Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • ee04rrv
    • By ee04rrv 11th Mar 17, 6:50 PM
    • 4Posts
    • 0Thanks
    ee04rrv
    Purchasing House - First Time buyer
    • #1
    • 11th Mar 17, 6:50 PM
    Purchasing House - First Time buyer 11th Mar 17 at 6:50 PM
    Hi,

    I'm recently married and would like to understand the benefits of buying a house solely in my name and not a joint name - myself and my wife. Scenario - I potentially will be buying a my first house from a family member - transaction under value. Idea is to put it in my name although we will both live in it. In the coming year, we would potentially like to purchase a second property, solely in her name - although i will also contribute to the mortgage.

    Questions - are the any benefits to doing this, from a tax perspective? To owning properties in the future? Will my wife be able to buy the second property in her name using the 5% help to buy scheme (if it still exists) as it will technically be her first property? Anything else you can think of that I have not considered.

    Many thanks
Page 1
    • G_M
    • By G_M 11th Mar 17, 7:17 PM
    • 41,889 Posts
    • 48,473 Thanks
    G_M
    • #2
    • 11th Mar 17, 7:17 PM
    • #2
    • 11th Mar 17, 7:17 PM
    Good grief. What was the point of getting married?

    I thought it was all about commitment and sharing. Of everything.

    Buy hey, maybe it's just about 12 month's tax avoidance.
    • ACG
    • By ACG 11th Mar 17, 7:21 PM
    • 15,766 Posts
    • 8,064 Thanks
    ACG
    • #3
    • 11th Mar 17, 7:21 PM
    • #3
    • 11th Mar 17, 7:21 PM
    You buy a house you will both be living in.
    Your wife buys a house in 6-12 months time...What is the plan with that? And what do you plan on doin with the first place you buy?
    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.
    • ee04rrv
    • By ee04rrv 11th Mar 17, 7:39 PM
    • 4 Posts
    • 0 Thanks
    ee04rrv
    • #4
    • 11th Mar 17, 7:39 PM
    • #4
    • 11th Mar 17, 7:39 PM
    Good grief. What was the point of getting married?

    I thought it was all about commitment and sharing. Of everything.

    Buy hey, maybe it's just about 12 month's tax avoidance.
    Originally posted by G_M
    Slightly tricky as buying it back for my father who first owned the house but due to financial difficulty had to enlist a family member to buy it in their name, with the agreement that they would transfer it over, but i'm now having to buy it for a much higher price than originally agreed! We'll be just using it as a place to stay for a few years with the intention of moving on and then providing he keys back to my father - hence not adding my wife's name to it.
    • ee04rrv
    • By ee04rrv 11th Mar 17, 7:41 PM
    • 4 Posts
    • 0 Thanks
    ee04rrv
    • #5
    • 11th Mar 17, 7:41 PM
    • #5
    • 11th Mar 17, 7:41 PM
    You buy a house you will both be living in.
    Your wife buys a house in 6-12 months time...What is the plan with that? And what do you plan on doin with the first place you buy?
    Originally posted by ACG
    her first house - maybe get a buy to let in order to rent it for a few years. First place, give it to my father who used to own it before some financial drama he got into.
    • robatwork
    • By robatwork 11th Mar 17, 7:42 PM
    • 3,996 Posts
    • 4,342 Thanks
    robatwork
    • #6
    • 11th Mar 17, 7:42 PM
    • #6
    • 11th Mar 17, 7:42 PM
    Great idea - for you.
    Bad idea - for your wife.

    I wish you a long and happy marriage. But what if...... you die.... what if.....you run off with the au pair..... what if.... your father plays silly !!!!!!s and makes things difficult....?
    • ACG
    • By ACG 11th Mar 17, 7:55 PM
    • 15,766 Posts
    • 8,064 Thanks
    ACG
    • #7
    • 11th Mar 17, 7:55 PM
    • #7
    • 11th Mar 17, 7:55 PM
    I thought you may say that.

    You can not buy a BTL property with a 5% deposit, the minimum is 15%, but realistically you will probably need 20-25%. You also can not use HTB to purchase a BTL. Dont try to lie and apply (I am not saying you will), if your wife gets found out she will end up on a naughty list which will mean she has problems getting a mortgage for many years to come.
    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.
    • Hoploz
    • By Hoploz 11th Mar 17, 8:04 PM
    • 3,529 Posts
    • 3,120 Thanks
    Hoploz
    • #8
    • 11th Mar 17, 8:04 PM
    • #8
    • 11th Mar 17, 8:04 PM
    Once you're married it gets difficult to try and do things in separate names.
    You can't use htb for a btl.
    Appreciate you seem to be running in circles round a hapless dad but you might well find yourself the poorer for it.
    • ee04rrv
    • By ee04rrv 11th Mar 17, 11:09 PM
    • 4 Posts
    • 0 Thanks
    ee04rrv
    • #9
    • 11th Mar 17, 11:09 PM
    • #9
    • 11th Mar 17, 11:09 PM
    @Hoploz.. father not hapless, just certain circumstances where relatives have taken advantage of his good nature. Guess the old saying is true.. never mix family and business!


    Cheers for all the advice.. a lot to consider. Seems there are many approaches to take, will take my time and consider my steps. Guess my real question is are there any advantages in doing things separately.. so far seems like there are not!
    Last edited by ee04rrv; 11-03-2017 at 11:11 PM.
    • hazyjo
    • By hazyjo 12th Mar 17, 12:33 AM
    • 9,796 Posts
    • 12,420 Thanks
    hazyjo
    Additional 3% stamp duty too for owning two properties. Married couples count as one.

    Jx
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,618Posts Today

8,020Users online

Martin's Twitter