Buying my own home !

[alphax]

Hi All, i am here hoping that there will be someone to provide some advice with the following situation.

Last year purchased house with bro.
Earlier this year got a loan to pay for my brothers half.
I am now seeking to consolidate my existing debt along with my partners.
As she is a first time buyer and i am not would it be better to undertake
one of the following routes.

• A Remortgage (Are there tax liabilities)
• A New Mortgage to ensure my bro is removed from the Title Deeds, Again are there tax liabilities ( Please god tell me i don't have to pay stamp duty on my own property ?)
• How much would it be to remove my bro from the original Deeds ?

Any help i could get would be greatly appreciated.

 

[CG1]

I was in a similar position about 4 years ago, I bought out half of a house that my then boyfriend owned with his brother. At that time I was luck that half of the value of the house was below the stamp duty threshold but I think your patner will be liable for stamp duty on her portion of the property.

 

[MOB]

Talk to your solicitor. However, if your partner is coming on board, is a first time buyer, and does not mind using up her FTB status, then the logical thing is for your partner to buy your brother's half of the house. This resolves the stamp duty issue.

This transaction does involve a purchase and a new mortgage. For dealing with the purchase and mortgage, the solicitor's fee will be much the same as when you bought the house (and the outlays will be broadly similar too).

You might think it would be maybe a little less as your solicitor has already read through the title documents on the previous purchase, but as against that your solicitor will probably have to draft all the documents for the transaction, including those which would normally be prepared by a vendor's solicitor (certainly this is the way I would deal with such a transaction) so there is an element of swings and roundabouts.

It would be appropriate that your brother be independently advised. On the assumption that your solicitor prepares all the legal papers, your brother's legal costs should be fairly minimal - perhaps €125 plus VAT for one meeting to sign all papers in one go.