Family Transfers Solicitors

Voluntary Transfers

Family transfers usually concern voluntary transfers of sites, houses and farm transfers from parents to their children. Generally, a family transfers solicitors may not act for both sides (parent and child) in a voluntary transfer so you should arrange to have a different firm to represent each side. While there are many different tasks to complete throughout the transfer process you will be guided step by step by your solicitor.

Your convenience is important to us and we aim to minimise the amount of time you have to spend on the process. We offer video calls to save you from travelling to meet us and you can meet us at times convenient to you. When documents need to be signed we can come to meet you at your home.  

Key Considerations

There are some considerations to think about if you are engaging in a transfer of land to your child/children. Firstly, you should consider your children’s circumstances and ensure that each is treated fairly even though you are not obliged to treat them equally. Otherwise, litigation could ensue in relation to your estate. Communication is key in this area and being treated fairly does not necessarily mean being treated equally. It is always a good idea to consult your solicitor at an early stage to discuss your plans so that you can be informed of the best and most tax-efficient ways to transfer your property.   

 Secondly, if you have any tax concerns you need to discuss these with your accountant or tax advisor. You will not have to pay Captial Gains Tax (CGT) if you transfer land to your child to build a house on. The house must be your child’s only or main residence. A transfer includes a joint transfer by you, and your spouse or civil partner, to your child.

The term ‘child’ includes your son or daughter, stepchild, civil partner’s child, fostered child whom you maintained for at least five years before they reached the age of 18. To qualify for relief, the land must be one acre or less have a value of €500,000 or less.

Your child may have to pay CGT on the disposal of the land from you to them in two specific situations. These are where your child disposes of the land and did not build a house on that land or did not occupy the house they built as their only or main residence for at least three years. This clawback does not apply if your child disposes of the land to their spouse or civil partner.   

A transfer by way of a voluntary gift is chargeable to stamp duty in the same way as a transfer on sale. Stamp duty is charged on the market value of the property transferred.   

Note, a transfer of property is final and irrevocable. Once the documents are signed and handed over, you cannot change your mind in relation to it. It is important to ensure that by giving away an asset that you are not leaving yourself Short.   

We are Leading Family Transfers Solicitors