Elaine Corcoran is a Solicitor working in Ringsend, she is mum of two boys and lives locally. She is here to answer readers’ questions and to give some guidance on current legal trends / developments. Elaine can be contacted on 01 5617900 or by email: elaine@corcoransolicitors.com
Please email any questions that you have for Elaine to newsfour@gmail.com.
Dear Elaine
I am widowed and have a son and daughter. My son is living at home, he is not working, he is not great with money and he has been dependent on me for most of his life. I would like to leave my house to my daughter but I would like to make sure that my son has a roof over his head for the rest of his life. What can I do?
Maria
Hi Maria,
You could consider gifting your house to your daughter and affording your son a right of residence in the property. A right to reside in a property is a right to live in that property only and does not allow for the exclusive use of the property so your daughter could still come and go as she wishes. Your daughter could not sell the property until your son passed away or waived his right. A right of residence also has tax considerations that you need to discuss in detail with a solicitor and or accountant. You will need to consider the tax effect of gifting to your daughter only and consider her position after your death, i.e. can she pay the Capital Acquisitions Tax without selling the property, should it arise?
E.
Dear Elaine
Myself and my husband purchased our house in the 1980’s, we took out a mortgage at the time and this was paid off a number of years ago. I have no recollection of getting my title deeds back from the bank and I can’t see them in the house anywhere. Is it a big problem if my title deeds are lost?
Kay
Hi Kay,
It is not an insurmountable problem if your deeds are missing but it would be best to deal with the issue sooner rather than later. If your property is not registered, a search can be done in The Registry of Deeds to take up a memorial or copy of the transfer document, this search can then be used to replace the lost or misplaced deed. It is good practice for an Affidavit to be prepared for you to sign detailing the history of the deeds and confirming that you have not pledged your deeds to any financial institution or similar. This affidavit can be relied upon at a later stage if the property is to be sold or mortgaged. A solicitor will assist you in the search and recreation of title.
Elaine
