I'm assuming there will still have to be a 'sale' as in you'll need a solicitor for deeds etc. Is there a tracker mortgage? Will your friend be able to keep it? You'll be losing any rights over it. Just a few things to consider. I wouldn't be concerned about revenue. You are selling your interest in the property
Who has told you this?*For anyone else doing this, I discovered that once you take your name off a property, it disappears from your credit history with the ICB, and can affect your credit score
Who has told you this?
It's the first time I've heard it.
The valuation seems low for an apartment bought in 2004.
A sale well below market value could be viewed as a gift.
Make sure you have evidence of similar units in the same development selling recently at similar prices.
Ah, understood. BOI keep the same account, and just remove a name from it. The account still has a history in ICB, but it's now only associated with 1 name.
Some others treat it as a 'remortgage' and open a new account, so the history of the old one remains. If it was a normal full repayment the history would remain.
Unfortunately that is the value. It never fully recovered.
Am I right in saying that once I don’t recieve any more than my half of the cost at purchase €295,000, less the current mortgage, €180,000, which would be €115,000 / 2 = €57500 then there are no tax implications?x
Re: ICB. Might be worth getting a copy before your name is removed. This might help an application
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