Is this possible - Stamp Duty?
Discussion
Ok I am currentley looking for a house with my fiancee. In light of the new stamp duty changes on houses below 250k for first time buyers I have some questions.
1) I have never taken out a mortgage so far and neither has my fiancee. I am however a joint owner on a house that my parents purchased as a investment which I have never contributed too.
From what I have understood this will disqualify me for the stamp duty relief. Is this correct?
2) If I am disqualified as above would it be possible to purchase a house with only my future wife (who has never owned a property before) being the owner but at the same time having a joint mortgage?
If this is allowed then would we qualify for the Stamp Duty Relief?
1) I have never taken out a mortgage so far and neither has my fiancee. I am however a joint owner on a house that my parents purchased as a investment which I have never contributed too.
From what I have understood this will disqualify me for the stamp duty relief. Is this correct?
2) If I am disqualified as above would it be possible to purchase a house with only my future wife (who has never owned a property before) being the owner but at the same time having a joint mortgage?
If this is allowed then would we qualify for the Stamp Duty Relief?
Edited by fizz876 on Wednesday 24th March 18:33
fizz876 said:
2) If I am disqualified as above would it be possible to purchase a house with only my future wife (who has never owned a property before) being the owner but at the same time having a joint mortgage?
Even if it's possible would it be a good idea? I'm sure every one who gets married thinks it's forever but it don't always work that way.
Fittster said:
fizz876 said:
2) If I am disqualified as above would it be possible to purchase a house with only my future wife (who has never owned a property before) being the owner but at the same time having a joint mortgage?
Even if it's possible would it be a good idea? I'm sure every one who gets married thinks it's forever but it don't always work that way.Besides I was under the imppresion though I may be wrong that these days if you're contributing towards the mortgage then even if you dont have your name on the house, that you still have certain rights.
Simple answers:
(1) sadly this disqualifies you from benefitting from the exemption if you are at all mentioned on the title. You could, in theory, be the beneficiary under a trust and not on the legal title and you may still count as a first time buyer. More detail required.
(2) you can't get a mortgage in joint names when only one of you is on the title. Potentially you could buy it just in her name, with just her name on the mortgage - this is an obvious way round the problem, particularly for married couples where a notice can be put on the title protecting the spouse's interest.
(1) sadly this disqualifies you from benefitting from the exemption if you are at all mentioned on the title. You could, in theory, be the beneficiary under a trust and not on the legal title and you may still count as a first time buyer. More detail required.
(2) you can't get a mortgage in joint names when only one of you is on the title. Potentially you could buy it just in her name, with just her name on the mortgage - this is an obvious way round the problem, particularly for married couples where a notice can be put on the title protecting the spouse's interest.
SJobson said:
Simple answers:
(1) sadly this disqualifies you from benefitting from the exemption if you are at all mentioned on the title. You could, in theory, be the beneficiary under a trust and not on the legal title and you may still count as a first time buyer. More detail required.
(2) you can't get a mortgage in joint names when only one of you is on the title. Potentially you could buy it just in her name, with just her name on the mortgage - this is an obvious way round the problem, particularly for married couples where a notice can be put on the title protecting the spouse's interest.
can your wife raise the necessary mortgage on her own? Check with the mortgage company that they won't want you to sign away your rights mentioned above (some do, some don't).(1) sadly this disqualifies you from benefitting from the exemption if you are at all mentioned on the title. You could, in theory, be the beneficiary under a trust and not on the legal title and you may still count as a first time buyer. More detail required.
(2) you can't get a mortgage in joint names when only one of you is on the title. Potentially you could buy it just in her name, with just her name on the mortgage - this is an obvious way round the problem, particularly for married couples where a notice can be put on the title protecting the spouse's interest.
How much stamp duty would you be saving? not worth it imho as the risk is too great. I'm in a similar situation but just got to suck it up (I'm very nervous about buying property with someone else having lost a fortune last time round).
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