Wife's name on new house

I bought my current house when I was single then later I married , can I sell this house and then let my wife buy new house in her name as she has never bought a house , will this enable us to pay no stamp duty as she will be a first time buyer, house selling 340.000 house buying 400.000, is this possible , cheers

If you are married any property bought as your main residence must be purchased in joint names therefore your wife's FTB status will be negated. Equally if she bought a house in her sole name it would be seen as an investment property for Stamp Duty purposes.

Your only option to avoid Stamp is to buy a brand new house under the Stamp Duty threshold. Sorry.

Sarah

www.rea.ie

Well, your wife can purchase the new house in her sole name if she qualifies for the mortgage herself. If not, the BANK will require the property to be in joint names. Its not an issue otherwise.

Vanilla - are you sure on that? It's my understanding that under the Family Home Protection act a house purchased by a married couple as their main residence must be in joint names. If a mortgage is required the lenders will insist on both names being on the mortgage unless it is an investment property.

Sarah



www.rea.ie

Yes, I'm sure!

you could always separate...!

PPR is the only home that can qualify as a Family Home under the legislation. Either partner can purchase additional property(ies) according to their means.

However if you separate, and under the terms of that separation agreement the Family Home is transferred into one partners name; then a 2nd property can be purchased by the non-resident (i.e. the partner who has left the Family Home) and they are treated as FTB in terms of SD.