change name on deeds - 2 questions (tax & tracker mortgage)

B

Bellman

Guest
Hi I have two seperate questions one tax the other Tracker. I'm getting married in the next 6 months and there are two items that I just need some guidance on.

1. I purchased a house 10 years ago (in the days when the bank were 2.5 salary etc) and to get around the salary stretch my sister signed in with her salary to add the numbers up. During this time she has never paid into the mortgage (and will vouch for this). As I now want to put my bride to be on the deeds will we have to pay over the 'capital gain' tax made by my sister on the house or is it best speak with the revenue and what are the other possible answers. The house is my principle private residence and all stamp sutyis paid etc.

2. I currently have a mortgage on the house that is a tracker +1% ECB (not the best in market but better than currently available). Once I put my intended on the deeds is there a risk that we could lose the tracker and what is best way to ensure we don't lose out on the tracker - we're with EBS
 
You'll have to get a whole new mortgage. I believe you will have to pay stamp duty, not sure about your bride to be. As regards capital gains, your sister is not making any gain, so doubt you will have to pay anything on that.

More than likely will lose the tracker mortgage as you're getting a new one.

I stand corrected.
 
"As regards capital gains, your sister is not making any gain, so doubt you will have to pay anything on that."

Capital Gains is not on the basis of actual gain but, in this situation, on the basis of a (potential) gain made on the open market.

In reality, if the sister is on the Deeds ( and that is not clear) any transfer from her to OP or Bride to be is going to be riddled with potential tax issues e.g. stamp duty, CAT and CGT.

If OP can get around all of them ( and depending on the figures they may not be huge) then it is a question of asking EBS to join in one Deed transferring interest of sister to brother and/or Bride to be , releasing sister from mortgage and having bride take on mortgage obligations of sister. EBS may decide not to do that.

Better take legal advice from someone who can garner all the relevant facts.

mf
 
Oh right, just when I got a mortgage with my ex girlfriend and had to transfer the deeds from her ex, he had to pay no stamp duty.
 
Guys thanks a mil - guessed as much on the CGT piece (purely paper gain eventhough there was never any thing paid in to the mortgage)...getting the misses bellman to be on the deeds i thought would be a free gig but I will let the solicitor figure this out
 
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