this case, as it sure ain't 'natural love and affection' that's affecting this transfer from my ex to me. More like years of animosity and solicitor letters !!