Adding Name to House Deeds

Hi Everyone,

I was just looking for some advise, my partner is looking to add me to the title deeds on his house, whats the procedure and the costs involved in such a process? Are there tax implications or mortgage implications? Or is it something thats better done when we are married?

Thanks,
Mrs Rockstar

Yes, there are lots of issues.
He is not just adding you to the deeds of the house, he is gifting you half a house, which means that you will have to pay CAT at 20% of the value.

Also, all transfers of ownership of property involved some legal work, and subsequent cost. I cant give you a figure for this.
Also, the mortgage company will have to agree to this transaction, as he is giving away half a house that he has mortgaged.

Once you are married, there will be no CAT on the transfer.

Many thanks for your assistance.

So it is safe to say then, its less expensive to wait until you are married to get your name on the deed. As it will only incurr costs of transfer of ownership of property (i.e. the legal work), but no tax?

In reality I definately do not have the funds to pay CAT of between 25,000 and 40,000. Thats ridiculous.

I had asked our mortgage broker about this and he also said to get name on deeds of house you need to revalue the house & re-mortgage it.

We are now married, does that mean I am automatically half owner of the house or do we need to sign something in the bank?

You would not be half-owner of the house but at the same time your spouse would not be able to sell or remortgage it without your consent due to the Family Home Protection Act 1976.

You could contact the bank and see whether they would consent to you going on the deeds without having to reapply for a mortgage, but I'm not sure there's any concrete advantage to doing so and you would incur legal costs.

Sybil

my mother who lives on her own wants to add me my name to the deeds of her house anyone know whats involved . is there some 3 year residency rule.