Parents Will - House in order - Advice

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SCOTTPLASMA

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My parents are looking for advice on drafting a new will and getting their house in order. They are trying to avoid any disputes or confusion in the future. They are aged in their late 70's. My parents original will grants all assets to be sold and equal shares to their 3 x adult children. They have a principal private residence and some assets cash/shares etc. There is one aspect they are trying to work out. In 2007 at the height of the boom my brother could not get a mortgage. He was self employed. My parents did not want to act as guarantor for my brother to the bank. Instead they purchased a house for my brother and became the lender. They drew up an lending agreement with the solicitor and signed by all parties. The deeds are with the solicitor. The deeds are in my brothers name. My brother ended up emigrating to the UK and is now married with kids and has a property in the UK. My brother has no interest in the property and their is no dispute in any way. My parents completely took over the property and its management when he moved to the uk. The loan was never paid back except a small amount circa €10000k. The house was purchased for €280000. My brother borrowed €230000 from my parents. The house is roughly valued at €200000 t the moment. My brother has suggested selling the house and paying back the loan after the sale. My parents are reluctant as they are currently living in the country and the house would be perfect to trade down to and is in a good area with public transport links. My parents would prefer to just transfer the deeds into their name and ownership. Is this something that can happen via the solicitor ? Would their be any tax implications ? Is their a simple way to deal with this n the will without selling the house or if their are any tax implication transferring the deeds etc?

Thanks in advance
 
See page 8 of this from Revenue


I have not done anything like this but it looks as if the property can be transferred to your parents on them paying stamp duty on the value of the debt.

It is something that should be sorted out in the short term. Otherwise, it could end up as an unholy mess when, in years to come, the estates are going through the Probate process.

mf
 
mf1 said:
See page 8 of this from Revenue


I have not done anything like this but it looks as if the property can be transferred to your parents on them paying stamp duty on the value of the debt.

It is something that should be sorted out in the short term. Otherwise, it could end up as an unholy mess when, in years to come, the estates are going through the Probate process.

mf
Click to expand...
Thanks for the info. They have booked a meeting with the solicitor for Monday to get the ball rolling. Brother has to engage one also. Just been through a probate personal application with the in-laws so can see how easy it is to have your house in order and save hassle down the line.
 
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