I am looking into this for a friend of mine and his sister. They bought a house 4.5 years ago.
House was bought for €316k & is currently rented out. Registered with PRTB.
House is valued at €370k now. Was €400k but I am taking into account the current climate.
Mortgage is €269k at the moment over 30 years. Currently on 3.99% fixed due to end next Month.
With the fixed rate mortgage ending next month, both of them want to investigate possible routes they can take. Both want to move out but not into the same house.
The sister is on €40k & a permanent teaching post.
The brother is on €48k in the IT Industry. The brother has €42k in savings while the sister has no savings.
The brother would like to live in the rented house in the next 2/3 years.
Neither would probably have enough to buy each other out so what suggestions would people have?
I was thinking that they would probably be able to get a joint mortgage for a 2nd place on the basis they have a long term tenant in the current house they own.
If they bought the 2nd place, an agreement could be drawn up to say that the Sister owns 100% of House 2 & the Brother owns House 1.
Could the deeds be changed in the future to change either house to sole owner?
Would this involve stamp etc ... or would it just be a change done by a solicitor??
I was thinking also that the brother could fund the deposit for the sister's purchase as a way of buying her out of the first house.
This way he would avoid paying stamp duty of 3.5% if he was going to buy her out straight.
Any opinion's or idea's???
House was bought for €316k & is currently rented out. Registered with PRTB.
House is valued at €370k now. Was €400k but I am taking into account the current climate.
Mortgage is €269k at the moment over 30 years. Currently on 3.99% fixed due to end next Month.
With the fixed rate mortgage ending next month, both of them want to investigate possible routes they can take. Both want to move out but not into the same house.
The sister is on €40k & a permanent teaching post.
The brother is on €48k in the IT Industry. The brother has €42k in savings while the sister has no savings.
The brother would like to live in the rented house in the next 2/3 years.
Neither would probably have enough to buy each other out so what suggestions would people have?
I was thinking that they would probably be able to get a joint mortgage for a 2nd place on the basis they have a long term tenant in the current house they own.
If they bought the 2nd place, an agreement could be drawn up to say that the Sister owns 100% of House 2 & the Brother owns House 1.
Could the deeds be changed in the future to change either house to sole owner?
Would this involve stamp etc ... or would it just be a change done by a solicitor??
I was thinking also that the brother could fund the deposit for the sister's purchase as a way of buying her out of the first house.
This way he would avoid paying stamp duty of 3.5% if he was going to buy her out straight.
Any opinion's or idea's???