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I have a question

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natejasper
natejasper Posts: 1 Newbie
in House buying, renting & selling
Hi All,

My partner and I are in the process of purchasing A property with a ‘joint borrrower sole proprietor mortgage’. (I’m a first time buyer, he is not - so this saves us some money!)

My question is, if we wanted to add him to the deeds later on, is this easier because we are both already on the mortgage?

Also how long would we have to wait after the house purchase before we could look to add him to the deeds?

Any pointers would be welcomed! Don’t seem to be able to get straight answers from our conveyancer

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  • ACG
    ACG Posts: 23,727 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
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    What you are proposing sounds like tax evasion (the bad one) rather than tax avoidance (the not so bad one).

    When you add your partner to the deeds, the solicitor may need to inform HMRC which in turn would mean you are charged the stamp duty.

    It might be worth speaking to the solicitor about your thoughts now. It should not affect what happens now, but it may help you plan for the future.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    If he is a part-owner, you get hit for +3% SDLT.
    If he isn't on the mortgage, you can't afford it.

    You seem to be wanting cake to be had and eaten. Life rarely works that simply. HMRC aren't daft.
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