Hi Noor
You can't give away your apartment until you have paid off the mortgage. The bank won't allow you to transfer it to anyone else.
They won't allow your relative to take over a tracker mortgage either. They probably would allow them to take it over at a new standard variable rate mortgage.
Which bank do you have the mortgage from? BoS might give you a deal for paying off the mortgage early. The others are not doing deals.
Can you relative raise a mortgage themselves?
Brendan
He will have to pay stamp duty on the full value of it. So he will have to pay stamp duty on €180k and not on €150k.
really? I'm not disputing this, but who decides what the "full value" is in a market where little is moving and those properties that are selling are going for way below asking anyway? (and if the taxman decides that it is worth 30k more than he is selling it for, then shouldn't the brother technically declare gift-tax on the difference also?)
Yes. If Revenue decide that the payment for an asset is significantly below the fair market value of that asset then they will look to see if there is any tax evasion or illegal tax avoidance going on. I don't know how exactly they decide what the fair market value of an asset such as a specific property is though.really?
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