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Ask Buachaill Your Own Question
Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10534
Experience:  Barrister 17 years experience
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I want to buy a second property as a form of investment for

Customer Question

Hello. I want to buy a second property as a form of investment for my son's future education. He is six. I need to get roughly half the cost of the house on a mortgage so the mortgage will need to be in my name, but I want the house to be in his sole name only. Is that possible?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Wicklow: Bray
JA: Have you talked to a lawyer yet?
Customer: Not yet
JA: Anything else you think the lawyer should know?
Customer: It is possible that my husband and I will divorce in future- at least things are not going well. All our equity is entirely mine and I earn 100% of our family income and always have done. So I want the ownership of this investment property to be entirely my son's so that my husband will have no claim to it if we divorce and it will be there for my son's education for sure
Submitted: 11 months ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 11 months ago.

1. A bank will be quite happy to lend you money by way of a mortgage so you can purchase an investment property. However, the bank will want the property as security for the mortgage. So, it is most likely that the bank will want both yourself and your son named on the mortgage, if only to ensure that if anything happens to you and your income is no longer available to pay the mortgage, that the bank can then seek repayment by means of the property or by means of any rent which would be coming due to your son, if the property is rented out.

Expert:  Buachaill replied 11 months ago.

2. However, it is perfectly possible to own the investment property in your son's sole name and to avoid any situation that if you divorce, that your husband might make a claim against the property. However, to ensure that this is the case, it is imperative that you don't get encouraged to put your name on the property as well as your son's name. Many banks will suggest this approach, but you should resist it.

Expert:  Buachaill replied 11 months ago.

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