Buying Mother's house - advice on Stamp / Inheiritance / other?

First off, I tried using the 'Search' engine to see if there were previous posts on this subject, but the Search service doesn't seem to be working - only returns a black page.

Some background - Myself and the Wife have a house in Blessington and my Mother is going to sell her house to us. She has no Mortgage, owns it outright. Financially, it would be very beneficial for us to make the switch. But I have some questions that hopefully some would kindly help me with.

- The price of her property is €450K. She has decided to give me my inheritance early (1/3 of the house), so, in effect, I will be paying her €300K. Will I:

a) Have any issue with inheritance tax on that amount?
b) Will the Stamp Duty be calculated on the €450k or €300k?

- She has the full deeds to the house, so if we are to employ the services of a solicitor for the switch (assuming we sell our current property!) I can avoid the charges associated with searches and such (actually, it will probably be the same solicitor for us as it was for my Mother previously).

- We haven't selected an Auctioneer yet - any tips or tricks we should look (out) for when selecting the most appropriate one for our house selling? Indeed, should we just sell privately?

Thanks in advance for any advice, very much appreciated in advance.

daveos said:

First off, I tried using the 'Search' engine to see if there were previous posts on this subject, but the Search service doesn't seem to be working - only returns a black page.

Click to expand...

See this topic for a workaround.

As regards the purchase the solicitor will still have to do the same searches, it is his professional obligation to do so.

For a parent gifting to a child there will be no gift tax (CAT) as it is within the threshold (it is not an inheritance but is the same limit).

Stamp Duty will be on the value of the property but i think will be at half the usual rate because of the relationship.

However I have a feeling there could be an issue (with both the gift and stamp) if your wife is going to the joint owner.