Hi all, hope you can help me with a query.
Wanted to buy an investment property. Purchase price of house €169,000. I had a deposit of €65,000 which was my money from savings and also expected an inheritance which was in probate of over 100k. Unfortuntely the probate went on for a couple of years. We decided to bridge the gap and get a Buy to let mortgage jointly but because I did not own any property in Ireland they would not let me be co borrower. Discussed it with a solicitor and he advised, I lend the deposit 65k to my partner, my partner buy the house with a mortgage and hold it in trust for me, then when my funds were released from probate to pay off the mortgage.
We did all this and probate was finally resolved. I paid off the mortgage and the house was transferred completely into my name. My problem now is that I’m trying to pay the LPT and according to Revenue, I do not own a property. When I look at the transfer options in ROS there are only 4 options. Sale, Gift, Inheritance, Local Authority. There is no option for transfer of a Trust.
I’ve written to Revenue but have not received a reply. Any advice would be great!
Wanted to buy an investment property. Purchase price of house €169,000. I had a deposit of €65,000 which was my money from savings and also expected an inheritance which was in probate of over 100k. Unfortuntely the probate went on for a couple of years. We decided to bridge the gap and get a Buy to let mortgage jointly but because I did not own any property in Ireland they would not let me be co borrower. Discussed it with a solicitor and he advised, I lend the deposit 65k to my partner, my partner buy the house with a mortgage and hold it in trust for me, then when my funds were released from probate to pay off the mortgage.
We did all this and probate was finally resolved. I paid off the mortgage and the house was transferred completely into my name. My problem now is that I’m trying to pay the LPT and according to Revenue, I do not own a property. When I look at the transfer options in ROS there are only 4 options. Sale, Gift, Inheritance, Local Authority. There is no option for transfer of a Trust.
I’ve written to Revenue but have not received a reply. Any advice would be great!