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Buying a house together: Trouble ahead?
Bazwell
Posts: 4 Newbie
Hi moneysavers, question for the property whiz-kids…
Consider that 2 good friends decide they want to buy a house together 50/50 valued at £140k. Person A has 70k cash and Person B has £20k cash (and arranges £50k mortgage). Person A is simply investing and won’t be living at the house for at least the first 2 years. Person B will be living there permanently.
Q. Is there any money/tax advantage/disadvantage in having 1 name on the deeds as opposed to 2? i.e. Person B takes Person A’s £70 and solely arranges the purchase.
Q. Does the government/system look to penalise or reward joint ownerships with through fees or taxes etc?
Q. Any useful money saving tips for joint ownerships would be massively appreciated?
Thanks indeed folks.
Consider that 2 good friends decide they want to buy a house together 50/50 valued at £140k. Person A has 70k cash and Person B has £20k cash (and arranges £50k mortgage). Person A is simply investing and won’t be living at the house for at least the first 2 years. Person B will be living there permanently.
Q. Is there any money/tax advantage/disadvantage in having 1 name on the deeds as opposed to 2? i.e. Person B takes Person A’s £70 and solely arranges the purchase.
Q. Does the government/system look to penalise or reward joint ownerships with through fees or taxes etc?
Q. Any useful money saving tips for joint ownerships would be massively appreciated?
Thanks indeed folks.
0
Comments
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would go the "tenants in common" route:grouphug: Lets hug!! :grouphug:0
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You would want both names on the deeds and specifc that the one with the £70K deposit takes 1/2 out of the sale price (after the mortgage is cleared) firstly.A bargain is only a bargain if you would have brought it anyway!0
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Jay1b wrote:You would want both names on the deeds and specifc that the one with the £70K deposit takes 1/2 out of the sale price (after the mortgage is cleared) firstly.
No. Before the mortgage is cleared.I can spell - but I can't type0 -
Thanks very much folks,
"tenants in common" route does sound best (plus get my will and co-hab agreement sorted). So it seems that there's not really any tripwires (apart from your mates!).
A couple of other uesful sites I've found:
http://www.lawontheweb.co.uk/basics/cohabit.htm
http://www.yourmortgage.co.uk/01_ftb/friends.htm
Cheers all...0
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