transfer of house deeds

D

dockingtrade

Registered User
Messages
342
Hi,
I bought a house a number years ago for may parents (early 90s pre any boom). Its their house they have paid the mortgage from day one and paid the deposit. I was used to secure a mortgage and the payment goes from my account each month. They make a payment to my account each month.

There is about 20k left to pay on the house. The house today is worth 200k.

If I go to the bank with 20k and pay it off, can I just tranfer the deeds to them.
Is it subject to CGT on the market value of the house as it may be seen as a gift?
If i can prove they paid for it all along is everyting ok tax wise?
Thanks
 
Do a search of previous posts- declaration of trust or deed of trust and you should find similar queries with replies.
 
"If i can prove they paid for it all along is everyting ok tax wise?"

Yes and no.

Go and talk to a good tax advisor - someone who is good with property taxes. You have all sorts of issues here - CGT, CAT and stamp duty being the primary ones.

Talk to your solicitor. Check precisely who is on the deeds i.e. who is the registered owner. I cannot understand why your parents were not on the deeds and the mortgage? Unless, someone decided to keep them off title for some obscure reason? Is there any possibility that a Deed of Trust was executed at the same time?

You need to work out the precise costs in transferring ownership to your parents. It may not make any sense to to it - it might be better, tax wise, to transfer a share to them or grant them an exclusive right of residence.

mf
 

No deed of trust. The parents werent on the deeds beacuse I was getting the mortgage. Im sure I didnt decide this as i hadnt a clue about the whole thing .. I already had went to the solicitor about this very question lately... he's not sure about the whole thing although I do remember him saying at the time everything will be ok, the reason this question was asked backed then & why I remember is because my parents made a will the same day and put the house in it.

Could I go to revenue and just ask them? or would i be screwing myself?

maybe i could put it up for raffle and fix it that they win
 
"Could I go to revenue and just ask them? or would i be screwing myself?"

The latter. Get proper advice.

You need to work out the precise costs in transferring ownership to your parents. It may not make any sense to to it - it might be better, tax wise, to transfer a share to them or grant them an exclusive right of residence.

mf
 
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