help. transfer of property deeds/ mortgage

[lesleykateal]

my husband has agreed to sign the property over to me. he has signed the forms for the bank, and the bank has agreed for me to take on the mortgage. I know that i now have to send this form off ut i am unsure what else i need to do. also the bank form is asking for names of solicitors which i don't have as i am again unsure of what the cost wil be. can anyone help?

[Isa Blakbory]

The cost of changing the name on the Land Certificate to yourself is �40 if you do it yourself or around �300 if you employ a solicitor. The Revenue regard this as a gift from your husband to yourself, so you must also obtain a form and make a declaration to them, and, most important, be aware of the 7 year rule regarding Inheritance Tax. Some banks make a charge for transferring the mortgage and some do not, there is no standard charge, so you will have to enquire of your bank regarding this.

[Sylday]

Surely, the 7 year rule is irrelevant in the case of transfers from husband to wife, as inheritance tax doesn't apply to bequests to spouses. (This is on the assumption that you remain married to each other - I don't know what the position would be if you got divorced following the gift, and then your husband died within 7 years.)

[Maud]

We do not know why this gift is being made. I mentioned the 7 year rule merely as a warning to lesley to be sure to understand the tax position, otherwise that could be a far greater expense than a solicitor. There are all sorts of rules, for instance http://www.revenue.ie/pdf/cat10.pdf and others. The bank form requesting solicitors names does not mean that solicitors have to be appointed, she can do it herself if capable.